1. 2008 General Meeting Assemblée générale 2008 Toronto, Ontario 2008 General Meeting Assemblée générale 2008 Toronto, Ontario Canadian Institute of Actuaries Canadian Institute of Actuaries L’Institut canadien des actuaires L’Institut canadien des actuaires

2. 2008 General Meeting Assemblée générale 2008 2008 General Meeting Assemblée générale 2008 Basic Living Expenses for the Canadian Elderly What? – Absolute threshold tailored to the elderly Who? – Bonnie-Jeanne MacDonald, Doug Andrews and Robert L. Brown Why? – Requested by the CIA

3. 2008 General Meeting Assemblée générale 2008 2008 General Meeting Assemblée générale 2008 Basic Living Expenses for the Canadian Elderly “Poverty Measures” in Canada – Low Income Cut-Off (Stats Canada) – Low Income Measure (Stats Canada) – Market Basket Measure (Human Resources and Social Development Canada) – Sarlo’s Basic Needs Poverty Line (Chris Sarlo)

4. 2008 General Meeting Assemblée générale 2008 2008 General Meeting Assemblée générale 2008 Basic Living Expenses for the Canadian Elderly Objectives – US Elder Standard Basic Living Expenses versus Independent Economic Security – “Age in Place”

5. 2008 General Meeting Assemblée générale 2008 2008 General Meeting Assemblée générale 2008 Basic Living Expenses for the Canadian Elderly Threshold Components – Food – Shelter – Medical – Transportation – Home-Based Long-Term Care

6. 2008 General Meeting Assemblée générale 2008 2008 General Meeting Assemblée générale 2008 Basic Living Expenses for the Canadian Elderly Major Data Sources: – Health Canada’s National Nutritious Food Basket – Canada Mortgage and Housing Corporation – Stats Canada Survey of Household Spending – Canadian Census – Stats Canada Participation and Activity Limitation Survey – MBM and the Elder Standard

7. 2008 General Meeting Assemblée générale 2008 2008 General Meeting Assemblée générale 2008 Basic Living Expenses for the Canadian Elderly Halifax Montreal Toronto Vancouver Calgary

8. 2008 General Meeting Assemblée générale 2008 2008 General Meeting Assemblée générale 2008 Basic Living Expenses for the Canadian Elderly Different “Tracks” –Housing tenant, homeowner with a mortgage, homeowner without a mortgage –Transportation public transportation, private automobile –Age 65-74, 75+ –Household Size and Gender single male, single female, couple –Home-Based Long-Term Care Assistance none, low, high

9. 2008 General Meeting Assemblée générale 2008 2008 General Meeting Assemblée générale 2008 Basic Living Expenses for the Canadian Elderly Example – Male Torontonian 65 Years-Old Owns His Home Relies on Public Transportation No Home-Based Long-Term Assistance

10. 2008 General Meeting Assemblée générale 2008 2008 General Meeting Assemblée générale 2008 Basic Living Expenses for the Canadian Elderly $11,616 Renter: $17,463 Mortgage: $23,625 Mortgage & Car: $26,184 Mortgage & Car & Low Level LTC: $27,173 Mortgage & Car & High Level LTC: $39,135

11. 2008 General Meeting Assemblée générale 2008 2008 General Meeting Assemblée générale 2008 Basic Living Expenses for the Canadian Elderly “Typical” Elderly Threshold – 65-74 years old – Drives a five year-old Chevrolet – Homeowner (without a mortgage) – Low Home-Based Long-Term Care Assistance

12. 2008 General Meeting Assemblée générale 2008 2008 General Meeting Assemblée générale 2008 Basic Living Expenses for the Canadian Elderly Halifax Single – Sarlo < LICO < LIM < Typical ET < MBM Montreal Single – Sarlo < MBM < LIM < Typical ET < LICO Toronto Single – Sarlo < LIM < Typical ET < MBM < LICO Calgary Single – Sarlo < LIM < Typical ET < MBM < LICO Vancouver Single – Sarlo < LIM < Typical ET < MBM < LICO

13. 2008 General Meeting Assemblée générale 2008 2008 General Meeting Assemblée générale 2008 Basic Living Expenses for the Canadian Elderly Halifax Couple – Sarlo < LICO < LIM < Typical ET < MBM Montreal Couple – Sarlo < LIM < MBM < LICO < Typical ET Toronto Couple – Sarlo < LIM < LICO < Typical ET < MBM Calgary Couple – Sarlo < LIM < LICO < Typical ET < MBM Vancouver Couple – Sarlo < LIM < LICO < Typical ET < MBM

14. 2008 General Meeting Assemblée générale 2008 2008 General Meeting Assemblée générale 2008 Basic Living Expenses for the Canadian Elderly Halifax Single – Sarlo < LICO < LIM < MBM < Typical ET* Montreal Single – Sarlo < MBM < LIM < LICO < Typical ET* Toronto Single – Sarlo < LIM < MBM < LICO < Typical ET* Calgary Single – Sarlo < LIM < MBM < LICO < Typical ET* Vancouver Single – Sarlo < LIM < MBM < LICO < Typical ET*

15. 2008 General Meeting Assemblée générale 2008 2008 General Meeting Assemblée générale 2008 Basic Living Expenses for the Canadian Elderly Halifax Couple – Sarlo < LICO < LIM < MBM < Typical ET* Montreal Couple – Sarlo < LIM < MBM < LICO < Typical ET* Toronto Couple – Sarlo < LIM < LICO < MBM < Typical ET* Calgary Couple – Sarlo < LIM < LICO < MBM < Typical ET* Vancouver Couple – Sarlo < LIM < LICO < MBM < Typical ET*

16. 2008 General Meeting Assemblée générale 2008 2008 General Meeting Assemblée générale 2008 Basic Living Expenses for the Canadian Elderly Halifax Typical Elderly Threshold – $13,315 (Single) $18,848 (Couple) Montreal Typical Elderly Threshold – $13,945 (Single) $19,579 (Couple) Toronto Typical Elderly Threshold – $14,913 (Single) $19,998 (Couple) Calgary Typical Elderly Threshold – $13,862 (Single) $19,512 (Couple) Vancouver Typical Elderly Threshold – $13,618 (Single) $20,200 (Couple)

17. 2008 General Meeting Assemblée générale 2008 2008 General Meeting Assemblée générale 2008 Basic Living Expenses for the Canadian Elderly “No Assets” Elderly Threshold – 65-74 years old – Relies on Public Transportation – Rents – Low Home-Based Long-Term Care Assistance

18. 2008 General Meeting Assemblée générale 2008 2008 General Meeting Assemblée générale 2008 Basic Living Expenses for the Canadian Elderly Halifax No Assets Elderly Threshold – $13,468 (Single) $18,627 (Couple) Montreal No Assets Elderly Threshold – $12,335 (Single) $17,432 (Couple) Toronto No Assets Elderly Threshold – $18,202 (Single) $23,614 (Couple) Calgary No Assets Elderly Threshold – $14,948 (Single) $19,922 (Couple) Vancouver No Assets Elderly Threshold – $16,335 (Single) $21,759 (Couple)

19. 2008 General Meeting Assemblée générale 2008 2008 General Meeting Assemblée générale 2008 Basic Living Expenses for the Canadian Elderly Wrap-Up