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What to do About Seniors' Benefits in Canada: the Case for letting Recipients Take Richer Payments Later

Author

Listed:
  • William B.P. Robson

    (C.D. Howe Institute)

Abstract

Ottawa should move to reform seniors' benefits in the upcoming budget by letting recipients choose richer payments, later, from the Old Age Security and Guaranteed Income Supplement programs if they wish. In the report, the author says letting OAS and GIS recipients delay take-up and rewarding those who do could contain program costs over time in a way that is less stressful to recipients than raising the universal eligibility age, and less discouraging to work and saving than intensifying clawbacks. The report models the impact of such reform on payments to each age cohort after it reaches age 65. Because a new cohort turns 65 each year, and the cohorts are getting bigger, Robson calculates that the reform could help Ottawa's bottom line well into the future, alleviating the pressure of aging on government finances and Canada's economy.

Suggested Citation

  • William B.P. Robson, 2012. "What to do About Seniors' Benefits in Canada: the Case for letting Recipients Take Richer Payments Later," e-briefs 131, C.D. Howe Institute.
    • Handle: RePEc:cdh:ebrief:131
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    Citations

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    Cited by:

    1. James MacGee, 2012. "The Rise in Consumer Credit and Bankruptcy: Cause for Concern?," C.D. Howe Institute Commentary, C.D. Howe Institute, issue 346, April.
    2. Alexandre Laurin & William B.P. Robson, 2012. "Achieving Balance, Spurring Growth: A Shadow Federal Budget for 2012," C.D. Howe Institute Commentary, C.D. Howe Institute, issue 344, March.
    3. Ian Irvine & William Sims, 2012. "A Taxing Dilemma: Assessing the Impact of Tax and Price Changes on the Tobacco Market," C.D. Howe Institute Commentary, C.D. Howe Institute, issue 350, May.

    More about this item

    Keywords

    Pension Papers; Canada; seniors' benefits; Old Age Security (OAS); Guarenteed Income Supplement (GIS);
    All these keywords.

    JEL classification:

    • H55 - Public Economics - - National Government Expenditures and Related Policies - - - Social Security and Public Pensions

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