A Plan to Grow Our Economy and Make Life More Affordable, the government of Canada makes targeted and responsible investments to create good jobs, grow our economy, and build a Canada where nobody gets left behind.
Today, the Minister of Transport, the Honourable Omar Alghabra, announced Budget 2022 investments that will help to bring down the cost of living for seniors and all Canadians including:
- Providing $68.2 billion in support through the Old Age Security (OAS) program to seniors in 2022-23, growing to $87.2 billion in 2026-27.
- Creating an expert panel to study the idea of an Aging at Home Benefit.
- Providing $5.3 billion over five years for dental care for Canadians;
- Doubling the qualifying expense limit of the Home Accessibility Tax Credit to $20,000 for the 2022 and subsequent tax years.
- Introducing a Multigenerational Home Renovation Tax Credit, which provides up to $7,500 in support for constructing a secondary suite;
- $20 million over two years for an expanded New Horizons for Seniors Program to support more projects that improve the quality of life for seniors and help them continue to fully participate in their communities; and
- $475 million in 2022-23 to provide a one-time, $500 payment to those, including seniors, facing housing affordability challenges.
Since 2015, the government has delivered real improvements to make seniors’ lives more affordable, including:
- A ten per cent increase to the maximum GIS benefit for single seniors;
- Reversing the announced increase to the eligibility age for OAS and GIS back to age 65 from 67;
- Beginning this July, a ten per cent increase to the OAS pension for seniors age 75 and over, which will provide additional benefits of over $766 to full pensioners in the first year; and
- Providing $6 billion over ten years to provinces and territories for the delivery of home care services.