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Under Mr. Flaherty’s Economic Action Plan 2012 — the Conservative government’s “largest” budget document, at 498 pages — the eligibility age for OAS will gradually increase from 65 to 67 beginning in 2023. OAS is the government’s single largest program, and the cost is expected to grow from $38-billion in 2011 to $108-billion in 2030 as Canadians live longer and as fewer workers emerge to fill positions vacated by retirement.

“They say 50 is the new 40,” said Elio Luongo, a managing partner at KPMG. “This is an interesting way to [encourage] people to stay in the workforce longer.”

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MPs will face changes to their retirement plans, too, but the budget is vague, saying only adjustments for parliamentarians will not take effect until the next parliament — signaling what Gregory Thomas of the Canadian Taxpayer Federation called a lack of resolve to lead by example.

Mr. Flaherty himself said “neither the public servants nor the parliamentarians are contributing adequately” to their pension plans, but added the government is moving toward a 50-50 cost-share ratio effective Jan. 1, 2013.

The government will shed roughly 19,200 jobs — a 4.8% cut — although the time period for the reductions is not entirely clear.

Mr. Flaherty’s budget will affect Canadians in their everyday life, beyond planning for retirement and outside their workplaces. As of June 1, 2012, travelers visiting the United States for more than 24 hours can bring home $200 worth of goods rather than the current $50, and a 48-hour-plus trip means bringing home upward of $800 in purchases — double the current exemption limit.