Liberals Promise to Boost Canada Pension Plan

Prime Minister Justin Trudeau in Thunder Bay
Prime Minister Justin Trudeau in Thunder Bay

Fredericton, NB — A re-elected Liberal government will increase Old Age Security by an extra ten per cent once a senior turns 75, and will boost the Canada Pension Plan survivor’s benefit by 25 per cent.

The Liberal Party says that Canadians are living longer than ever before, but as they age they face higher health care costs, and they’re worried about their savings running out. The number of seniors who rely on Guaranteed Income Supplement (GIS) payments — a monthly benefit that goes to the poorest seniors — goes up with age. Today, as many as 238,000 seniors live in poverty.

“Over the last four years, we’ve expanded benefits for older Canadians — helping lift 50,000 seniors out of poverty,” said Leader of the Liberal Party, Justin Trudeau. “But we know many seniors still struggle to keep up with their bills as they age. After a lifetime of hard work, people should have peace of mind knowing their retirement savings won’t run out, and that their government will be there to help.”

Thunder Bay-Superior North Liberal Candidate Patty Hadju says, “A re-elected Liberal government will continue our work to ensure Canadians can retire with the dignity they deserve after years of hard work. We’ve already improved support for the most vulnerable seniors by increasing Guaranteed Income Supplement and Old Age Security payments.  Over 16,000 seniors in Thunder Bay-Superior North have received more money through these increases. We also enhanced the Canada Pension Plan for the generations to come, and lowered the age of retirement to 65 from 67, reversing the Conservative action that made life more difficult for seniors. Today’s announcement will build on these steps to ensure seniors in Thunder Bay-Superior North have more money and peace of mind when they retire.”

“The Liberal Party’s commitment to increase the Old Age Security Benefit by 10 per cent for seniors over the age of 75 is good news for this riding. Thunder Bay-Rainy River has more seniors as a percentage of the population than any almost any other riding in Ontario. We also have many single seniors who will benefit significantly by the increase in survivor benefits. It’s clear this government recognizes the importance of protecting vulnerable seniors struggling to keep up with their bills as they age,” states Marcus Powlowski, the Liberal candidate in Thunder Bay-Rainy River.

“Seniors play a significant role in the fabric of our country and in our communities,” states Kenora Liberal Candidate Bob Nault. “Many seniors living today, remember a time when there was no Canada Health Act. They also remember a time when there were no Employment Insurance benefits to protect those who lost their jobs. The fact is seniors were, and still are, instrumental in fighting to ensure that today, Canada still has one of the best public health and social safety net systems in the world.

“Today, Canada is rated the best place in the world to live and it didn’t happen by accident. It happened because of the years of sacrifices, and our Seniors’ resolve to ensure their children, grandchildren, and all Canadians are protected in their time of need,” adds Nault.

A re-elected Liberal government will take meaningful action — working in partnership with provinces and territories — to further strengthen the supports that our seniors rely on every day:

  • We will put up to $729 more in the pockets of seniors each year, by increasing Old Age Security (OAS) by ten per cent once they turn 75. This will help lift more than 20,000 seniors out of poverty, of whom two-thirds will be women; and
  • We will give up to $2,080 in additional benefits, every year, to those who’ve lost a loved one, by increasing the Canada Pension Plan (CPP) and Quebec Pension Plan (QPP) survivor’s benefit by 25 per cent.

Since 2015, we have taken real action to help more Canadians retire with confidence, including:

  • Restoring the eligibility age for OAS and GIS benefits to 65 from 67;
  • Making the most significant enhancement to the CPP since its creation — which will raise the maximum CPP benefit by up to 50 per cent once fully rolled-out;
  • Giving single seniors nearly $1,000 more a year to help pay the bills, through our boost to the GIS top-up; and
  • Increasing the GIS earnings exemption, so that low-income seniors who choose to keep working can keep more of their hard-earned income.

“Andrew Scheer voted against lowering the OAS eligibility age from 67 to 65, which boosts seniors’ retirement savings by thousands of dollars and lets them retire earlier, so they can spend more time with their grandkids,” said Mr. Trudeau. “His party also pledged to reverse the changes we made to strengthen the CPP. Seniors deserve more from their government, and if re-elected, we will continue to work to make sure they have a safe, secure, and dignified retirement.”

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