A re-elected Liberal government will increase Old Age Security by an extra ten per cent once a senior turns 75, and will boost the Canada Pension Plan survivor’s benefit by 25 per cent.

Michael Den Tandt, who is running to become the next Member of Parliament for Bruce-Grey-Owen Sound, visited Gateway Haven in Wiarton on Wednesday to spread the word about the Liberal campaign pledge.

Canadians are living longer than ever before, but as they age they face higher health care costs, and they’re worried about their savings running out. The number of seniors who rely on GIS payments — a monthly benefit that goes to the poorest seniors — goes up with age. Today, as many as 238,000 seniors live in poverty.

The Liberal government has already expanded benefits for older Canadians, which has helped lift 50,000 seniors out of poverty.

“The people of Bruce and Grey counties work hard and deserve a dignified retirement after a lifetime of community contributions,” said Mr. Den Tandt.

“These two new measures under a re-elected Liberal government would provide greater peace of mind to thousands of seniors,” said Mr. Den Tandt.

A re-elected Liberal government will take meaningful action — working in partnership with provinces and territories — to further strengthen the supports that our seniors rely on every day:

• We will put an extra $729 in the pockets of seniors each year, by increasing Old Age Security (OAS) by ten per cent once they turn 75. This will help lift more than 20,000 seniors out of poverty, of whom two-thirds will be women; and
• We will give up to $2,080 in additional benefits, every year, to those who’ve lost a loved one, by increasing the Canada Pension Plan (CPP) and Quebec Pension Plan (QPP) survivor’s benefit by 25 per cent.

Since 2015, we have taken real action to help more Canadians retire with confidence, including: 

• Putting thousands of dollars back in the pockets of Canadians as they become seniors, by restoring the eligibility age for OAS and GIS benefits to 65 from 67
• Making the most significant enhancement to the CPP since its creation — which will raise the maximum CPP benefit by up to 50 per cent once fully rolled-out
• Giving single seniors nearly $1,000 more a year to help pay the bills, through our boost to the GIS top-up; and
• Increasing the GIS earnings exemption, so that low-income seniors who choose to keep working can keep more of their hard-earned income.

source: media release