Life expectancies have increased considerably since these programs were designed.
old age security
The ratio of seniors to the working age population is expected to almost double from 20.3 per cent in 2010 to 38.4 per cent by 2040.
The number of Old Age Security beneficiaries is projected to double between 2019 and 2060.
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.