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Fall Economic Update

As we navigate the economic slowdown that is coming for Canada and the world, the government will continue to be there for Canadians who need it most. The 2022 Fall Economic Statement that was release at the beginning of November includes a series of new, targeted measures that are focused on the Canadians most affected by rising prices.

New measured proposed in the 2022 Fall Economic Statement include:

  1. Making Life More Affordable
  2. Investing in Jobs, Growth, and an Economy That Works for Everyone

The 2022 Fall Economic Statement builds on the investments we’ve made as a government to ensure older adults live with security and dignity in their retirement years. Through these investments, we can ensure that Canadians of every age can enjoy the prosperity we are building together.

Prior to the 2022 Fall Economic Statement, this year, Canadians have already been receiving significant new support through the government’s Affordability Plan. This includes:

  • Increasing the Old Age Security (OAS) pension by 10 per cent for the most vulnerable seniors, people 75 years and older, which began in July 2022, will provide more than $800 in new support to full pensioners over the first year, and increase benefits for more than three million seniors.

Important benefits being indexed to inflation, including the Canada Child Benefit, the Canada Pension Plan, OAS, and the Guaranteed Income Supplement.

New benefits and increased credit payments are coming to help make life more affordable
After a lifetime of hard work, Canadian seniors deserve a secure and dignified retirement. However, for some, the rising cost of living is making it more difficult to make ends meet. As a government, we know the very real impact that challenges with affordability are having on seniors across the country and we’re going to make sure that we are there, supporting them, every step of the way.

That’s why when Parliament returned this fall, the very first thing we did was introduce legislation to help the most vulnerable seniors navigate affordability challenges.

The Government has confirmed it will double the Goods and Services Tax Credit (GSTC) for six months for those who receive it. That payment will be issued starting November 4, 2022. That means putting up to an extra $225 more money back in the pockets of seniors.

To ensure you are getting the help you need as quickly as possible, there is no need to apply for the additional one-time GST credit. Recipients who have already received, or were entitled to, a payment in October 2022 will receive the payment automatically this November.

We also have a one-time top-up to the Canada Housing Benefit would provide a $500 payment to low-income renters, including seniors, facing housing affordability challenges.

Here is how you can get ready so you can get your money faster!
Signing up for My Account will be the quickest, easiest and most secure way to apply for the one-time top-up to the Canada Housing Benefit. It also allows you to view and manage all of your tax information in one place. Register now using one of our convenient sign-in options

You could also:

Fall Prevention Month
Falls are the leading cause of injury among older Canadians. 20-30% of seniors experience one or more falls each year and it is the cause of 85% of seniors’ injury related to hospitalizations.

The good news is that falls can be prevented.

You can prevent falls by making the needed changes to your home and lifestyle. Here are a few ways to start:

  • Ensure you have non-slip surfaces in the tub or shower;
  • Reduce clutter;
  • Make sure your living space is well lit; and
  • Have your hearing and vision checked regularly.

If you do fall, don’t rush to get up. Make sure you are not injured before trying to get up.

For more information on Fall Prevention Month, please visit the Fall Prevention Month website.

For more information on preventing falls, please visit: the you CAN Prevent Falls! website.

November is Financial Literacy Month in Canada
Do you find it challenging to manage your finances and debt? You are not alone!

The financial marketplace can be complex and stressful for many seniors. To make matters worse, some seniors can feel overwhelmed by new financial responsibilities after losing a spouse or partner.

That is why financial literacy is an important life skill for all ages and stages.

During Financial Literacy Month, learn how to manage your money and debt in a changing world. The campaign has five sub-themes designed to manage debt:

  • Find the right balance between paying down debt and daily spending.
  • Make a plan to pay down your debt.
  • Avoid taking on more debt than needed.
  • Know what to consider before borrowing money.
  • Learn about your rights and your protections as a financial consumer.

Our government is committed to strengthening the financial literacy of seniors and all Canadians. Check out these free tools to help improve your money management skills or help you manage your retirement.

Reminder: Help protect against respiratory illness this fall
Respiratory illnesses are increasing this fall as people spend more time together indoors. One of the best ways to protect yourself from becoming really sick is to stay up to date with your annual flu vaccine and recommended COVID-19 vaccines.

Your best defence against the flu: the flu vaccine
Health Canada and the Public Health Agency of Canada recommend that everyone aged 6 months or older get the annual flu vaccine. This is especially important for people who:

  • are at high risk of complications from the flu, or
  • could pass on the flu virus to those at high risk

People at high risk of flu-related complications include those who:

  • are aged 65 years or older
  • have chronic health conditions, or
  • reside in nursing homes or other care facilities, among others.

The flu vaccine can help prevent influenza and reduce the severity of your symptoms even if you do get sick. It also helps to prevent flu-related complications such as pneumonia.

People are encouraged to get a flu vaccine annually. It is reviewed each year and updated in most years to try to achieve the best match possible between the vaccine and the strains that are expected to circulate in the upcoming influenza season.

The flu vaccine cannot give you the flu. While some people experience side effects after getting the vaccine, these are generally mild and resolve on their own within a few days.

You can get your flu vaccine at the same time as a COVID-19 vaccine.

Visit your provincial or territorial website to find out where to book a flu vaccine in your area.

Keep up to date: COVID-19 vaccines
Staying up to date with COVID-19 vaccination continues to be one of the most effective ways to protect against serious illness, hospitalization, and death from COVID-19.

Protection from COVID-19 vaccination decreases over time. A booster dose increases the immune response and helps improve protection against severe outcomes.

If it has been 6 months since your last dose or since being infected with COVID-19, it’s time to get a booster dose. A fall booster dose is especially important for people 65 years of age and older and for anyone who is at high risk of severe outcomes from COVID-19.

Visit your provincial or territorial website to find out if you are due for a COVID-19 booster and to book an appointment.

Information resources

Save time at the airport! Submit your customs and immigration declaration in advance
Did you know that you can save time at airports by sending your customs and immigration declaration to the Canada Border Services Agency (CBSA) in advance? You can use the Advance CBSA Declaration feature in ArriveCAN up to 72 hours before your flight back to Canada.

To declare in advance, you have to:

  1. Visit or download the ArriveCAN app on your mobile device
  2. Create an account (you will need a passport or permanent resident card)
  3. Answer quick questions about your trip and what goods you are bringing with you and submit your declaration

Once you arrive at the airport, your declaration will automatically be transmitted to the kiosk or eGate when you scan your travel document.

This option to declare in advance is available now to travellers who land at Toronto Pearson, Vancouver, Montreal-Trudeau, Winnipeg Richardson and Halifax Stanfield international airports. It will be available to more international airports in the coming months.

The Canada Border Services Agency is working hard to give you a safe, better and faster experience when arriving in Canada.

Visit our website for more information: Use ArriveCAN for a faster border experience –

Spread the word:
I hope you will take a minute to ensure that this message reaches as many older adults (and the people who support them) as possible. Please share it with your networks through social media, email or your newsletter. You can now sign up and invite others to sign up for the newsletter online.

For regular updates, please follow:
Twitter: @ESDC_GC
Facebook: Seniors in Canada

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