The Budget post covid and post the impact of covid on the economy needs to be substantially different from the ones that we have seen in the past. The covid pandemic was one which affected the economy not just on the supply side but on the demand side. And I know, that the government has done a lot with regards to stimulating the economy but what would be really nice if the budget for 2021 – 22 were to focus on stimulating demand because once the population of a country, as large and populous as ours, starts to spend. It has a positive knock on effect all the way through the economy and the general mood.
So that is the one expectation that I would expect to be remarkable, be different from previous budgets, which is to a focus on stimulating demand.
As Columbia Pacific Communities who has the privilege of serving over 3000 seniors in our 9 communities. Our request to the government would be to really assist and support our residents and so many seniors in the country on three aspects:
- Look at their revenues which are now fixed post retirement and see what can be done to help with bank interests, so that seniors get and remain ahead of the inflation curve through the deposits and saving that they have made.
- On the expenses side we would like the government to consider services provided to seniors in communities designed specifically for them should be exempt of GST. They have spent their entire life paying taxes. It is only fair that in the golden years of their life, we be able to support them.
- Any step that the government can take to reform banking laws that allow for better returns on reverse mortgage, would go a long way in ensuring that seniors can enjoy and take benefit of the assets that they have created over life.