The number of Old Age Security beneficiaries is projected to double between 2019 and 2060.
old age security
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.
A basic income program will disincentivize work and may not alleviate poverty.
All the disposable income of Canada’s top earners—those earning $250,000 or more annually—would fund only 25 per cent of the GAI.
As the baby boomers continue to retire, the proportion of working Canadians will also decline.
The one-time payment to seniors will cost an estimated $2.5 billion.
By 2047, the costs of OAS and GIS will increase by an estimated 47 per cent.