Maximum basic OAS pension will increase in October
New tools are a starting point for individuals to confer with financial advisors
Jamie Golombek, managing director of tax and estate planning at CIBC Private Wealth Management, discusses the implications of Ottawa’s budget proposal to move the age of eligibility for Old Age Security to 67 from to 65. Also starting in 2013, Canadians will be able to defer taking OAS until later. He spoke in Ottawa.
The new time lines will be phased in over several years, giving advisors and clients time to adjust. There are also additional options for those who wish to work longer
Provinces would be forced to top up social program supplements for low-income earners
