Quote:
Originally Posted by darklord700
That's correct, Matt.
Work=OAS
Not work = No OAS
And if you have asset (saved) then you get no OAS even if you worked.
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If you work, you pay into CPP, and after you retire you can withdraw from CPP.
OAS is different, and should be different than CPP.
I think the solution we would all agree on is pretty simple.
CPP should be expanded, both in the amount people can pay-in, and as a result draw out when they retire. This should of course be done in a manner where the program is stable in the long-term. Very long-term actually. And should problems arise where CPP couldn't fund itself through people paying in and the investments they make, then you do whatever it takes to make sure it stays stable.
From there you make a choice between OAS and GIS. Both programs more or less help seniors. We don't need both, but the one we DO keep needs to be restructured to make sure it helps the poor and needy first and foremost, and from there it needs to start clawbacks at a specific income. My opinion is anyone that makes 10% more than the average wage in Canada doesn't need OAS/GIS. They already pay into CPP, and with RRSP, the tax free plan, and various other ways to save for retirement, I don't think a 'welfare' program is necessary for them. The clawback should begin around $30,000/year income. This way the program would be directed at those 'few' people that really can't help themselves. CPP covers those that can. And IMO, provinces should also run a good, solid and stable pension plan. Or there should be some good tax benefits setup for employers that have a pension plan.