The Economic Action Plan puts the Old Age Security (OAS) program on a sustainable path by proposing legislation to raise the age of eligibility for OAS and Guaranteed Income Supplement (GIS) benefits gradually from 65 to 67 starting in April 2023. This will be fully implemented by January 2029.
About the Initiative
The age of eligibility for OAS and GIS will be gradually increased from 65 to 67, starting in April 2023, with full implementation by January 2029. An 11-year notification period, followed by a 6-year phase-in period, is being provided to ensure that individuals have significant advance notification to plan their retirement and make adjustments.
Who Will Benefit
The changes announced in Economic Action Plan are necessary to ensure that the OAS program remains on a sustainable path. They will ensure OAS remains strong and is there for future generations when they need it, as it is for all seniors who currently receive these benefits.
The legislation has passed, and the age change will start to take effect in April 2023.