Mr. Speaker, I want to thank the hon. member for the opportunity to reiterate this government's commitment to seniors and to highlight once again the concrete measures in our first budget to support Canadians who have earned the right to a secure and dignified retirement, our seniors.
We on this side of the House value the contributions that older Canadians have made and continue to make to our communities, workplaces, and families. We are taking concrete steps to support this important component of Canadian families and Canadian society. One of the first measures that this government initiated when it came to office was to cancel the previous government's plan to raise the age of eligibility for old age security benefits from 65 to 67. Without these benefits, seniors aged 65 and 66 would have faced a much higher risk of living in poverty, and that is not acceptable.
The 20% of people aged 65 and 66 with the lowest income would have lost 35% of their income with that measure, while the 20% with the higher income would only have lost 5%. It is not fair. In addition, the previous government had not been able to produce proof showing that their irresponsible move was based on sound economic research. In fact, the Minister of Families, Children and Social Development researched this very issue as a leading university professor of economics and demonstrated that the current system was viable. He also stated in the House that his findings contributed to his decision to seek public office prior to the last election. As a consequence, I am very proud to serve with the minister in the House.
Under the previous government's plan, the most vulnerable Canadian seniors would have lost approximately $13,000 per year. The plan would have plunged 100,000 seniors into poverty. As a percentage of Canada's GDP, the estimated cost of restoring the age of eligibility to 65 represents an increase of less than a third of a percentage point in old age security expenditure in 2029.
Next, this government is increasing the guaranteed income supplement top-up benefit by $947 annually for the most vulnerable single seniors, many of whom are women. This action represents a 10% increase to the total maximum guaranteed income supplement benefits available to the lowest-income single seniors. It will improve the financial security of about 900,000 single seniors across Canada and help to lift thousands of seniors out of poverty. We are also moving ahead with concrete actions to ensure that couples living apart for reasons beyond their control, such as being in long-term care facilities, will receive higher benefits based on their individual incomes.
Most of the measures that I have just enumerated are contained in Bill C-15, the budget implementation act. I would encourage members from across the way to join with this government and support this important piece of legislation for seniors, the middle class, children, and all Canadians. It is not about a title, it is about the substance of the actions that are being taken and the real difference these actions will make in the lives of older Canadians now and in the future.
On behalf of the Minister of Families, Children and Social Development, the minister responsible for seniors' issues, I am proud to say that we are delivering on the promises we made to Canada's seniors.