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Scarborough, Mar 27 (Canadian-Media): In his Budget 2019 highlights today at Scarborough, Ontario Justin Trudeau, Canada's prime minster said Canada is working to improve the quality of life for Canada’s seniors now, and for generations to come, media reports said.
Trudeau said that through Budge 2019, Canada is proposing new measures so that all Canadian seniors should be free of financial worries enjoy their retirement years by staying active and involved in their communities.
These new measures include: an increase to the Guaranteed Income Supplement (GIS) earnings exemption to enable low-income seniors who choose to keep working can keep more of their income; pro-active enrollment of seniors in the Canada Pension Plan (CPP) 70 years old or older contributors to ensure they are receiving the pension payments they are entitled to; increased protection of workplace pensions earned by seniors in the event of corporate insolvency.
It is estimated that with the proposed changes to CPP enrollment, approximately 40,000 individuals over the age of 70 would begin to receive an average monthly retirement pension of $302 in 2020 an approximately 1,500 Canadian seniors turning age 70 in 2020 will be proactively enrolled, receiving an estimated average monthly retirement pension of $645 with an estimate of approximately 4,000 people by 2040
could be proactively enrolled each year.
"Canada’s seniors have worked hard...Their knowledge, skills, and experience are the cornerstones that have built our businesses and our country...this year’s budget, we’re making sure they have the support they need...and peace of mind they deserve in their retirement years," said Trudeau.
Budget 2019 has also proposed an investment of $50 million over five years to implement Canada’s first National Dementia Strategy, to increase awareness and reduce stigma, develop treatment guidelines for early diagnosis its better understanding and its effects on our communities; increased funding of $100 million over five years, with $20 million per year ongoing, for the New Horizons for Seniors Program; to help seniors stay connected to their communities by creation of projects to provide fitness equipment for seniors’ centres, offer financial literacy classes and creating volunteer opportunities and providing national pharmacare.