On August 12th 2011, CARP Submitted its Federal Pre-Budget Submission to the House of Commons Standing Committee on Finance. What follows is a brief executive summary. The full submission is also available for downloading.
Help Canadians Help Themselves to Retire in Dignity: Executive Summary
Canadians spend their working years building towards a secure and dignified retirement. As Canadians age, they want to provide for themselves and their families and to stay in their own homes as long as possible. But for too many Canadians, this is a challenge they cannot meet alone. Government has a role to play.
This was recognized in recent policy changes: the top-up Guaranteed Income Supplement (GIS) will help the poorest seniors and the caregiver tax credit is an important improvement in the support for the estimated 2.7 million Canadians caring for loved ones at home. Pension reform proposals reflect government leadership to help Canadians better save for their retirement, the promise to repeal mandatory retirement at the federal level will let people keep working if they prefer or must and the promise to take action on elder abuse will hearten vulnerable seniors.
The massive losses in retirement savings caused by the recession and concerns over the sustainability of the healthcare system require further government action to help Canadians help themselves – to save for and maintain their standard of living in retirement and to look after their own health and well-being in dignity.