Financial Facelift: Fixing Old Age Security

Most Canadians believe that Canada's Old Age Security benefits act as a safety net, lifting struggling retirees out of poverty. But in this episode of the Hard Truths pod, Generation Squeeze founder, Dr. Paul Kershaw explains the hard truth: Some seniors with two homes, seven-figure portfolios, and six-figure incomes are still collecting OAS. And not just a token amount — retired couples with $180,000 in income still qualify for roughly $18,000 a year in OAS benefits.

Paul dives deep into The Globe and Mail's "Financial Facelift"column. Every weekend, financial experts help Canadians fine-tune their retirement plans. The advice is smart and methodical, showing how to make the most of tax and benefit rules. But those columns also reveal something deeper —how our most expensive federal program, Old Age Security, has drifted from protecting retirees from poverty to padding the comfort of affluence .