76-year-old says he has been left homeless after struggling with the cost of living- experts say he isn’t alone

The cost of living crisis is weighing heavily on many Canadians, and one P.E.I. senior is buckling under the strain.

David Turner, a 76-year-old, told CTV News (1) that he was forced to live in his car for the past two months due to "mounting debts" and unpaid rent. It isn’t the first time Turner has faced this type of devastating financial constraint, either. Early in 2024, Turner relied on emergency shelters when he faced a similar financial crisis.

“The cost of everything is just crazy,” Turner said, adding that, “Seniors are struggling because of the cost of living, the cost of rent, the lack of affordable housing.”

Unfortunately, Turner’s first-hand experience is a window into the financial strain many seniors across Canada currently experience.

Seniors struggling with cost of living

As the cost of living continues to climb, more seniors are relying on public help to stay afloat. Like Turner, more seniors are now turning to homeless shelters. Data released by the Government of Canada’s National Shelter Study (2) found that 4.9% of homeless shelter users were seniors (aged 65 or older) — up from 3.3% in 2021.

While the percentage of seniors relying on shelters is relatively low compared to the overall population, even seniors with a roof over their head are feeling a financial squeeze — particularly those who are renting. The most recent data from Statistics Canada shows that senior renters (approximately one in five seniors nationwide) are spending more than 30% of their income on housing costs versus the rest of the renting population (3).

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Public benefits are critical but not enough, say experts

Over the last few years, the federal government has taken notice and put a number of measures in place to help the growing number of Canadian seniors who are struggling to make ends meet.

For instance, in 2022, the Old Age Security (OAS) income supplement for those aged 75 years and up (4) was permanently increased by 10%, and can expect to receive up to $814.10 each month in OAS payments.

In September 2025, Prime Minister Mark Carney announced the creation of Build Canada Homes (5), a federal agency designed to build affordable housing at scale. So far, the government has funded the agency with an initial $13 billion. Seniors caught in expensive rental situations may have more affordable housing options in the future once the program gains momentum. Greater access to supportive housing may give seniors like Turner a different option than living in a shelter or out of their vehicles.

While these benefits are helpful, some experts say it isn’t enough, particularly in harder hit regions like Atlantic Canada. Dr. Samir Sinha, director of health policy for The National Institute on Ageing, told CTV News that government programs like OAS, Canada Pension Plan (CPP) and the Guaranteed Income Supplement (GIS) aren’t meeting the needs of Atlantic seniors especially since they earned less, overall, when compared to their peers in central Canada.

How to prepare for retirement in a tough economy

For Canadians nearing or in retirement, trying to plan for the future when the present feels bleak can be difficult. To help, here are some tips to prepare you for retirement even when times are fiscally tough.

• Develop a cushion first. Before investing to compound your wealth, make sure you have a proper emergency fund in place. Investing thousands of dollars to only take it out during a market dip due to financial strain is never good.
• Plan your investments wisely. While using rules of thumbs for investing is helpful, make sure your portfolio has the right combination of bonds, equities and other investments that accurately reflects your risk tolerance. If your financial situation worsens, adjusting your investments is necessary.
• Focus on reducing debt. If you’re preparing for rough economic waters, focus on reducing high-interest debt to increase your monthly income as you age. Consolidating debt through a loan can also be a viable option to shrink your payments.

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Additional support available to help struggling seniors

If you are in a dire situation, consider applying for additional financial support from the government, such as the GIS. If you’re married and your spouse is between the ages of 60 and 64, your spouse can apply for the GIS Allowance. This can add as much as $1,405.50 in monthly income for eligible seniors (6). The GIS allowance is also available for widows and widowers between the ages of 60 and 64.

Whether you’re planning for an uncertain future or dealing with financial instability in the present, there’s no shame in applying for more government benefits or asking friends and family for help.

Article sources

We rely only on vetted sources and credible third-party reporting. For details, see our editorial ethics and guidelines.

CTV News (1); Canada.ca (2, 4, 6); Statistics Canada (3); Prime Minister of Canada (5)