Supporting seniors’ safe and secure retirement
Click here to download the Seniors Booklet, a comprehensive guide to new programs underway to provide seniors with better housing and support as they navigate their retirement.
Raising Old Age Security pensions by 10% for seniors over 75
Many seniors are living longer and relying on monthly benefits to afford retirement. Some seniors continue to be at heightened risk of living with a low income.
The federal government plays a leading role in providing seniors with vital income support. Our government provides over $68 billion in support to seniors each year, increasing every year and indexed to inflation. For the over 6.9 million seniors who receive Old Age Security, this annual support is important to their financial security.
That’s why in July 2022, we’re raising Old Age Security pensions by 10% for seniors over 75— giving more than three million Canadian seniors up to $766 in new support every year.
How to apply: No application is needed; this process is automatic.
Why we’re increasing Old Age Security pensions for seniors over 75:
Statistics show that older seniors (aged 75+) have increased needs and are at more risk of outliving their savings. Older seniors are also more likely to be unable to work, have disabilities, or be widowed and lack secondary income.
Additionally, as seniors age, their health and home care costs become progressively more expensive. For example, on average, out-of-pocket health expenses of those ages 80+ are over $700 a year higher than those aged 65-74. This is why we have identified senior Old Age Security recipients who are over the age of 75 as a group in need of additional support — and we have increased their Old Age Security payments accordingly.
Indexing seniors’ benefits to inflation
With OAS and GIS benefits indexed quarterly to the Consumer Price Index, seniors do not have to worry about the value of their benefits keeping pace with inflation.
By indexing Old Age Security and seniors’ benefits to inflation, we are keeping seniors supported and lifting them out of poverty. It also ensures that seniors’ benefits reflect the economic climate and keep pace with the cost of living, medication, and other necessary expenses.
How to apply: No application is needed; this process is automatic.
Providing dentalcare for low-income seniors
Seeing a dentist is important for our health, but can be expensive. A third of Canadians do not have dental insurance, and in 2018, more than one in five Canadians reported avoiding dental care because of the cost.
Starting next year, the government will provide dental care coverage for seniors who have a family income of less than $90,000, with no co-pays for those under $70,000 annually in income.
How to apply: Details coming soon.
Helping seniors stay connected with low-cost internet
In partnership with 14 participating internet service providers across the country, the government is helping to connect hundreds of thousands of low-income seniors to affordable high-speed Internet.
Seniors who receive the maximum allotted amount of the Guaranteed Income Supplement will be eligible for $20-a-month high-speed internet.
How to apply: Eligible households and seniors will have received a letter from the Government of Canada. This letter contains an access code that is needed to sign up for Connecting Families through a secure online portal. The access code will be valid for the entire duration of the initiative, provided the household continues to be eligible; however, access to the discounted Internet offering will depend on availability.
