Canada to raise retirement age to 67—report

OTTAWA—The Canadian government will delay the age for retirement benefits to 67 from 65 in a federal budget to be unveiled later Thursday, a leading Canadian newspaper reported.

The Globe and Mail said it has learned the Conservative government of Prime Minister Stephen Harper will propose the delay in Old Age Security benefits will be phased in over a number of years.

The newspaper did not cite a source.

The government’s budget “stresses bold action now to position Canada’s economy in the face of major demographic changes to come,” the newspaper said.

The move, part of Harper’s blueprint for retirement reform, will create a generational divide between Canadians who will receive the benefit – worth more than $6,000 (US$6,001) a year – at age 65 and other Canadians who will have to wait longer, it noted.

The budget will be unveiled after the markets close Thursday.

Canada has no mandatory retirement age.

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