Here are the maximum OAS rates: 2012 – $540.12 per month.
This figure is also adjusted each year for inflation. For every dollar ($1.00) of income above the threshold, the amount of basic OAS pension reduces by 15 cents.
D - the whole idea on not touching OAS for the entire retiring Boomer generation is inconceivable.
We can see this purportedly anti-poverty program largely funds well off middle classers.
In fact, still pays out something to c. $108,000 - SIX DIGIT INCOMES!!!
This is unforgivable.
I suggest:
1) increase the clawback rate from 15 cents/ dollar to much much more
2) and make it progressive too.
3) deindex OAS clawbacks.
The "law of 72" says at a 3.6% inflation rate that this # will double in 20 years - by the time GenX qualifies.
This is a very slow and subtle change, and should not impact any poor seniors (or even middle class ones).
So by 2032, when all the Boomers have finally retired, the clawback will change from c. $70G today to the purchasing power of $35,000 today. It still handily covers ALL poor and even middlish-income seniors!
This would also mean that the rich *sshole at $106,000 that is still collecting some OAS will be cut off soon.
In 20 years at 3.6% inflation rate, the clawback will be complete by the purchasing power of today's $53,000.
This can hardly be described as onerous. No poor seniors will suffer. Not a one.
Meanwhile, university students (and college ones) suffer the "death of 1000 cuts" of annual tuition (and even moreso, mandatory fees) fees increasing consistently above the rate of inflation.
GenY students have become a piggy bank to smash and raid for the Baby Boomers now in power.
Then we are surprised when the Quebec students do not consider that equitable!
As it turns out, some academics in Quebec also believe reforms to university research funding in recent years has been tilted in favour of corporate applications. See my comment on G&M today.
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