Finance Minister Jim Flaherty is setting out broad markers for when changes to Old Age Security take effect, and they likely won’t kick in for years.
The finance minister’s statement at an event in Oshawa, Ont. was the first indication of how the government intends to proceed with its controversial reductions to elderly benefits.
Flaherty told reporters the changes were not for tomorrow, but for something like 2020 or 2025.
A spokesman said later the comment should be read as an indication changes wouldn’t occur immediately and not as firm timelines.
Flaherty says he intends give middle-aged Canadians plenty of time to plan for their retirement under the new rules.
Ottawa has been undergoing daily attacks in the House of Commons about the issue since the prime minister’s comments last month when he signalled he wanted to slow the growth of OAS costs.
Flaherty hasn’t spelled out exactly what changes he intends to introduce in the upcoming budget, but government ministers have let it be known that one option is to raise the age of entitlement to 67 from the current 65.