As inflation continues to impact households across Canada, senior citizens in Atlantic Canada are feeling the pinch on their fixed incomes. A recent article highlights the financial struggles many pensioners are facing and the importance of maximizing available benefits and resources.
Judy Lynn Richards, a 76-year-old retiree from Prince Edward Island, emphasizes the need for careful budgeting: “Every dollar counts when you are a pensioner. You have to watch every penny”. Richards, who relies on her Canada Pension Plan (CPP) and Old Age Security (OAS) payments, notes that these benefits have not kept pace with rising costs.
To help seniors navigate their financial options, the article outlines several key programs and strategies:
Government Benefits
The Guaranteed Income Supplement (GIS) provides additional monthly payments to low-income OAS recipients. Eligibility is reassessed annually based on income tax returns, making it crucial for seniors to file their taxes even if they have no taxable income.
Provincial Programs
Many provinces offer supplementary benefits for seniors. In Nova Scotia, for example, the Seniors’ Pharmacare Program helps cover prescription drug costs.
Community Resources
Local organizations often provide valuable services to seniors. The PEI Senior Citizens’ Federation offers programs like Seniors Helping Seniors, which connects older adults with volunteers for various tasks.
Financial Planning
The article stresses the importance of reviewing expenses and seeking professional advice. Seniors are encouraged to explore options like reverse mortgages or downsizing to free up equity in their homes.
As the cost of living continues to rise, staying informed about available benefits and resources becomes increasingly important for Canada’s aging population. The article serves as a reminder that proactive financial management can help seniors maintain their quality of life in retirement.
Sources:
[1] Service Provision for Seniors: Challenges for Communities in Atlantic Canada – Healthcare Quarterly, https://www.longwoods.com/content/17716/healthcare-quarterly/service-provision-for-seniors-challenges-for-communities-in-atlantic-canada
[2] Aging in Atlantic Canada: Service-Rich and Service-Poor Communities – NCBI, https://www.ncbi.nlm.nih.gov/pmc/articles/PMC2732661/
Scenarios for Seniors’ Care: Future Challenges, Current Gaps and Strategies – C.D. Howe Institute, https://www.cdhowe.org/public-policy-research/scenarios-seniors-care-future-challenges-current-gaps-and-strategies-address
[3] More Nova Scotia seniors eligible for funding to help with health care, household needs – CTV News, https://atlantic.ctvnews.ca/more-nova-scotia-seniors-eligible-for-funding-to-help-with-health-care-household-needs-1.7023464
[4] Report on housing needs of seniors – Government of Canada, https://www.canada.ca/en/employment-social-development/corporate/seniors-forum-federal-provincial-territorial/report-seniors-housing-needs.html
