Health Sciences 2711A/B Lecture Notes - Lecture 1: Financial Literacy, Income Splitting, Housing Cooperative
27 Jun 2018
School
Department
Course
Professor
Action for Seniors: CAD GOV
Seniors in Canada
2014- over 6 million CAD were 65+
15.6% of the population
by 2030 - over 9.5 million will be seniors
23% of population
2036 average life expectancy will rise to 86.2 (women) and 82.8 (men)
80% of seniors participate frequently in one social activity
36% perform volunteer work
13% participate in the workforce
Ensuring Financial Security for Seniors
Old age security (OAS) program
Canada Pension Plan (CPP)
OAS and CPP provide $76 billion every year in full indexed retirement income
payments
public pensions has caused number of low-income seniors to decrease form
21.4% to 5.2% (one of the lowest in the world)
Personal investments
Old Age Security Program
OAS pension
most people 65 and over
seniors living in Canada for over 40 years after age of 18 receive full basic OAS
pension
seniors who do not meet requirement receive partial pension if living in Canada
for 10years+
Seniors can now choose to continue working and receive pension later
Guaranteed income supplement (GIS)
Additional monthly beneļ¬t targeted at OAS with low incomes
1/3 Elderly Canadians also receive this
increased for lower incomes from $600 annually to $840 annually
improves lives of 680 000 people across Canada
Allowances
individuals 60-64 years old
provide from support of low income people who are spouses, common law or
widows of GIS recipients
over 5 million beneļ¬ciaries received $40 billion in OAS beneļ¬ts
CPP
repaces a portion of an individuals earnings once he or she has retired based on
contributions made throughout his or her working life
Document Summary
15. 6% of the population by 2030 - over 9. 5 million will be seniors. 2036 average life expectancy will rise to 86. 2 (women) and 82. 8 (men) 80% of seniors participate frequently in one social activity. Oas and cpp provide billion every year in full indexed retirement income payments public pensions has caused number of low-income seniors to decrease form. 21. 4% to 5. 2% (one of the lowest in the world) Oas pension most people 65 and over seniors living in canada for over 40 years after age of 18 receive full basic oas pension seniors who do not meet requirement receive partial pension if living in canada for 10years+ Seniors can now choose to continue working and receive pension later. Additional monthly bene t targeted at oas with low incomes. 1/3 elderly canadians also receive this increased for lower incomes from annually to annually improves lives of 680 000 people across canada.
