A stronger retirement system means more money for seniors now and in the future

Canada has a diverse and growing seniors’ population with approximately 4.8 million people who are 65 years old or older. In 2015, for the first time in Canadian history, the number of Canadians aged 65 and older outnumbered the number of children 14 and younger. The Government of Canada is working to capitalize on opportunities, address the challenges, and provide the support that our growing population of seniors needs through a range of programs and policies.

By restoring the age of eligibility for Old Age Security (OAS) and the Guaranteed Income Supplement (GIS), as well as enhancing the Canadian Pension Plan (CPP), the Government of Canada has taken decisive action to increase retirement income security for current and future seniors. The Government:

• Restored the age of eligibility for OAS and the GIS from 67 to 65 years old, and for Allowance benefits from 62 to 60 years old. This is keeping 100,000 vulnerable seniors from falling into poverty;
• Increased the GIS top up by up to $947 per year for single seniors, improving the financial situation of close to 900,000 vulnerable seniors, of which 70% are women and allowing approximately 13,000 older Canadians to exit poverty;
• Amended the Old Age Security Act to allow couples who receive GIS Allowance and are involuntarily forced to live apart to receive higher benefits based on their individual incomes;
• Launched the OAS program toolkit to make it easier for seniors to be aware of and obtain their OAS pension; and
• Is implementing the Canada Pension Plan enhancement, which will help all workers save for retirement by increasing the replacement rate from one-quarter to one-third of pensionable earnings;

The Government of Canada places enormous value on the contributions seniors have made – and continue to make – to our country. And we will continue to actively support and promote seniors’ well-being and access to a dignified and secure retirement.

Read the full news release here.