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.
Canadians aged 65 and older will account for a projected 23.4 per cent of the population in 2040.
The four Atlantic provinces have the largest share of residents over the age of 65 in Canada.
Almost three-quarters of Canada’s total tax burden is paid by the working-age population.
Average per person spending on health care for Canadians over 70 is $13,797.
Health-care costs are expected to increase by 57 per cent by 2045.
Reforming OAS so that high-income seniors receive fewer benefits could produce cost-savings to pay for increased benefits to vulnerable seniors.