Ontario Ministry of Health and Long-Term Care
Ontario Ministry of Health and Long-Term Care
Political:
Canada is becoming a nation of two distinct groups, the aging and young. Due to the aging population, many Canadians are worried that it will have a negative snowball effect on the economy. Throughout the years, politicians have speculated that the aging population threatens the financial sustainability of Canada’s health care systems (e.g., Robson, 2001; Siegel, 1994). Based on true facts, population aging reduces the amount of personal income tax revenue, which accounts for approximately 30% of our government’s income. Per capita, healthcare costs increase with age, and also as age increases so does the demand for more expensive and longer healthcare treatments. Although Canada’s population is aging, and the effects of the “baby boomers” are taking place, the Canadian government has done a good job in accommodating financially for them since Ontario has recorded its third surplus in a row in healthcare budget. As in the past, this shows that our government is capable of efficiently managing their resources and funds. (Canada, 2012) Even though many are worried about the negative effects of our aging population, there are also many opportunities to be created from this dilemma. The Canadian government has realized that it will need to adapt and accommodate for the aging population to sustain a stable economy. Because of the aging population, there will be an immense loss of contributions to Registered Retirement Savings Plans as well as to pension plans. As a result many baby boomers will need to work longer to ensure they have enough pension money to last them the rest of their life. Since 2006, the Canadian economy has been relatively strong and as a result the government has created over 1.4 million jobs. Lastly, with the possibility of a huge financial crisis due to the overuse of our healthcare system, the Canadian government has implemented many new budgets and plans to sustain our healthcare
Political:
Canada is becoming a nation of two distinct groups, the aging and young. Due to the aging population, many Canadians are worried that it will have a negative snowball effect on the economy. Throughout the years, politicians have speculated that the aging population threatens the financial sustainability of Canada’s health care systems (e.g., Robson, 2001; Siegel, 1994). Based on true facts, population aging reduces the amount of personal income tax revenue, which accounts for approximately 30% of our government’s income. Per capita, healthcare costs increase with age, and also as age increases so does the demand for more expensive and longer healthcare treatments. Although Canada’s population is aging, and the effects of the “baby boomers” are taking place, the Canadian government has done a good job in accommodating financially for them since Ontario has recorded its third surplus in a row in healthcare budget. As in the past, this shows that our government is capable of efficiently managing their resources and funds. (Canada, 2012) Even though many are worried about the negative effects of our aging population, there are also many opportunities to be created from this dilemma. The Canadian government has realized that it will need to adapt and accommodate for the aging population to sustain a stable economy. Because of the aging population, there will be an immense loss of contributions to Registered Retirement Savings Plans as well as to pension plans. As a result many baby boomers will need to work longer to ensure they have enough pension money to last them the rest of their life. Since 2006, the Canadian economy has been relatively strong and as a result the government has created over 1.4 million jobs. Lastly, with the possibility of a huge financial crisis due to the overuse of our healthcare system, the Canadian government has implemented many new budgets and plans to sustain our healthcare