Mr. Speaker, there will be no reductions to seniors' pensions.
The opposition parties are missing the point. This is not about savings. Our changes will put old age security on a sustainable path so it will be there when Canadians need it. Changes made will be gradual, beginning in 2023 and coming into full effect in 2029.
We are also providing Canadians with the option to defer OAS and collect later at a higher rate, if they wish.