Old Age Security

Economic growth tops the priority list for Canadian policymakers — here’s why

Retrieved on: 
Thursday, April 25, 2024
Transfer, Old Age Security, Canada Health Transfer, Logic, Tax, Growth, Government, Canada Pension Plan, Environment, Federation, Natural Resources, Pension, Equalization, Policy, Boil, Old age, Food, Carbon, Pandemic, Housing, Happiness, GDP, Renewable energy

The real GDP growth forecast for 2024 is 0.7 per cent.

Key Points: 
  • The real GDP growth forecast for 2024 is 0.7 per cent.
  • While the Canadian economy is not growing as rapidly as the United States, he argued, few are.
  • In our recent book, Fiscal Choices: Canada After the Pandemic, we explain why Canada’s anemic growth rate is worrying and why politicians and their advisors believe, almost unanimously, that economic growth is a policy imperative.
  • Similarly, transfers to other governments — the Canada Health Transfer and Equalization payments, for example — are legal requirements.
  • Reductions in spending or increases in taxes are austerity measures and austerity has so far produced limited, if any, payoffs in terms of economic growth.

Interest rates are outpacing growth rates

  • When growth is strong and interest rates are low, debt is manageable.
  • As long as the social rate of return from government spending is greater than the real interest rate, fiscal deficits help maintain output at potential.
  • But right now, interest rates are higher than growth rates.
  • At the time, interest payments on the debt consumed 7.04 per cent of the federal budget.
  • In 2023, by contrast, the interest rate on bonds had climbed to 3.3 per cent and growth had declined to 1.1 per cent nationally.

Government review processes

  • In the 2022 budget, the federal government announced a review of programs to realize savings in the order of $6 billion over five years.
  • The 2023 budget and the 2023 Fall Economic Statement doubled down on this initiative, requiring savings in the order of $15.8 billion.
  • With the exception of the review process undertaken by the federal government under Jean Chrétien in 1994, program reviews have yielded very little in long term savings.

Economic progress

  • There is nothing wrong with reviewing our assumptions about what economic progress looks like and who benefits from a bigger economy.
  • But we also need economic growth — not just so we can consume more, or generate more revenue for governments, but so we can take better care of one another.
  • Improved productivity, in both the public and private sectors, is another way of saying more sustainable economic growth.


Michael M. Atkinson receives funding from the Social Sciences and Humanities Research Council of Canada. Haizhen Mou receives funding from the Social Sciences and Humanities Research Council of Canada.

Minister O'Regan outlines how the federal government is helping Canadians age with dignity at the CARP Annual General Meeting

Retrieved on: 
Thursday, February 22, 2024
Dignity, Annual general meeting, Ageing, Poverty, Federation, Senior, Dental care, Government, CARP, Long-term care, CARP (Canada), Organization, Old age, GIS, CDCP, Old Age Security, Health insurance

Minister O'Regan also discussed the federal government's work with provinces and territories to improve health care and long-term care for seniors in Canada.

Key Points: 
  • Minister O'Regan also discussed the federal government's work with provinces and territories to improve health care and long-term care for seniors in Canada.
  • This includes federal investments of $5.4 billion over five years to help seniors across Canada age with dignity, with access to home care or safe long-term care.
  • "Minister O'Regan's remarks were not only significant but also appreciated by the 225,000 members of CARP who closely follow issues concerning seniors.
  • His understanding of the need for support of home care, dental care and pharmacare was reassuring to CARP members."

Canada Apprentice Loans added to My Service Canada Account, improving access and service to Canadians

Retrieved on: 
Monday, November 20, 2023
Canada Pension Plan, MSCA, Government of Canada, Service Canada, Unemployment benefits, Government, Social insurance number, Old age, Red Seal, Social insurance, Family, National Citizen Service, Old Age Security, Online shopping, Tailor, QC

Today, Minister of Citizens' Services, Terry Beech, announced that My Service Canada Account (MSCA) will become the single point of entry to access the Canada Apprentice Loans.

Key Points: 
  • Today, Minister of Citizens' Services, Terry Beech, announced that My Service Canada Account (MSCA) will become the single point of entry to access the Canada Apprentice Loans.
  • Current and new Canada Apprentice Loan clients will need to register or sign-in to MSCA to apply, manage or monitor their Canada Apprentice Loan.
  • When Canada Apprentice Loan clients access the Canada Apprentice Loans Service Centre website , they will be redirected to MSCA to log into their account.
  • After logging in to their MSCA account, clients can access the Canada Apprentice Loan Service Centre (CALSC) website, where they can view the balance and status of their loans.

Statement from Minister Beech on Auditor General's Report on Benefits Delivery Modernization

Retrieved on: 
Thursday, October 19, 2023
Old Age Security, Old age, Government, Office of the Auditor General Manitoba, Ageing, Indigenous self-government in Canada, Unemployment benefits, Canada Pension Plan, Risk, Pension fund

OTTAWA, ON, Oct. 19, 2023 /CNW/ - "Today, the Office of the Auditor General tabled its report evaluating the Government of Canada's delivery of the Benefits Delivery Modernization programme.

Key Points: 
  • OTTAWA, ON, Oct. 19, 2023 /CNW/ - "Today, the Office of the Auditor General tabled its report evaluating the Government of Canada's delivery of the Benefits Delivery Modernization programme.
  • "The Benefits Delivery Modernization initiative stands as the most extensive IT-driven transformation by the Government of Canada.
  • "In the past year, we've delivered $136 billion in benefits like Employment Insurance, Canada Pension Plan, and Old Age Security to 9.5 million Canadians.
  • Benefits Delivery Modernization aims to transform how Canadians will interact with their government.

Canadians can now access improved Service Canada tools to support and plan for retirement

Retrieved on: 
Sunday, October 1, 2023
Checklist, Canada Pension Plan, Table, National Senior Citizens Centre, Old age, Service Canada, Old Age Security, Allowance, Government, OAS, Retirement, CPP, Government of Canada, National Citizen Service, Survivor, Pension fund, QC

Canadians considering retirement can now take advantage of new and improved tools to help make informed decisions regarding retirement planning, and retire with confidence and peace of mind.

Key Points: 
  • Canadians considering retirement can now take advantage of new and improved tools to help make informed decisions regarding retirement planning, and retire with confidence and peace of mind.
  • Service Canada launched the Retirement Hub – a new, user-friendly, online tool that provides a simple and improved experience for Canadians planning their retirement.
  • It will help Canadians with planning, applying for and receiving retirement income benefits like the Canada Pension Plan, Old Age Security and the Guaranteed Income Supplement.
  • Canadians also now have access to an improved version of the Old Age Security Benefits Estimator on Canada.ca .

Canada's poverty rate remains below pre-pandemic levels

Retrieved on: 
Wednesday, May 3, 2023
Poverty, QC, Face, Disability, Statistics, All, COVID-19, Old Age Security, Person, Government, Child care, Canada Child Benefit, Canada workers benefit, Investment, Statistics Canada, Government of Canada, Growth, Food, Health insurance

This is below the 2019 pre-pandemic rate of 10.3%, and nearly half the 2015 rate (14.5%), the baseline year for Canada's legislated poverty reduction targets.

Key Points: 
  • This is below the 2019 pre-pandemic rate of 10.3%, and nearly half the 2015 rate (14.5%), the baseline year for Canada's legislated poverty reduction targets.
  • The Government remains committed to reaching its goal of a 50% reduction in poverty by 2030 based on 2015 levels.
  • Canada's overall poverty rate was estimated at 7.4% in 2021, up from 6.4% in 2020 and down from 14.5% in 2015.
  • The poverty rate for persons designated as visible minorities was 9.5% in 2021, compared to 6.5% for the non-visible minority population.

Federal, provincial, territorial ministers responsible for seniors meet to discuss support for Canada's aging population

Retrieved on: 
Wednesday, April 26, 2023
Poverty, Housing, Old age, Ageing, Old Age Security, Government, Ageism, Social isolation, Health, Knowledge, Federation, Forum, Health insurance, Nursing, Management, Senior

The meeting was co-chaired by Canada's Minister of Seniors, the Honourable Kamal Khera, and Ontario's Minister for Seniors and Accessibility, the Honourable Raymond Cho.

Key Points: 
  • The meeting was co-chaired by Canada's Minister of Seniors, the Honourable Kamal Khera, and Ontario's Minister for Seniors and Accessibility, the Honourable Raymond Cho.
  • Today, the ministers shared information on the measures their governments are taking to support seniors.
  • Note: All governments contribute to the Federal/Provincial/Territorial Ministers Responsible for Seniors Forum by sharing information, expertise and innovative practices.
  • "I am pleased to have met with my provincial and territorial counterparts to further collaborate and discuss how we can best support our rapidly growing aging population.

Making Life more affordable and building an economy that works for everyone

Retrieved on: 
Monday, November 7, 2022
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Amid global economic uncertainty, the Fall Economic Statement outlines the government's plan to continue its sound stewardship of the economy and to be there for Canadians.

Key Points: 
  • Amid global economic uncertainty, the Fall Economic Statement outlines the government's plan to continue its sound stewardship of the economy and to be there for Canadians.
  • And it lays out an ambitious plan to strengthen industry and build a thriving net-zero economy with opportunities and jobs, across the country and across the economy.
  • "Fall Economic Statement 2022is focused on building an economy that works for everyonean economy that creates good jobs and which makes life more affordable for Canadians.
  • "The measures outlined in the 2022 Fall Economic Statement have been carefully designed to avoid making inflation worse.

Inequality Persists in Canada, But Improved During the Pandemic

Retrieved on: 
Friday, November 4, 2022
Man, Gini, Research, Workforce, Old Age Security, Education, GLOBE, Woman, Conference, The Conference Board, GIS, Income, CCB, Federation, OAS, Child, Canada Child Tax Benefit, Conference Board of Canada, News, Poverty, Structure of the Canadian federal government, Tutoring, Health insurance

Ottawa, Nov. 04, 2022 (GLOBE NEWSWIRE) -- The Conference Board of Canada released analysis highlighting that despite a common belief that inequality is rising, income inequality in Canada has improved and fell sharply during the pandemic, while wealth inequality has declined dramatically over the past two decades.

Key Points: 
  • Ottawa, Nov. 04, 2022 (GLOBE NEWSWIRE) -- The Conference Board of Canada released analysis highlighting that despite a common belief that inequality is rising, income inequality in Canada has improved and fell sharply during the pandemic, while wealth inequality has declined dramatically over the past two decades.
  • Inequality is still problematic in Canada, with women, racialized groups, new Canadians, and Indigenous people facing tougher economic circumstances.
  • The Conference Board of Canadas research found that a variety of factors have contributed to the decline of inequality in Canada.
  • Despite our progress, in comparison to many countries, there is still significant room for Canada to improve on inequality.

Chief Actuary of the Government of Canada unveils external peer review panel for 31st Actuarial Report on the Canada Pension Plan

Retrieved on: 
Monday, October 17, 2022
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This is the ninth external peer review of the CPP Actuarial Report since 1999.

Key Points: 
  • This is the ninth external peer review of the CPP Actuarial Report since 1999.
  • After the report is tabled, the panel will perform its review and submit their report by April 2023.
  • The Office welcomes the opportunity to work with a highly qualified and professional peer review panel for the review of the 31stCPP Actuarial Report."
  • She was a member of the previous peer review panel for the 30thCPP Actuarial Report and conducted an independent review of the Ontario Retirement Pension Plan Actuarial Funding Report.