A new poll finds there is growing support for a proposal to lower an Old Age Security (OAS) threshold for some Canadians in order to help reduce the federal government’s deficit.
Seventy-three per cent of Canadians polled this month said they support such a move, which would effectively trim back Old Age Security from higher income tiers, according to Generation Squeeze’s research poll.
Although nearly three quarters of respondents said they supported this proposal, that was on the condition that the savings are used to eliminate seniors’ poverty and reduce living costs for younger generations, the polling found.
Old Age Security is one of the most costly contributors to Ottawa’s roughly $78 billion projected deficit, according to Generation Squeeze, a Canadian think tank advocacy group.
Generation Squeeze says by lowering the current income threshold for when OAS benefits begin to gradually phase out — for couples, from $185,000 down to $100,000 — Ottawa could save up to $7 billion annually.
Old Age Security is a federal benefit available to Canadian seniors aged 65 and older, with certain monthly amounts paid based on income, age and residency.
However, it gives hundreds of dollars a month to seniors with household incomes over $100,000 per year, which has spurred increasing calls from advocates like Generation Squeeze to claw that back from higher income tiers.
Currently, the government of Canada lists those aged 65 to 74 as eligible to receive $742.31 maximum a month if their annual net world income is less than $148,451. Those aged 75 and above are eligible to receive $816.54 maximum a month if their annual net world income is less than $154,196.
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The amounts depend on “age, income, and the number of years you have lived in Canada.”
That is in addition to money individuals are eligible for from the Canada Pension Plan, or from personal or employer retirement savings plans. Lower-income seniors can also get the Guaranteed Income Supplement.
Approximately six in 10 respondents said they would support lowering the threshold even further to $81,000 or less. By doing so, Generation Squeeze says the annual savings would rise to roughly $13 billion.
The Generation Squeeze opinion poll on OAS reform was conducted in partnership with Research Co. from March 12 to March 14, 2026, and about 1,000 Canadians participated.
Generation Squeeze said in a release that based on their findings, only four per cent of seniors are excluded from OAS because their incomes are too high.
By reducing the income threshold for OAS clawbacks as proposed, Generation Squeeze says the top-earning 20 per cent of seniors that receive the payments would see their benefits shrink, and by an average of $3,000 or less per person each year.
The Iran war is the latest curveball for Canadians trying to keep up with the higher cost of living as spiking oil prices have translated into rising costs at the gas pump. Businesses faced with these higher fuel costs are also being pressured and may have to raise prices charged to consumers as a result, including for groceries.
Prior to the war, U.S. tariffs and trade war uncertainty have led business owners to pause hiring plans, leading to a difficult job market in Canada.
The inflation spike since the pandemic combined with higher interest rates have pressured Canadians to cut spending wherever possible to make ends meet.
“Canadians have spoken – clearly and consistently. Prime Minister Mark Carney should use that support to fix and modernize the most expensive line in his budget – and deliver a once-in-a-generation improvement in affordability for young and old alike,” said Generation Squeeze.
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