The share of Canadians age 65 or over is forecasted to rise from 17.4 per cent to 22.5 per cent.
Canadians aged 65 and older will account for a projected 23.4 per cent of the population in 2040.
In 2020, immigration fell sharply while mortality rose.
The four Atlantic provinces have the largest share of residents over the age of 65 in Canada.
The share of the population over 65 is projected to grow from about 18 per cent to nearly 26 per cent.
As the baby boomers continue to retire, the proportion of working Canadians will also decline.