Economic Action Plan 2012 – Sustainable Social Programs

In order to ensure Canada’s social programs are there for when future generations need them, the Canadian government is taking responsible action to prepare today for long-term demographic pressures. To this end, Economic Action Plan 2012 will:

• Gradually increase the age of eligibility for Old Age Security (OAS) and Guaranteed Income Supplement (GIS) benefits from 65 to 67, starting in April 2023, to be fully implemented by 2029.
• Allow Canadians to defer the take-up of their OAS pensions so they can receive a higher pension later.
• Put in place a proactive enrollment regime for OAS and GIS to reduce the burden on seniors of completing application processes and reduce the Government’s administrative costs. Proactive enrollment will be implemented in a phased-in approach from 2013 to 2015.

For further information visit the Department of Finance website