There’s been a growing buzz about changes to retirement in Canada—specifically the possibility of saying goodbye to retirement at 65. Rumors are circulating that the new retirement age will be pushed to 67 by the end of 2025. But before you panic or make any big financial moves, let’s separate fact from fiction.
Here’s the full story on what’s really happening with the Canada Pension Plan (CPP), Old Age Security (OAS), and the potential retirement age shift for Canadian seniors.
Rumors
The recent talk around increasing the retirement age from 65 to 67 has raised concern among retirees and soon-to-be retirees. Social media posts and articles have hinted that seniors may no longer receive OAS or other benefits starting at age 65, and that the new retirement age could kick in as early as 2025.
But here’s the truth: There is currently no official confirmation from the Canada Revenue Agency (CRA) or Government of Canada about increasing the retirement age.
Until a verified update is released on the CRA’s official website (www.canada.ca), these projections remain unconfirmed speculation.
Benefits
Let’s break down how the current Canadian retirement system works:
| Benefit Name | Eligibility Age | Payment Type | Monthly? |
|---|---|---|---|
| CPP | 60–70 (flexible) | Pension | Yes |
| OAS | 65 (fixed) | Income Support | Yes |
| GIS | 65 | Income Supplement | Yes |
CPP – Canada Pension Plan
- You can start as early as age 60, but payments are reduced
- Start at 65 for standard payment
- Delay until 70 for up to 42% more monthly benefit
OAS – Old Age Security
- Available at age 65
- Provides a monthly, taxable benefit to low-to-moderate income seniors
- Tied to residency, not work history
GIS – Guaranteed Income Supplement
- Added on top of OAS for low-income seniors
- Also starts at 65
Claims
So, what does “Goodbye to Retirement at 65” actually mean?
The claim is that OAS and GIS benefits may only start at 67 instead of 65, effectively delaying income support by two years. This could impact retirees who rely heavily on these benefits and don’t have private pensions or other savings.
But again, this is just speculation, not a confirmed change. The CPP is not expected to be affected, since it already operates with a flexible start age between 60 and 70.
Timeline
As of now, no official legislation or government statement has indicated a shift to age 67. If such a significant change were to happen, the CRA and Government of Canada would:
- Make a public announcement
- Give ample notice for Canadians to prepare
- Likely phase in the change gradually over several years
If changes are ever implemented, you’ll see them on the official CRA website or through announcements from Employment and Social Development Canada (ESDC).
Impact
If retirement age changes do happen, here’s who could be affected the most:
- Seniors turning 65 in 2025 or later
- Low-income retirees who rely on OAS or GIS as a primary income source
- Those without significant personal savings or private pensions
For those receiving CPP, the impact would be minimal since the program already allows flexibility. But delaying OAS and GIS could mean two additional years without crucial income support.
That could make it harder for seniors to afford basic needs or lead to a greater reliance on personal savings during that gap.
Facts
Let’s wrap this up with the key facts:
| Fact Check | Status |
|---|---|
| Retirement age increasing to 67? | Not confirmed |
| CPP eligibility changing? | No changes |
| OAS and GIS changes confirmed? | No |
| CRA official update released? | Not yet |
| Trusted info source? | www.canada.ca |
So for now, the retirement age in Canada remains 65, and any suggestions otherwise should be viewed with caution until the government makes an official announcement.
FAQs
Is retirement age in Canada changing to 67?
No official confirmation has been made yet.
Will CPP be affected by the age change?
No, CPP already has a flexible start age from 60 to 70.
What age do I get OAS payments?
Currently, OAS starts at age 65.
Where can I get official updates?
Visit www.canada.ca for all verified CRA announcements.
Will I lose two years of benefits if age moves to 67?
Only if changes are implemented—which is not confirmed yet.
