Dear Editor,
Since 2015, our government, that of Justin Trudeau, has been committed to reducing poverty in Canada. The Canada Child Benefit is a perfect example. By boosting and redistributing support programs and tax credits for . . .
families in a way that is inversely relative to their incomes, we have succeeded in lifting 435,000 kids out of poverty since 2015.
Through Budget 2021, with increases to the Old Age Security of 10 percent for those 75 and older, 3.3 million seniors will see their financial security improved, 60,700 of whom will no longer live below the poverty line.
Why from the age of 75? Because, contrary to the suggestion of the Bloc Québécois, we chose to give more to those seniors who are most vulnerable financially, rather than giving less to a larger group of people. Because, generally speaking, the older we get, the less we can work, the less savings we have, the more health care we need, and the more of us who have lost our partner and, without them, the added financial support. Our decision was carefully considered.
Furthermore, everyone who benefits from Old Age Security who is aged 75 or older by June 30, 2022 will get $500 in August 2021. This is on top of the permanent increase of 10 per cent as of July 2022, which adds up to about $766 for those who receive the full benefit.
This adds to many other measures taken to improve the financial situation of seniors since 2015. Our government reversed the Conservatives` decision to raise the age of eligibility of Old Age Security and the Guaranteed Income Supplement to 67, restoring it to 65. We boosted the Canada Pension Plan for future retirees – a change that was reflected in the Quebec Pension Plan. We boosted the Guaranteed Income Supplement (GIS) for seniors who live alone and made it so the first $5,000 earned no longer affects your GIS benefit.
Other measures, not exclusive to seniors, have also benefited them, including the increase in the Basic Personal Amount which, once fully implemented in 2023, will benefit 4.3 million seniors, 465,000 of whom will have their federal income taxes reduced to zero.
And all of this adds the emergency measures put in place because of COVID-19. During the summer of 2020, all seniors enrolled in the Old Age Security received $300 extra – and those eligible for the GIS got an extra $200. On top of that, all those eligible for GST rebates got an extra payment of $375 on average for seniors who live alone or $510 for a couple.
I can assure you that our decisions are not taken lightly and that they are based on evidence. We care deeply about helping the people who need it the most, all while protecting our environment and keeping control of public finances.
Will Amos
MP for Pontiac
