After a number of false starts (and there may be more yet), the goal of pension reform in Canada seems to have zeroed in on helping middle-income Canadians maintain their standard of living into retirement.
A Toronto man is accused of fraudulently collecting an estimated $197,000 in Canada Pension Plan and old age security payments.
Employment and Social Development Canada says the benefit amount for Old Age Security will stay the same for April to June.
Pensions help not only provide retirees with the financial support they need but also provide a benefit to the overall economy.
A revised agreement on social security between Canada and Norway came into force at the beginning of the year.
The benefit rates for the Canada Pension Plan and old age security are increasing, according to Employment and Social Development Canada.
Reforming old age security (OAS) by changing the income level at which seniors are eligible and reducing the amount clawed back from seniors still in the work force would allow the government to better assist low-income seniors, says a study published by the Fraser Institute.
Employment and Social Development Canada says the basic old age security pension benefit will increase by 0.2% to $550.99 per month for the maximum benefit from Oct. 1 to Dec. 31, 2013.
A Windsor, Ont., woman has pleaded guilty to defrauding the federal government by collecting Canada Pension Plan and old age security benefits over 14 years.
At last week’s Council of the Federation meeting, Canada’s premiers discussed the retirement income system and the importance of continued efforts to ensure future seniors are able to retire with secure and adequate income.