Review of Canada's largest seniors benefit program predicts spending will reach all-time high

A review of Canada's largest seniors benefit program predicts that spending will reach all-time highs over the coming years with waves of baby boomer retirements and Canadians living longer.

The report is the first glimpse into how the CPP expansion, phased in over 40 years, will affect old age security.

Canada's chief actuary says with more beneficiaries drawing payments for longer periods of time, program spending is projected to hit about 247-billion dollars by 2060.

That's almost a five-fold increase from planned spending this year.

Statistics Canada projects there could be 12-million seniors by 2061.