Financial Insecurity among older Ontarians: CARP Pre-budget submission to the Standing Committee on Finance and Economic Affairs

Summary of Recommendations

Financial Security

ENSURING FINANCIAL SECURITY AMONG OLDER ONTARIANS

1. Increase the level of Guaranteed Annual Income System [GAINS] payments from its current level of $83 per month; and
2. Work with the other provinces and federal government to increase substantially the levels of Old Age Security and Guaranteed Income Supplement payments to bring the guaranteed income from all levels of government to at least the Low Income Cut Offs [LICO]
3. Ensure that pension reform initiatives specifically accommodate the needs of the low-wage sector
4. Provide low-income, single, divorced, or widowed people between the ages of 60 and 64 with supplementary income equivalent to the spousal allowance
5. Work with the Federal government and other provinces to provide adequate and officially recognized ‘drop-out’ years from CPP calculations to people who undertake unpaid caregiving duties for older loved ones.

Health and Well-Being

SUPPORT FOR FAMILY CAREGIVERS

6. Develop a comprehensive Family Caregiver Strategy and work with the federal government and other provinces to develop a National Family Caregiver Strategy to support the millions of Canadians who are providing informal care to older loved ones to provide family caregivers with
a. financial support,
b. workplace protection; and
c. Integration with the formal health care system, including training and respite care

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Keywords: poverty, seniors, GIS, caregivers