VANCOUVER, British Columbia February 19, 2014 /Canada NewsWire/ - The Honourable Alice Wong, Minister of State (Seniors), and the Honourable Kevin Sorenson, Minister of State (Finance), today met with community leaders in Vancouver to highlight key measures from Economic Action Plan 2014 that help improve the quality of life for seniors.
With Economic Action Plan 2014, the Government of Canada proposes a number of initiatives to support seniors, such as:
- investing an additional $5 million per year ongoing to enhance the New Horizons for Seniors Program to enable more seniors to participate in social activities and contribute to their communities;
- improving financial literacy among seniors;
- enhancing disclosure by banks on the costs and benefits of using powers of attorney or joint accounts and more robust bank processes and staff training to better provide this information to seniors; and
- expanding health-related tax relief to help Canadians, including seniors, manage or improve their health and financial situation.
Quick facts
The Economic Action Plan is working:
- As a result of actions taken to date by the Government, seniors and pensioners are receiving about $2.8 billion in additional annual targeted tax relief.
- Canada has experienced the strongest job growth among the G7 countries over the recovery. Over 1 million more Canadians are working now than at the end of the recession, with the vast majority of new jobs being full-time, high-wage, private-sector positions.
- Canadians have enjoyed the strongest income growth in the G7. Canadian families in all income groups have seen increases of about 10 percent or more in their real after-tax, after-transfer income since 2006.
- Canada places at the top of OECD rankings in terms of post-secondary educational attainment.
"Through Economic Action Plan 2014, our government has set out a plan for safeguarding Canada's economy and creating long-term prosperity. With the help of Canadians, including seniors, we will continue to build on our successes and focus on the drivers of growth and job creation—innovation, investment, education, skills and communities—underpinned by our commitment to lower taxes and return to a balanced budget in 2015." - The Honourable Alice Wong, Minister of State (Seniors)
"Creating jobs and opportunities for all Canadians remain our government's top priorities. Economic Action Plan 2014's focus on these priorities is the best way to ensure that Canada's future is a prosperous one, with a healthy, competitive economy fuelled by low taxes, and government services that are sustainable for generations to come." - The Honourable Kevin Sorenson, Minister of State (Finance)
