Canada's Older Adult Scam (OAS)

There are 6,529,611 people over 65 years of age in Canada (July 2019 - Statscan) and 6,263,258 received Old Age Security – see chart. No kidding – only 4% of seniors are successful enough that they do not get this welfare (assuming zero processing errors). OAS is not funded – it is paid from taxes and deficits. OAS is not Asset tested like welfare for the under 65 crowd. Income is tested (for both) but a couple making a quarter million dollars a year from investments can get OAS. OAS and supplement costs $60B today but will rise to $100B by end of the decade.

The average life expectancy of males when this plan devised was 65 years of age – it is 80 today (good news!). How will this plan be funded? Trudeau reneged on increasing the benefit age one month per year to better reflect demographic changes. He chastised those who would saying they were robbing seniors – but failed to mention debt slavery for the young. With no balanced budgets in sight for decades this program will be funded by taxes and debt that the smaller generations will mostly pay and carry respectively. Young people need to save for their own retirement (harder with never ending increase in CPP premiums plus other tax and fee increases).

OAS should be Asset tested – 96% of “seniors” do not need a welfare cheque from debt that young people will carry.