Thank you, Mr. Chair.
I'd like to begin by thanking all the committee members for the invitation to be with you here today. It's really nice to be back at HUMA. It was the committee at which I first started after being elected as a member of Parliament. I'm very aware of the great work that takes place at this committee. I thank you for that great work.
When the Prime Minister appointed me as Minister of Seniors last summer, he entrusted me with a mission full of exciting and positive challenges. My job as Minister of Seniors is to help the government better understand the needs of Canadian seniors and ensure that the programs and services respond to the needs of Canada's aging population.
As we have stated before, by 2030 seniors will make up almost one quarter of the population. We need to get ready for this. The Government of Canada has the power and the duty to help seniors, especially those facing challenges. Compared to other places in the world, where growing older can be a struggle, Canada is fortunate. Caring for seniors truly is a whole-of-government effort. Around the cabinet table, all my colleagues have been proponents of initiatives supporting our seniors and their caregivers. Together, we design and deliver programs to help seniors live healthier, more active lives.
I'm especially proud of the significant progress our government has made in just three years to improve the quality of life of Canadian seniors. In particular, we look at the steps to increase the financial security of Canadian seniors, especially the most vulnerable seniors. Here, for example, I reference the increase in the guaranteed income supplement for the lowest-income seniors, which we increased by almost $1,000 per year. This has resulted in assisting close to 900,000 seniors across Canada, 70% of whom have been women, who have benefited from this.
To ensure better protection for banking customers, particularly seniors, we amended the Bank Act to better regulate high-pressure sales tactics, overcharging, fraud and other potential risks when dealing with financial institutions and telecommunication companies.
We know that a secure and dignified retirement goes beyond financial stability, and that is why we're helping seniors stay in their homes, in their communities. This is a top priority for our government. We have heard that most seniors wish to age in place. We want to support them in that. That's why we invested $6 billion in home care and palliative care.
The national housing strategy will reduce the number of seniors in housing need through the new $13.2-billion national housing co-investment fund. This fund is expected to create at least 7,000 new affordable housing units for seniors and will support much-needed renovations, including improved accessibility, to allow seniors to age in place.
My cabinet colleagues and our dedicated team of public servants at Employment and Social Development Canada work hard each and every day to develop programs and services designed to secure a dignified and comfortable future for Canadian seniors. We encourage initiatives to promote healthy aging. For example, the new horizons for seniors program continues to provide funding and support to many communities and organizations dedicated to improving seniors' well-being and reducing social isolation.
Health concerns have a direct correlation to the quality of life, and this is especially true for seniors. Too often, seniors experience mental health issues such as Alzheimer's or dementia. Our government has set up a joint federal-provincial-territorial initiative to support the development and implementation of a national dementia strategy that will aim to improve the quality of life of those living with dementia, as well as their caregivers.
In conclusion, know that I will continue to advance seniors issues, a cause that I care deeply about and a portfolio that I am truly honoured and humbled to have been asked to serve in.