The Bloc's high-stakes ultimatum, threatening to topple the federal government if a bill to raise Old Age Security (OAS) benefits isn't passed by October 29, would cost nearly $20 billion over six years, according to a federal briefing.Blacklock's Reporter says the Department of Social Development report, dated April 29, estimates that increasing OAS benefits by 10% for pensioners aged 65 to 74 — the key provision of the Bloc bill — would add $19.76 billion to federal spending over the first six years. This increase mirrors a 2022 decision by the government to raise benefits for those over 75.“In total, Bill C-319 amendments would increase Old Age Security program costs by $19.76 billion over the first six years,” said the report. “These costs would increase significantly over time with aging demographics.”Currently, 7.1 million Canadians receive OAS benefits, which cost $69.4 billion in 2023. The bill is expected to directly affect 4.1 million pensioners aged 65 to 74, with the first year of implementation costing $3.24 billion.Bloc leader Yves-François Blanchet has issued a clear warning to the government: “If the government does not accede to our terms, we will embark on negotiations... with the end purpose being clear,” he told the Commons on October 2, signaling a potential coalition with other opposition parties to bring down the government if the bill isn't passed.Bill C-319, which was introduced in 2023, is awaiting its third reading in the House of Commons before heading to the Senate. Blanchet’s ultimatum to pass it by Halloween raises the stakes for Prime Minister Justin Trudeau's minority government.The Briefing Binder also highlights the financial struggles many seniors face, noting that poverty rates among seniors have doubled since the pandemic. The poverty rate, which had dropped to 3.1% in 2020, rebounded to 6% by 2022, leaving 36,000 more seniors living in poverty than in 2015. Additionally, 11.7% of seniors experienced food insecurity last year, further underscoring the importance of boosting benefits.
The Bloc's high-stakes ultimatum, threatening to topple the federal government if a bill to raise Old Age Security (OAS) benefits isn't passed by October 29, would cost nearly $20 billion over six years, according to a federal briefing.Blacklock's Reporter says the Department of Social Development report, dated April 29, estimates that increasing OAS benefits by 10% for pensioners aged 65 to 74 — the key provision of the Bloc bill — would add $19.76 billion to federal spending over the first six years. This increase mirrors a 2022 decision by the government to raise benefits for those over 75.“In total, Bill C-319 amendments would increase Old Age Security program costs by $19.76 billion over the first six years,” said the report. “These costs would increase significantly over time with aging demographics.”Currently, 7.1 million Canadians receive OAS benefits, which cost $69.4 billion in 2023. The bill is expected to directly affect 4.1 million pensioners aged 65 to 74, with the first year of implementation costing $3.24 billion.Bloc leader Yves-François Blanchet has issued a clear warning to the government: “If the government does not accede to our terms, we will embark on negotiations... with the end purpose being clear,” he told the Commons on October 2, signaling a potential coalition with other opposition parties to bring down the government if the bill isn't passed.Bill C-319, which was introduced in 2023, is awaiting its third reading in the House of Commons before heading to the Senate. Blanchet’s ultimatum to pass it by Halloween raises the stakes for Prime Minister Justin Trudeau's minority government.The Briefing Binder also highlights the financial struggles many seniors face, noting that poverty rates among seniors have doubled since the pandemic. The poverty rate, which had dropped to 3.1% in 2020, rebounded to 6% by 2022, leaving 36,000 more seniors living in poverty than in 2015. Additionally, 11.7% of seniors experienced food insecurity last year, further underscoring the importance of boosting benefits.
