Ottawa – Kevin Sorenson, Member of Parliament for Crowfoot and Minister of State (Finance) is alerting local Canadian Veterans that the Hon. Erin O’Toole, Minister of Veterans Affairs, has unveiled a proposed new financial benefit aimed at providing financial stability to Veterans who are moderately to severely disabled and their families. Sorenson says, “This Retirement Income Security Benefit would ensure that an eligible Veteran’s total annual income is at least 70% of what he or she received in financial benefits from Veterans Affairs Canada before age 65. Monthly payments would be calculated on a case-by-case basis, taking into account how much the Veteran was receiving before age 65 and other sources of income he or she may have beyond age 65.”
Currently, the Earnings Loss Benefit–upon which many moderately to severely disabled Veterans rely–is not available after the age of 65, resulting in a drop in the Veteran’s annual income. The new Retirement Income Security Benefit would provide these Veterans with continued assistance in the form of a monthly income support payment beginning at age 65.
Sorenson explains, “The proposed Retirement Income Security Benefit would work in concert with existing services and benefits to establish a continuum of support that spans a disabled Veteran’s entire life. It is designed for those whose ability to save for retirement was directly impacted by their service to our country. Income support would also be extended to families through continued payment of a monthly benefit to the Veteran’s survivor. This announcement responds directly to concerns raised by the Veterans Ombudsman and the House of Commons’ Standing Committee on Veterans Affairs.”
