Conservative Party proposes increasing Old Age Security payments

Ahead of the Chicoutimi–Le Fjord byelection, the Conservative Party of Canada has proposed increasing Old Age Security (OAS) payments for seniors aged 65 to 74. The platform also includes a proposal to allow seniors to keep more of their part-time employment income tax-free, specifically targeting the first $34,000 earned.

Critics argue the policy lacks a clear rationale, noting that seniors are currently the least likely age group in Canada to live in poverty. According to Statistics Canada, 5.4 percent of Canadians aged 65 and over lived below the official poverty line in 2024, compared to 12.6 percent for working-age adults and 11.5 percent for children. In Quebec, the senior poverty rate is approximately 3 percent.

Financial projections indicate that elderly benefits represent a massive portion of the federal budget. OAS alone accounts for roughly one in six federal dollars spent. Estimates for total elderly benefits range from $88.8 billion to over $90 billion, with projections suggesting the cost could reach $108.5 billion by 2030-31 as the population ages.