Budget 2022: What to include for seniors?
The federal government released its much-anticipated spring budget on Thursday, which proposes an additional $20 million to support Canadian seniors.
The government said it will allocate that $20 million over two years, starting in the 2022-2023 financial year, to expand the New Horizons Program for Seniors to improve the quality of people’s community participation. elder.
This initiative is a federal grant and donation program that provides funding for community projects that make a difference in the lives of seniors, such as volunteering and volunteering. question.
With a budget focused on making life more affordable, the federal government says it will continue to evaluate any further increases to the Guaranteed Income Supplement (GIS) and consider the expansion of other benefit programs for seniors.
As of 2016, the federal government reverted the age of eligibility for GIS and Aging Security (OAS) from 67 to 65 and implemented a 10% increase in the maximum GIS benefit for seniors single.
The government says it will also implement a 10% increase in OAS pensions for seniors aged 75 and over starting this July. According to the budget, this will provide an additional benefit of more than $766 to full pensioners in the first year.
In addition, the federal government said it would form an expert panel to study the idea of Aged at Home Benefits. The panel will report to the Minister of Aging and the Secretary of Health, with more details on the panel to be released.
As Canada’s population ages, more people may want to stay in their homes for longer. With this in mind, the 2022 federal budget proposes to double the qualifying expense limit of the Accessibility Tax Credit to $20,000 for 2022 and subsequent tax years.
The budget notes that this will create a tax credit of up to $3,000, growing up to $1,500, for seniors looking to improve accessibility to their home so they can can stay safe at home longer.
One of the big items in the budget is a proposal to establish a national dental care plan, which the Liberals have agreed to prioritize after signing a supply and confidence agreement with the NDP.
The government has allocated $5.3 billion to Health Canada over the next five years to oversee implementation of the oral care plan, which will be extended to include seniors by 2023.