We restored the age of eligibility for Old Age Security and the Guaranteed Income Supplement to 65 years from 67 years, putting thousands of dollars back into the pockets of new seniors.
Our government increased the Guaranteed Income Supplement (GIS) by $947, improving the financial security of about 900,000 vulnerable single seniors.
To help working seniors keep more of their benefits, we increased the GIS earnings exemption to allow seniors to earn up to $5000 without any reduction in benefits, and a partial exemption for the next $10,000. It also now includes self-employment income.
We allowed couples who are forced to live apart for reasons beyond their control to receive Guaranteed Income Supplement benefits based on their individual incomes instead of their household incomes.
We introduced the new Canada Caregiver Credit, which provides a tax reduction of up to $1,071 for expenses for the care of dependent relatives with infirmities and $335 for expenses for the care of spouses or children
To improve the quality of life for those diagnosed with dementia, our government created Canada’s first National Dementia Strategy, backed by a $50 million investment. We invested a further $20 million to assist community organizations supporting seniors living with dementia and $31.6 million in research.
To help seniors live longer at home, we invested an additional $6 billion in home care and community care, as well as palliative care services.
To help seniors access housing that meets their needs, we’re building at least 7,000 new affordable housing units for seniors—as well as investing in much-needed renovations—under the National Housing Strategy.
Through the Canada Housing Benefit (CHB) the government is investing $4B with the provinces and territories to provide rent support to seniors and other groups that face housing challenges.
In April, more than 4 million low and middle-income seniors received a GST Credit top-up—worth an average of $375 for single seniors and $510 for senior couples.
To help seniors and others get essential services and supplies, such as the delivery of groceries, we invested half a billion dollars through partners like the United Way, food banks, and charities.
Regardless of their pension benefits, seniors who became unemployed because of COVID-19 are eligible for the Canada Emergency Response Benefit, worth $2,000 a month.
We also reduced mandatory minimum withdrawals from RRIFs by 25 per cent for 2020 due to market volatility.
In July, we provided a one-time tax-free payment of $300 for seniors eligible for OAS and a further $200 for seniors eligible for the GIS.