Canadian pension system creating poverty for seniors and those living with disabilities

Finance Minister Jim Flaherty at Charlottetown public meeting on pensions photo: CBC
Canada’s Finance Minister Jim Flaherty heard repeatedly that Canada’s pension system is failing those who need it. Speaker after speaker at last night’s town hall meetings in Charlottetown said the system did not provide a reasonable income for Canadians. The system keeps Canadians far below the poverty line or LICO.
Speakers told the Finance Minister and his panel that it is impossible to live on the $11,000 a year average benefit under the Canada Pension. Even the GIC and OAS don’t help to bring the pensioner’s income up to the cost of living.
Leo Broderick, of the Council of Canadians, noted the disparity between what pensioners live on and the cost of living. He called on the government to double the Canada Pension benefit.
Everett Baker of Cornwall repeated the request to double the Canada Pension benefit. Baker said the Canada Pension has more than enough money at $123 billion in the trust fund to pay for the increase.
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