Reforming old age security shouldn’t be seen as the Canadian political “third rail any longer,” says advocacy group Generation Squeeze.
Founder Paul Kershaw on Tuesday called for Parliament to “modernize” the old age security benefit so both older and younger Canadian generations who need financial support can receive it.
Old age security is a federal benefit available to Canadian seniors aged 65 and older, with certain monthly amounts paid based on income, age and residency.
However, it gives hundreds of dollars a month to seniors with household incomes over $100,000 per year, which has spurred increasing calls from advocates like Generation Squeeze to claw that back from higher income tiers.
“Our proposal would ask financially secure retirees to take less,” said Kershaw.
“Many are willing to do so.“
Prime Minister Mark Carney’s first budget for 2025 estimates that $88.8 billion will be spent in the next fiscal year (2026/27) on Elderly Benefits, including OAS. This is an increase from the $83.1 billion spent in 2025/26.
The budget indicates these benefits are the single largest federal spending program.
A February 2025 BMO Retirement survey indicates that “over three quarters of Canadians (76 per cent) are worried they will not have enough money in retirement because of rising prices” and “63 per cent of Canadians believe rising prices over the past 12 months have limited their ability to save for retirement.”
Generation Squeeze is a charitable non-profit organization “think and change tank” with a mandate to “champion generational fairness” and push policies that address generational inequalities.
The organization presented a campaign video featuring 11 Canadian seniors who urged “modernizing old age security in a way that frees up billions of dollars, improves affordability and economic security across generations and does so without spending more or raising tax rates.”
How much does old age security give retirees?
Currently, the government of Canada lists those aged 65 to 74 as eligible to receive $742.31 maximum a month if their annual net world income is less than $148,451.
Those aged 75 and above are eligible to receive $816.54 maximum a month if their annual net world income is less than $154,196.
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The amounts depend on “age, income, and the number of years you have lived in Canada.”
Canadians are also entitled to a 10 per cent increase on their OAS benefits once they turn 75 years old.
That is in addition to money individuals are eligible for from the Canada Pension Plan, or from personal or employer retirement savings plans.
Lower-income seniors can also get the Guaranteed Income Supplement.
“What we need right now is solidarity between young and older — we’re not pitting generations against one another here,” said Kershaw.
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