Increase aims to offer more financial supports as life expectancy rises
With Canadians living longer, the federal government has announced an increase to the Old Age Security of 10 per cent for the 3.3 million Canadians aged 75 and over.
“Canadians are living longer, and we want to help make life more affordable for them as they age,” Lapointe said. “Last year, we gave eligible older Canadians a one-time payment of $500. And now, we’ve moved forward with a permanent 10-per-cent increase to the Old Age Security pension to help with the higher costs later in life.”
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