An aging population means more spending on health care and income support for older people.
At the provincial level, an aging population is putting upward pressure on health-care spending.
The ratio of seniors to the working age population is expected to almost double from 20.3 per cent in 2010 to 38.4 per cent by 2040.
The wait list for nursing homes in the province has almost doubled over the last 10 years.
The share of Canadians age 65 or over is forecasted to rise from 17.4 per cent to 22.5 per cent.
The government expects to borrow $331.9 billion over the next five years, bringing the national debt to at least $1.5 trillion.
Canadians aged 65 and older will account for a projected 23.4 per cent of the population in 2040.
The four Atlantic provinces have the largest share of residents over the age of 65 in Canada.
Almost three-quarters of Canada’s total tax burden is paid by the working-age population.