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* Deficit estimate of $25-billion is based on recent private sector estimates for the 2011-2012 fiscal year using the Department of Finance fiscal reports for 2011.
1For OAS/GIS, there are currently 4,973,438 Canadians age 65+. Of those, 660,551 Canadians are ages 65 and 66 (13.3% of the total). If all seniors got the exact same OAS/GIS cheque, that would represent a savings of 13.3% of total OAS costs. However, because of the clawback and the fact that older people get more GIS, an estimate of 10-12% of today's OAS/GIS costs ($39B according to Service Canada) was used.
2Calculation provided by Stephen Gordon of Laval University. This is a static calculation which assumes no behavioural response to new taxation. Read more in "Taxing the rich may be fair, but it won't fill the coffers".
3Source: Report to Parliament on the Government of Canada's Official Development Assistance (Page 2).
4Source: The Government Expenditure Plan and The Main Estimates (Page 71).
5University of British Columbia economist Kevin Milligan explains how TFSA's could eventually cost the government billions in lost tax revenue in "How TFSA expansion will hit future tax revenues".
Special thanks to Stephen Gordon, Laval University, Kevin Milligan, University of British Columbia and Frances Woolley, Carleton University, for their help in compiling GST, income tax and OAS figures.