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House Hansard - 134

44th Parl. 1st Sess.
November 24, 2022 10:00AM
Context: House Hansard - 134 - Nov/24/22
Mr. Terry Beech (Parliamentary Secretary to the Deputy Prime Minister and Minister of Finance, Lib.)
  • Nov/24/22 5:59:06 p.m.
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Madam Speaker, I am glad to be addressing a large variety of topics this evening. Our government understands that the elevated global inflation we are experiencing is a major issue for all Canadians, including seniors, and that many are struggling to make ends meet. There are higher food and energy costs due to the Russian invasion in Ukraine, as well as longer lasting impacts from supply chain disruptions due to the pandemic. That said, I am sure the member for Bruce—Grey—Owen Sound has noted that inflation is decelerating in Canada. It was 8.1% in June. It is now at 6.9%. This is lower than the United States at 7.7%, the United Kingdom at 11.1% and the euro area at 10.6%. Still, at 6.9%, inflation in Canada is high and we know that Canadians are experiencing higher costs of living when they go to the grocery store, when they fill their tanks and when they pay their rent. This is why our government is supporting Canadians who are affected the most by inflation. For example, we doubled the GST credit for six months. I thank my friend opposite. He gave a speech supporting that particular measure. This will deliver $2.5 billion in additional targeted support to roughly 11 million households and, interestingly enough, over 50% of our seniors in Canada, those who need it the most, will benefit from this particular measure. I am certain that my friend opposite will agree with me when I say that Canada owes our seniors a great deal, which is why our government takes retirement security so seriously. It is also why I get nervous when the Conservative Party of Canada repeatedly asks for us to reduce the cost of government by shrinking the future pension benefits of seniors. This is simply not a responsible policy. On the other hand, we think it is very important that the Canada pension plan, the old age security pension and the guaranteed income supplement continue to be indexed to the consumer price index. This means that seniors do not have to worry about the value of their benefits keeping pace with inflation because, as costs increase, so will their benefits. This is very helpful for seniors, especially if they are on a fixed income. Small changes in income can make a big difference. That is why the Conservative plan to increase the age of eligibility for OAS and GIS from 65 to 67 was so harmful. It literally took thousands and thousands of dollars away from seniors right when they needed it the most. Fortunately, our government reversed these measures that were introduced by the Conservatives and Canadians can count on receiving their benefits at 65, as previously promised. We also increased the maximum GIS benefit for single seniors aged 65 and up who needed extra help, and we permanently increased the old age security pensions by 10% for seniors aged 75 and older. That will be waiting there for all of us when we get to that age. This means increased benefits for more than three million seniors and more than $800 in new support for full pensioners over the first year. This is in addition to numerous programs that support seniors and our health care system right across the country. While there is still more work to do, Canadians should know that there are 25% fewer seniors living in poverty today than when we took office in 2015. I think that is a trend that we can all support in the House and that every party can support. I look forward to working with the member opposite to do even more to support our seniors and to further strengthen retirement security for future generations of Canadians.
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