The number of Old Age Security beneficiaries is projected to double between 2019 and 2060.
guaranteed income supplement
The share of Canadians age 65 or over is forecasted to rise from 17.4 per cent to 22.5 per cent.
The government expects to borrow $331.9 billion over the next five years, bringing the national debt to at least $1.5 trillion.
Bill C-273 calls on the federal finance minister to assess a potential guaranteed annual income in Canada.
Borrowing costs could increase without interest rates changing if lenders believe Canada is becoming a bigger credit risk.
The fundamental idea is for government to ensure a minimum annual income for all Canadians.
The one-time payment to seniors will cost an estimated $2.5 billion.