Budget 2019: A secure and dignified retirement for Canadians
News release
March 27, 2019 - Winnipeg, Manitoba - Global Affairs Canada
Over the course of their lives, seniors have made tremendous contributions to their communities right across Canada—and carry with them a wealth of knowledge, experience and skills they continue to contribute today.
Today, the Honourable Jim Carr, Minister of International Trade Diversification, was in Winnipeg, Manitoba, to highlight Budget 2019: Investing in the Middle Class. The budget details how the government is making sure middle-class Canadians benefit from Canada’s economic growth. That includes helping more Canadians find an affordable home, prepare for well-paid jobs, retire with confidence and afford prescription drugs when they need them.
The Minister visited three retirement homes where he had the opportunity to share how investments in Budget 2019 would help support Canadian seniors’ active participation in society and build on efforts to strengthen the retirement security of Canadians so they can enjoy a secure and dignified retirement after a lifetime of hard work.
Through Budget 2019, the government proposes to:
- make retirement more financially secure for seniors who wish to work by enhancing the Guaranteed Income Supplement (GIS) earnings exemption so they can keep more of their hard-earned income;
- ensure Canadian workers receive the full value of their pension by proactively enrolling Canada Pension Plan (CPP) contributors who are 70 years old or older and who have not yet applied to receive their retirement pension;
- enhance the security of workplace pensions through new measures that better protect pensions in the event of corporate insolvency, giving Canadians greater peace of mind when it comes to their retirement; and
- promote the inclusion and full participation of vulnerable seniors in society by increasing funding to the New Horizons for Seniors Program, supporting projects that provide new equipment for seniors’ centres, offering financial literacy classes and creating volunteer opportunities and more.
With these new measures, Budget 2019 builds on the government’s record of strengthening the retirement security of Canadians so they can worry less about making ends meet and enjoy the secure and dignified retirement they deserve.
Quotes
“Canadian seniors and future retirees work hard to support their families, build strong communities and grow our economy. Their knowledge, skills and experience are the cornerstones upon which our country was built. Budget 2019 ensures a better quality of life while building a more secure retirement for Canadians, supporting those who choose to stay in the workforce and protecting Canadians’ pensions and empowering seniors in their communities.”
- Jim Carr, Minister of International Trade Diversification
Quick facts
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Since 2016, the Government of Canada has established a proven record of strengthening the retirement income security of Canadians, including:
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appointing a minister of seniors to help better understand the needs of older Canadians and ensure programs and services are designed to respond to those needs;
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boosting benefits for nearly 900,000 low-income seniors and lifting about 57,000 out of poverty by increasing GIS top-up payments for Canada’s most vulnerable seniors;
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restoring the eligibility age for Old Age Security and GIS benefits to 65, putting thousands of dollars back in the pockets of Canadian seniors;
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increasing benefits for couples who receive GIS and Allowance benefits and have to live apart for reasons beyond their control; and
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enhancing the CPP, which will raise the maximum CPP retirement benefit by up to 50% over time, by working in collaboration with provincial partners. This will provide today’s and future Canadian workers with greater income security when they retire and will significantly reduce the risk of under-saving for Canadian families.
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Contacts
Isabella Brisson-Urdaneta
Press Secretary
Office of the Minister of International Trade Diversification
343-203-7332
Isabella.Brisson-Urdaneta@international.gc.ca
Media Relations Office
Global Affairs Canada
343-203-7700
media@international.gc.ca
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