The Liberals are offering new financial supports for seniors, promising a 10-per-cent boost to Old Age Security (OAS) at age 75 and a 25-per cent increase to the Canada Pension Plan (CPP) for widows.
According to the Liberals, the OAS increase would give 75-year-olds an extra $729 each year and lift 20,000 seniors out of poverty.
The increase will take effect in July 2020 and will be indexed to keep up with inflation. The full value of the benefit will be received by every senior who makes less than $77,580 today.
Widows or widowers would receive up to $2,080 in additional benefits every year with the increased survivor’s benefit under the CPP and Quebec Pension Plan (QPP).
According to background materials, the Liberal Party estimates the OAS increase will cost $1.63 billion in 2020-21, rising to $2.56 billion in 2023-24. No estimate was given for the CPP boost.
Costing analysis by the Parliamentary Budget Officer was not provided.