StatsCan 2021 Census Tells Canada It's Old
May 02, 2022, Kitchener, Ontario
Posted by: Robert Deutschmann, Personal Injury Lawyer
Canada isn’t getting older – We are older
StatsCan reported last week the latest information from the 2021 census. It confirms many things. Firstly that you aren’t imagining it – the clerks at many stores are getting older.
Our working age population is getting older. It seems that for some they like what they do, others want to stay active, and yet others need the income to supplement their retirement funds. The end of pensions in the private sector, the rising costs of living and health care and housing, and our increased longevity have all played into the equation.
The census shows that over one in five working adults are now reaching retirement age and this will result in significant challenges for the Canadian workforce in the coming years. As the Director for Centre of Democracy StatsCan put it to CBC News “we have a date with demographic destiny”.
The large implications are that even with immigration we won’t be able to keep up with our workforce needs. On the upside we have one of the youngest working age populations in the G7.
"Over the next 30 years, the number of persons aged 85 and older could triple from 861,000 to 2.7 million," the agency said.
Statistics Canada population projections indicate that by 2051, almost one-quarter of the population could be aged 65 and older, adding up to almost 12 million people.
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Deutschmann Law serves South-Western Ontario with offices in Kitchener-Waterloo, Cambridge, Woodstock, Brantford, Stratford and Ayr. The law practice of Robert Deutschmann focuses almost exclusively in personal injury and disability insurance matters. For more information, please visit www.deutschmannlaw.com or call us toll-free at 1-519-742-7774.