November 4, 2025

Budget 2025 held few surprises for Canada’s older adults — steady perhaps, but not the bold action many seniors were hoping for.

The good news is that Old Age Security (OAS) and the Guaranteed Income Supplement (GIS) remain funded and untouched. In a time of fiscal pressure, maintaining these vital supports is no small commitment — and CARP recognizes the importance of keeping seniors’ income programs secure and indexed for inflation.

The budget also moves forward with long-awaited steps to combat fraud and protect consumers, including the creation of a Financial Crimes Agency, a National Anti-Fraud Strategy, and a new Code of Conduct for banks to help prevent financial and economic abuse. CARP helped put this issue on the national agenda during the last election, pressing all parties to take financial fraud against seniors seriously — a topic that had gone largely unaddressed under the previous government. These are welcome and practical measures that CARP has long championed, and we will watch closely to ensure they deliver real protection for older Canadians.

On the care front, the government announced a refundable tax credit for personal support workers (PSWs) to help stabilize the home care and long-term care workforce — another measure that will indirectly benefit older Canadians who rely on those services. Continued funding for the New Horizons for Seniors Program also supports local projects that fight isolation and ageism in communities across the country.

The budget also includes funding to improve recognition of foreign credentials, with a focus on helping skilled professionals fill critical shortages in healthcare and other sectors. This is a welcome step that aligns with CARP’s long-standing advocacy for recognizing internationally trained professionals — including Canadian citizens who studied medicine abroad but face barriers to practicing at home. Allowing qualified doctors, nurses, and other health workers to contribute their skills in Canada not only strengthens the healthcare system but also helps ensure that seniors receive timely, quality care.

The budget also takes a first step toward transparency in foreign exchange fees, requiring banks and financial institutions to clearly disclose the true cost of currency conversions and international transfers. It’s a start — and a welcome one for CARP members who have long complained about hidden markups and confusing rates when dealing with their banks. Greater clarity and competition in FX services will help protect seniors’ hard-earned savings at home and abroad.

But while stability is welcome, promised relief for retirees is still missing. CARP members will recall that Prime Minister Carney pledged a 5% increase to GIS for low-income seniors and flexibility on RRIF withdrawals — both of which failed to appear in this year’s budget. These are important reforms that would help seniors better manage their savings and cope with rising costs. This federal budget fails to meet 5 out of 7 recommendations addressed in CARP’s pre-budget submission 2025 that address the most pressing issues for not only 230,000+ CARP members but also the 8 million older adults living in Canada.

Notably absent from the budget was any expansion of pharmacare or coverage for essential vaccines. While the government reaffirmed its commitment to moving forward on a national pharmacare framework, there were no new funds or timelines announced. CARP continues to call for universal, no-cost access to vaccines for older Canadians — including influenza, pneumonia, shingles, and COVID-19 boosters — as part of a comprehensive seniors’ health strategy. Ensuring equitable access to life-saving medications and preventive care should be a national priority, not a patchwork of provincial programs.

Meanwhile, Canada continues to spend more than it takes in, and the national debt keeps growing. The debt is already massive and still climbing, with no clear path back to balance. A strong, productive economy will be essential to sustain the programs that seniors rely on and to ensure that younger Canadians have the opportunities they need to succeed.

Key points for CARP members:

• OAS & GIS protected — no cuts, no eligibility changes, and continued indexation.
• Fraud protection strengthened through a national strategy, a financial crimes agency, and a bank code of conduct — priorities CARP championed.
• PSW tax credit introduced to help stabilize care services critical to seniors.
• Housing and affordability measures focus broadly on younger Canadians but may offer indirect relief through increased housing supply.
• No new income supports for seniors, and campaign promises on RRIF withdrawals and GIS increases remain unfulfilled.
• Deficit spending continues, and the growing debt underscores the need for strong, sustainable economic growth.

CARP will continue to call on the federal government to: 

• • Maintain the integrity of the Old Age Security (OAS) Benefit and extend the 10% OAS increase to all seniors aged 65+, ending the current discrimination policy that excludes seniors aged 65-74.
  • Eliminate the mandatory registered retirement income fund (RRIF) withdrawals.  
  • End the exploitation of retail investors by holding banks and regulators accountable, enforcing fiduciary standards and ensuring fair competition and investment choice, especially for seniors. 
  • Unequivocally denounce the implementation of a Home Equity tax and avoid pitting generations against each other when discussing budget priorities.  
  • Increase investments in home care and community care services to ensure seniors can age safely and independently in their own homes, reduce pressures on long-term care facilities, and uphold the right to age with dignity.
  • Fund expert-recommended vaccines for seniors to improve health outcomes, prevent avoidable hospitalizations and reduce strain on the healthcare system.