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Originally Posted by Cowperson
Someone who makes hundreds of thousands a year would still think they could use OAS. A dollar is a dollar. They even try to arrange their income so it legally appears they qualify in order to capture it.
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Which is why I would make the changes over a long-period of time, to allow people to arrange their income so they don't need to depend on OAS down the road.
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Similarly, everyone applies for CPP, even if they have corporate pensions of hundreds of thousands a year. They feel they paid into it and are entitled to the benefit.
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CPP is different though. People pay in for 30 some years before they can pull out. The program just needs to be sustainable over a long-period of time and there shouldn't be a problem at all. OAS isn't funded at all outside of tax revenue for THAT year. So as the baby boomers retire, suddenly the younger generation, as in me(and not you
..) will have to fund the program.
I just think OAS should be a welfare program designed to help those that never made enough to put away enough to be able to retire properly.