Mr. Speaker, I would like to thank the member for London—Fanshawe for raising the important issue of supporting seniors, something we as a government strongly believe in.
Canadians can be rightfully proud of the achievements we have made together as a country, bringing down the incidents of low income among seniors. From 1980 to 2009, we have seen those rates drop from 20% to 5%.
Seniors are more than a demographic element or statistic. They are neighbours, mentors, friends, family members and trusted colleagues, like Isobel and Bill McDougall, in my home of Creemore, or Dr. Jack Crawford, in Collingwood. These are fellow Canadians, and their valuable contributions have helped to build a stronger Canada.
Our government is committed to ensuring seniors have the highest possible quality of life. Through budget 2011, we introduced a new guaranteed income supplement top-up benefit to help the most vulnerable of those seniors. The change represents the largest increase in GIS for the lowest income seniors in a quarter century. The new measure is further improving the financial security of more than 680,000 seniors across Canada.
We increased the GIS in 2006 and in 2007, for a total of 7% over and above the regular indexation, while also introducing automatic renewals for seniors.
In budget 2008, we increased the GIS earnings exemption from $500 to $3,500 to allow working low-income seniors to earn extra money while they are working.
We have also provided $2.3 billion annually in additional tax relief to seniors and pensioners, achieving this through pension income splitting, as well as increasing the age credit.
Our government has been working hard to reinforce sustainability of our retirement income programs, as well as enhancing seniors' quality of life, not just today but in ways that will be sustainable for Canadian seniors in the future. These are mutually inclusive goals, and both of these goals must be met.
Challenges lie ahead. The number of Canadians over the age of 65 will double in the next two decades. That means that the number of old age security pension beneficiaries is expected to grow from 4.7 million to more than 9.3 million in 2030. While today there are four workers for every person over 65, by 2030 there will be only two to one. A smaller number of working taxpayers will be supporting a much larger number of OAS recipients.
Will they be able to carry this load? Is it fair to them? That is the question, and one must be upfront and deal with this important issue now. This has to be done in a responsible way that gives everyone time to plan and adjust.