In recent years, Canada has seen significant changes to pension legislation that have been causing concern among retirees. These changes have been implemented in an effort to make the pension system more sustainable and to ensure that retirees have enough funds to support themselves throughout their retirement years. However, these changes have also raised questions about how they will affect current and future retirees.
One of the major changes to pension legislation in Canada is the increase to the age of eligibility for the Canada Pension Plan (CPP) and Old Age Security (OAS) benefits. As of 2021, the age of eligibility for both CPP and OAS benefits has been gradually increasing from 65 to 67. This means that those who turn 65 in 2021 will not be able to receive their full CPP and OAS benefits until they turn 67. This change has been met with criticism from retirees who were planning and budgeting based on the previous age of eligibility. It also has the potential to affect the finances and retirement plans of those who were expecting to rely on these benefits at the age of 65.
Another change to pension legislation in Canada is the introduction of a voluntary retirement savings option, known as the Canada Pension Plan Enhancement (CPPE). This new option allows Canadians to contribute more to their CPP in order to receive higher benefits in retirement. While this may be