Finances

For seniors to age with dignity, they need decent incomes, i.e. above the low-income cut-off, which ranges from $24,083 to $32,682 after tax for a single person. However, a person aged 65 and over who is entitled only to the Old Age Security (OAS) pension and the Guaranteed Income Supplement (GIS) has around $18,000, well below this threshold.

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Old Age Security Pension and Guaranteed Income Supplement

Recent government announcements have failed to provide any real relief for low-income seniors. The 10% increase in the OAS, or approximately $730 per year, promised in the last federal budget, applies only to seniors aged 75 and over. As for the $300 increase in the OAS and the $200 increase in the GIS, they were paid out last spring as one-time, non-recurring payments.

Improve the GIS;

Increased OAS from age 65;

Create a new allowance for seniors who do not have sufficient retirement income.

Funeral expenses

The average cost of a funeral in Quebec is around $6,800, which is extremely high for many seniors. The Quebec Pension Plan death benefit is a one-time payment of up to $2,500, and is taxable. In addition, it is paid only after funeral expenses have been paid.

Increase the death benefit available to the estate by up to $5,000

Enhance the special benefit for funeral expenses.

Reduced benefits after company bankruptcy

Several company bankruptcies in Quebec have left thousands of defined-benefit pension plan beneficiaries with significantly reduced benefits. The most recent example of this situation is that of the retirees of Groupe Capitales Médias (GCM).

Set up a pension benefits guarantee fund to pay compensation to retirees in the event of the insolvency of their pension plan sponsor;

That pension plans be priority creditors in the event of company bankruptcy.

Taxation

Whether due to the partial indexation (or non-indexation) of their pension, the rising cost of housing or the increase in certain products (notably food), even retirees with a pension plan are getting poorer every year.

That legislative and legal mechanisms guarantee that duly negotiated agreements between governments or municipalities and their employees cannot be altered once they have been adopted.