A report from the C.D. Howe Institute found Canadians will be forced to pay more taxes in the years to come as the country's aging population leads to dramatic increases in the cost of demographic-driven public costs such as healthcare, education and child benefits. Between 2016 and 2066, the total cost of these programs will rise from 15.5% of Canada's national GDP to 24.2%, while the dollar amount of the unfunded liability for age-related social spending comes to $4.5 trillion. Canadian seniors now slightly outnumber children under 14 with a population of 5.9 million. Statistics Canada attributes this to the post-war baby boom, low fertility rates and the fact that Canadians are living longer than ever. The report suggests the burden of these costs could be offset in part if more Canadians stayed in the workforce longer.
NBHC Sustainability