New monthly benefit addresses significant gap for Canada’s moderately to severely disabled Veterans and survivors
March 9, 2015 – Toronto – Veterans Affairs Canada
The Honourable Erin O’Toole, Minister of Veterans Affairs, unveiled a proposed new financial benefit today aimed at providing financial stability to Veterans who are moderately to severely disabled and their families. The Minister was joined by Veterans’ groups, members of the Canadian Armed Forces and the Veterans Ombudsman, Guy Parent.
Currently, the Earnings Loss Benefit—upon which many moderately to severely disabled Veterans rely—is not available after the age of 65, resulting in a drop in the Veteran’s annual income. The new Retirement Income Security Benefit announced today would provide these Veterans with continued assistance in the form of a monthly income support payment beginning at age 65.
The proposed Retirement Income Security Benefit would work in concert with existing services and benefits to establish a continuum of support that spans a disabled Veteran’s entire life. It is designed for those whose ability to save for retirement was directly impacted by their service to our country. Income support would also be extended to families through continued payment of a monthly benefit to the Veteran’s survivor.
The Government of Canada also recognizes the complexity of financial benefits available for moderately to severely disabled Veterans. As part of a continued commitment to Veteran-centric care, Minister O’Toole indicated that Veterans Affairs Canada (VAC) is examining ways to combine these new and existing supports into a single monthly pension for severely injured Veterans.
Veterans Affairs Canada is committed to ensuring Veterans are treated with the care, compassion and respect they deserve. Veterans and their families are at the center of everything we do. #Veterancentric
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Martin Magnan
Press Secretary
Office of the Minister of Veterans of Affairs
613-996-4649
Media Relations
Veterans Affairs Canada
613-992-7468
