Minister Morneau Highlights Budget 2016 Support for Seniors and Investments in Affordable Housing
April 22, 2016 – Toronto, Ontario – Department of Finance Canada
Finance Minister Bill Morneau visited the Hugh Garner Housing Co-operative in Toronto today to highlight measures benefiting seniors, including planned investments in social infrastructure, outlined in the Government’s first budget, Growing the Middle Class.
Minister Morneau highlighted that Budget 2016 proposes investments of $3.4 billion over five years in social infrastructure including affordable housing, early learning and child care, cultural and recreational infrastructure, and community health care facilities on reserve. Included in this amount is a commitment to provide $200.7 million over two years, starting in 2016–17, to support the construction, repair and adaption of affordable housing for seniors. This investment is expected to help improve housing conditions for more than 5,000 low-income senior households.
In recognition of the uncertainty facing co-ops whose long-term operating agreements have ended, the Government is also dedicating $30 million over two years, starting in 2016–17, to help ensure that federally administered social housing providers can continue to serve low-income households without raising rents.
Minister Morneau added that Budget 2016 also makes significant new investments to support seniors in their retirement years. In particular, Budget 2016 increases the Guaranteed Income Supplement top-up benefit by up to $947 annually for the most vulnerable single seniors starting in July 2016.
“Through new investments in social infrastructure such as affordable housing, the Government is helping strengthen the middle class and those working hard to join it. This will in turn promote inclusive growth and lift more Canadians out of poverty.”
- Bill Morneau, Minister of Finance
Office of the Minister of Finance
Department of Finance Canada