Budget 2019: A secure and dignified retirement for Canadians

GRANBY, QC, April 16, 2019 /CNW/ - 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 we all benefit from today. 

Today, the Honourable Jean-Yves Duclos, Minister of Families, Children and Social Development was in Granby 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.

Speaking at an event at La Maison soutien aux Aidants, Minister Duclos highlighted 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 take home 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.
• 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, offer financial literacy classes, create volunteer opportunities and prevent elder abuse and social isolation.
• Take concrete steps towards the implementation of national pharmacare. These include working with provinces, territories and stakeholders on the creation of a Canadian Drug Agency, taking steps toward the development of a national formulary, and creating a national strategy for high-cost drugs for rare diseases.

With these new measures, Budget 2019 builds on the Government's record of strengthening the retirement security of Canadians so that they can worry less about making ends meet and enjoy the secure and dignified retirement they deserve. 

Quotes

"Older Canadians have worked hard to support their families, build strong communities and grow our economy. Their knowledge, skills and experience are the cornerstones our businesses and country were built on. Through Budget 2019, we are taking more steps to highlight their contributions by strengthening their connections with their communities, providing support to those who choose to stay in the workforce and ensuring they have access to the benefits they are entitled to."

? The Honourable Jean-Yves Duclos, Minister of Families, Children and Social Development

Quick Facts

Since 2016, the Government of Canada has established a proven record of strengthening the retirement income security of Canadians, including:

• 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.
• 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.
• Restoring the eligibility age for Old Age Security and GIS benefits to 65, putting thousands of dollars back in the pockets of future Canadian seniors. 
• Increasing benefits for couples who receive GIS and Allowance benefits and have to live apart for reasons beyond their control.
• Enhancing the CPP, which will raise the maximum CPP retirement benefit by up to 50 percent over time, by working in collaboration with provincial partners. This will provide Canadian workers of today and tomorrow with greater income security when they retire and will significantly reduce the risk of under-saving for Canadian families. 

Further Information

Associated Links

Budget Plan 
Budget Speech 
Backgrounder: A Secure and Dignified Retirement for Canadians 
Gender Report 
Investing in Young Canadians 
The Fiscal Monitor (Financial Results for January 2019)

SOURCE Employment and Social Development Canada