The Knowledge Bureau Network recently conducted a poll asking “Should the federal government reconsider postponing the receipt of Old Age Security (OAS) from age 65 to age 67, scheduled to start in April of 2023? This affects those born in 1958 and later.”

Over 400 people voted and results were very close! 50.86% voted yes to reverse the two-year postponement and 49.14% said no. This may all be a result of the large amount of boomers that are going to be retiring in the coming years and a $109 billion price tag by 2040 compared to the $46 billion today.

Here is what some voters had to say:

“Moving the OAS to 67 is a prudent idea. However OAS clawback is just another tax on seniors. CPP and OAS are pensions and should not be taxed. My 73-year-old friend, who scrimped and saved to have a few bucks in retirement, paid over 72% of it in taxes when his clawback was factored in.” – Don

“CPP—My employer and I contributed $53,177.58 to this plan since 1970. My employer and I contributed to my Locked-In Pension plan from 1976 to 1995 ($132,000). The government never contributed anything. Fortunately, I qualify to receive OAS at 65. I think everyone who chooses to or needs to should get theirs at 65 as well.” – Allan

“Since the life expectancy is 71 and a lot of people are sick the last 10 years of their life, that leaves little time for the recipient to collect OAS. They have contributed to Canada for all their lives and it is time a little is given back.” – Gale

“I am 58 and working for $16/hr. Granted it’s a full-time job, but I own a home and am overdrawn at the bank every payday. The government taketh way too much and gives back a tiny bit of what they take.” – Cathy

“The clawback feature is flawed as the mean income in each province is different, so to select an arbitrary figure for a clawback is discriminatory: $75k in a rural setting may be comfortable retirement income; in Vancouver or Toronto, it will soon barely cover the cost of a parking spot.” – Ken

Thanks to the Knowledge Bureau for this information