Canada’s Aging Population and Income Support Programs
— Publié le 6, May, 2021
- There are two major taxpayer-funded income support programs for Canadians aged 65 and older: The Old Age Security (OAS) and the Guaranteed Income Supplement (GIS) programs.
- The absolute number of individuals in Canada aged 65 and older is projected to approximately double between 2019 and 2060, so that by 2060, 25 percent of Canada’s projected total population will be 65 or older.
- Over the 10-year period from 2020 to 2030, total expenditures on the OAS and GIS (plus the GIS Allowance and administrative costs) are projected to increase by almost 70 percent and by an additional 136 percent from 2030 to 3060.
- Total expenditures related to these income support programs are projected to range between 2.8 percent and 3.1 percent of Gross Domestic Product between 2020 and 2060 with a peak between 2030 and 2035.
- By way of context, expenditures on the OAS and GIS programs were almost 50 percent greater than the federal government’s transfer payments to the provinces for health care services.