05/22/2015 03:48 EDT | Updated 05/22/2016 05:59 EDT

Brain aging research centre to open in Toronto this fall

TORONTO - A new research centre focusing on brain aging is set to launch in the fall, with funding from the federal and Ontario governments, as well as private donors.

The Canadian Centre for Aging and Brain Health Innovation at Baycrest Health Sciences in Toronto will combine brain research, clinical and educational programs in one national hub.

The federal government is committing up to $42 million over five years, Ontario is earmarking $23.5 million over the same time, while $25 million will come from the Baycrest Foundation and another $33 million from other donors.

Baycrest, which specializes in geriatric residences and healthcare, says the new centre will bring together science, healthcare and industry partners dedicated to brain health and senior care.

Federal Finance Minister Joe Oliver says age-related cognitive impairment is a growing issue across the country and he expects the centre's "cutting-edge research and world-leading innovation" will make life better for seniors.

Ontario Premier Kathleen Wynne says brain disorders "take an enormous toll on a personal level" as well as on the economy.