Boost to seniors benefit this summer and beyond could cost $10.7 billion, PBO says

OTTAWA — The parliamentary budget officer is estimating the Liberals’ plan to send one-time payments this summer to seniors over 75 and then boost their old-age benefits thereafter will cost slightly less than the government estimates.

April’s budget estimated that the overall cost of the measures would amount to just over $12 billion over five years before accounting for tax revenues that will offset a small part of the overall spend.

The budget office in a report today estimates the gross cost will be closer to $10.7 billion.

The spending starts this summer with the government’s planned one-time payment of $500 in August to every senior who will be 75 and over by the summer of 2022.