Steven Truscott is calling the Ontario government's $6.5 million compensation package for his wrongful murder conviction "bittersweet."

But Truscott says money will never truly pay back the years of his life lost while in prison.

Ontario Attorney General Chris Bentley announced the package on Monday. It also includes $100,000 to be paid to Truscott's wife Marlene.

"This is the final and long-awaited step in recognizing Steve's innocence," said the couple in a statement released Monday from Guelph, Ont.

"We are also painfully aware that no amount of money could ever truly compensate Steven for the terror of being sentenced to hang at the age of 14, the loss of his youth, or the stigma of living for almost 50 years as a convicted murderer."

They said they plan to use the money to live the rest of their lives in "peace and tranquility."

In August, the Ontario Court of Appeal found Truscott not guilty in the rape and murder of 12-year-old Lynne Harper in 1959.

"It is our hope that Mr. Truscott and his family will be able to spend their time on the rest of life's journey," Bentley told members of the press assembled for the announcement at the legislature.

Harper was killed near Clinton, Ont. A court convicted Truscott, 14 years old at the time, of her murder.

He was initially sentenced to death by hanging -- the youngest Canadian to be dealt capital punishment -- but after four months on death row the sentence was commuted to life in prison.

Truscott spent almost 10 years in jail followed by nearly 40 years on parole and has always maintained his innocence.

Marlys Edwardh, one of Truscott's lawyers, said the money can never undo the harm done.

"Could it ever fix it, erase it or change it in any way? The answer, of course, is no," she said. "It's just money."

Justice tasked with compensation report

Immediately after the August verdict, former attorney general Michael Bryant asked retired Appeal Court Justice Sydney Robins to create a report analyzing whether Truscott should be compensated by the province. The package announced Monday acts on recommendations from Robins' report.

In April, the Ontario legislature approved a motion seeking compensation with all-party support. The vote came well in advance of Robins' report, leading some MPs to suggest it was held prematurely.

Bentley said Harper's family was told of the government's decision to award Truscott $6.5 million.

Harper's family opposed compensation for Truscott because the appeal verdict did not explicitly clear him of responsibility for the girl's murder. While Truscott was acquitted of the 1959 crime, the Ontario Court of Appeal stopped short of declaring him innocent due to a lack of physical evidence.

Harper's brother told the Globe and Mail newspaper on Monday that the family considers the compensation "a real travesty."

Barry Harper told the Globe he would be meeting with his lawyers to discuss blocking the award.

"I don't think there's many options open," Harper told the Globe from Ohio.

Bentley said his thoughts are also with the Harper family, which will continue to live with the tragedy of the loss of Lynne Harper forever.

"Our government will do whatever it can to ensure... miscarriages of justice do not occur in the future," he said.

With a reports from CTV Toronto's Paul Bliss