Wednesday, 28 October 2015

Part 3: Aging Population

1.  This issue is significant to Canada as a whole and everyone is going to be affected. Our very large elderly population (baby boomers) are coming close to the age of retirement. This means that there is going to be many more jobs to fill and that Canadians will have to pay higher taxes to support the retired population.

2. The aging population in Canada sheds light on many issues that Canadian Citizens will face in the near future. Because all the elderly people are retiring, we are going to have many jobs to fill. This may lead to some promotions for some people and hopefully a lot more younger Canadian citizens will become employed. However, one of the downfalls of this is that we’re going to see a higher tax rate. Working Canadian Citizens will have to pay for all healthcare the elderly might need as well as pay so more nursing homes can be built. Eventually there will be a significant drop in Canada’s population which could possibly lead to a damaged economy.

3. This issue will defiantly be significant in 10 years. In 10 years we will see many of the baby boomers retired, higher tax rates and more job openings especially in the medical fields. However in 25 years this issue will still be important but it’s effect won’t be as notable or strong. In 25 years many of the baby boomers may have passed away. The thing that Canada will be worrying about in 25 years is getting the economy back to normal but besides that all the effects of the aging population should have subsided.

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