Canadians Back Cutting OAS for Wealthy Seniors

0:00A new poll reveals that 73% of Canadians support scaling back old age security payments for senior households earning over one hundred thousand dollars a year. The recorders of retirees agree with targeting the benefit to those with lower incomes. Support cuts across party lines with 79% of liberal voters, 77% of conservatives, and 78% of NDP. Backers on board, the findings match a similar survey from last year. Right now, even retire couples making over one hundred eighty thousand dollars can get the full eighteen thousand dollar annual payout, while just four percent of seniors lose it entirely due to high earnings. Advocacy group, generation squeeze calls this a chance to rethink the program without much backlash. Their plan would trim benefits for about twenty percent of wealthier senior homes, while holding steady or raising them for the other eighty percent, including more for singles. That tweak alone could save seven billion dollars yearly, with the poll also showing sixty percent favoring cuts the certain tax credits for another.

1:03Seven billion in savings. Old age security is the biggest federal budget item at eighty five point five billion dollars next year, heading toward over one hundred billion by. Twenty thirty as more boomers retire. This public backing could push policy makers to act soon. I'm Corey with the story and you've been listening to Vancouver news today. AI powered local news.