Conservative Leader Pierre Poilievre reached out to senior voters today with promises aimed at ensuring their income security in retirement.
On Wednesday, the party released a statement that pledged, if elected, the government would work to boost seniors income by employing three measures: allowing working seniors to earn up to $34,000 tax free ($10,000 more than now); increasing the age of mandatory RRIF withdrawals from 71 to 73 and promising to protect senior public benefits by keeping the retirement age at 65.
Our seniors should not have to work. But they should not be punished when they choose to,” Poilievre said in a statement posted on the party website.
“We should reward rather than punish work. Those that choose to grow their savings for longer should have the chance. And we will not raise the retirement age. Seniors will keep getting their OAS, GIS and CPP at age 65.”
As the April 28, election draws closer, the parties will be looking toward the vote-rich bloc of seniors in this country, whose enormous power at the ballot box could help swing what promises to be a close election.
“These are welcome wins for seniors,” says Anthony Quinn, Chief Operating Officer of CARP (a partner of ZoomerMedia), noting that the organization has long advocated for these tax changes. “It’s the first sign we’ve had in this campaign that the parties are listening to CARP and talking to seniors.”
Quinn feels that the promise to keep the retirement age at 65 was an important signal from Poilievre that he’s distancing himself from the previous Conservative government, which raised the ire of seniors by increasing the retirement age to 67.
He also praised the proposed retirement income increase by $10,000, noting that the tax system can be “punitive” to seniors who work in retirement. The extra tax-free income will allow them to earn more money tax-free, providing them some financial “breathing room.”
Quinn was also positive about the promise to change the age in which people must begin drawing down on their RRIFs from 71 to 73.
“Canadians tell us, one of their biggest worries is outliving their money,” he said. “Giving two more years to that opportunity before you have to withdraw your RRIFs and pay taxes on them is a great start.”
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