Minister Morneau Talks Retirement Security With Canadian Seniors
April 25, 2019 – Toronto, Ontario – Department of Finance Canada
Every Canadian should feel good about what the future holds, and confident that support will be there when they need it. That includes Canada's seniors, who deserve a secure and dignified retirement after a lifetime of hard work.
Budget 2019 is the next step in the Government's plan to invest in the middle class, keep Canada's economy strong and growing and make life more affordable for Canadians at all stages of their lives.
At a town hall hosted by the Canadian Association for Retired Persons, Minister of Finance Bill Morneau spoke about the Government's efforts to better support seniors as they retire—from boosting benefits for low-income seniors, to restoring the eligibility age for seniors' benefits back to 65, to moving ahead with an historic expansion of the Canada Pension Plan.
Minister Morneau also highlighted Budget 2019 investments that will help seniors keep more of their hard-earned money, protect their savings and support their full participation in their communities.
These proposed investments would:
- Help seniors who choose to work keep more of their earnings by enhancing the Guaranteed Income Supplement (GIS) exemption. This would provide a full or partial exemption on up to $15,000 in annual earnings for eligible seniors, and include income earned through self-employment.
- Create more opportunities for seniors to be active in their communities through health, wellness and community programs facilitated by New Horizons for Seniors.
- Ensure that eligible Canadians receive their Canada Pension Plan benefits by proactively enrolling contributors who are 70 years old or older but have not yet applied to receive their retirement benefits.
- Introduce new measures to better protect workplace pensions in the event of corporate insolvency by making insolvency proceedings fairer and setting higher expectations for corporate behaviour.
- Create Canada's first National Dementia Strategy, giving people living with dementia and their caregivers the help and support they need.
"After a lifetime of working hard, raising families, building strong communities and growing the economy, we want Canada's seniors to know that they are valued—not forgotten. That's why, with Budget 2019, we're doing more to support seniors and help them enjoy a secure and dignified retirement, free of financial worries. The investments we're making will improve the quality of life for seniors today—and help all Canadians feel more confident about the future."
- Bill Morneau, Minister of Finance
- In collaboration with the provinces, the Government expanded the Canada Pension Plan—raising the maximum retirement benefit by up to 50 per cent over time.
- By restoring the eligibility age for Old Age Security and GIS benefits to 65, the Government has put thousands of dollars back in the pockets of Canadians.
- The Government also increased GIS top-up payments by up to $947 per year for single seniors, which boosted benefits for nearly 900,000 low-income seniors and lifted about 57,000 seniors out of poverty.
- In Budget 2019, the Government also proposes to support seniors and their families by:
- Helping Canadians with the cost of prescription drugs by taking steps towards a national pharmacare plan.
- Lowering Canadians' energy costs with energy efficient repairs and retrofits in residential, commercial and multi-unit buildings—in partnership with the Federation of Canadian Municipalities.
- Supporting municipalities' local infrastructure priorities by providing a one-time top-up of $2.2 billion, doubling the federal municipal infrastructure commitment in 2018–19.
- Ensuring all Canadian homes and businesses have access to high-speed internet no matter where they are located.
- Budget Plan
- Budget Speech
- Backgrounder: The Canada Training Benefit
- Backgrounder: An Affordable Place to Call Home
- Backgrounder: Moving Forward on Implementing National Pharmacare
- Backgrounder: A Secure and Dignified Retirement for Canadians
- Backgrounder: Advancing Reconciliation With Indigenous Peoples
- Backgrounder: Building a Better Canada: Universal High-Speed Internet
- Backgrounder: Strong Communities, Affordable Electricity and a Clean Economy
- Gender Report
- Investing in Young Canadians
- The Fiscal Monitor (Financial Results for January 2019)
Media may contact:
Director of Media Relations
Office of the Minister of Finance
Department of Finance Canada