[Azure]

Originally Posted by Slava

-Second OAS is income tested. The clawback begins at $67,667 and for every $100 in income over that the OAS benefit is reduced by $15. After you earn an income of about $108k (going from memory here) you get zero OAS.

I think that needs to be dropped. Why on earth does someone who makes over $70,000/year need OAS at all? Almost $20,000/year more than the average salary in Canada.

Clawback begins at $35,000....and goes until it reaches the average salary in Canada. Maybe $5,000 more than that, and after that you receive nothing.

From there I would seriously begin phasing it out. This program should be designed to help the 'needy'....as in the POOR. Not those that have no excuse for not having put money away to retire on. The taxpayer shouldn't be on the hook for them.

- There are also stipulations where you can earn partial pensions depending on how long you've been in Canada and you can also receive OAS even if you live abroad.

I would say no OAS if you live abroad, and you must be in Canada at least 'ten' years before you can receive any OAS. Might be harsh, but we don't need immigrants that are 65 to move over and instantly starting sucking off the taxpayer if they've never contributed to Canadian society.

I think OAS should be stopped entirely. I know thats a harsh stance and would be less than appreciated by people older than me and many of my clients. The reality is that the baby-boomers are poised to retire and leave the next generation with huge debts. Its a generation that doesn't want taxes increased, doesn't want services cut and doesn't want to work any longer than is absolutely necessary. (Obviously I'm generalizing here and painting a generation with a broad brush). Its hard for someone my age not to think "so what if you have to work an extra few years? Work until the debts are cleared up and you can retire after that."

I know....its not going to be popular with some, but thats my opinion.

Harsh indeed.

I wouldn't do it instantly, but I would certainly take a hard long-look at it over a 10-20 year period.

What is the level of income where we consider someone to be living poverty? Less than $18,000? Maybe OAS should ONLY be for those people.