Effective, April 1, 2023, with full implementation by January 2029, the eligibility age for Old Age Security (OAS) is increasing to age 67 from 65 to reflect the reality that Canadians are living longer and healthier lives, and intending to keep working and delay retirement. In line with the increase in age of OAS/GIS eligibility, the ages at which the allowance and the allowance for the survivor are provided will also gradually increase from 60–64 today to 62–66, starting in April 2023.
On March 21, 2012, Quebec became the first province to set up a detailed framework of provincial rules that will apply for PRPPs.
Recently, questions and concerns have been raised about the adequacy of future retirement income for certain members of the Canadian population. These concerns have received particular attention in light of the global ecomonic downturn and other emerging issues, such as longer life expectancy, imminent baby boomer retirements, and declining private pension plan coverage.