Mr. Speaker, restoring the eligibility age for old age security and guaranteed income supplement benefits to 65 will put thousands of dollars back in the pockets of Canadians as they become seniors and begin looking forward to their retirement.
This measure will help vulnerable seniors who depend on old age security benefits. Without those benefits, seniors run an even greater risk of living in poverty, and that is unacceptable.
The passage of this bill will also increase the guaranteed income supplement top-up benefit by up to $947 annually for the most vulnerable single seniors starting in July 2016, which will support those seniors who rely almost exclusively on old age security and guaranteed income supplement benefits and may therefore be at risk of experiencing financial difficulties.
This enhancement more than doubles the current maximum guaranteed income supplement top-up benefit and represents a 10% increase in the total maximum guaranteed income supplement benefits available to the lowest-income single seniors. This measure represents an investment of over $670 million per year and will improve the financial security of about 900,000 single seniors across Canada. Over two-thirds of the people who will benefit from this increase are single women.
I will close by saying that we know that the problems we are facing will not be solved overnight or in just one budget. However, we know that good governance does not focus just on today and tomorrow, but also on the years and decades to come. The goal is to build a better life for our children and move forward with optimism, knowing that we can reach our goal. That is why I encourage all members of the House to support this bill.