“Fight Seniors’ Poverty, Eliminate RRIFs, Jobs for Older Workers and Better Pensions in Federal Budget”
FOR IMMEDIATE RELEASE
August 6, 2014
Toronto, ON: In its pre-budget submission filed today, CARP calls on the federal government to fight seniors’ poverty with increased income supports, relaxed GIS rules and specific measures to counteract the OAS changes for the most needy. To help people help themselves, CARP is calling for help for older workers and elimination of mandatory RRIF withdrawals which put retirees at risk of outliving their savings.
Specifically, CARP calls for Budget 2015 to include measures to:
- Eliminate mandatory RRIF withdrawals which require people age 71 and over to draw down their tax deferred accounts and pay tax on the withdrawals whether they need the money or not, rather than save for later expenses
- Increase income supports, especially for single seniors, including OAS, GIS and spousal allowances; increase exemption for casual earnings in GIS rules
- Help older workers get and keep their jobs
- Protect investors against bad financial advice
- Increase CPP and/or create new universal pension plan
“CARP members have strongly supported improved retirement security for future generations – whether a CPP increase or the new Ontario Retirement Pension Plan, which must be made national in scope. But, the current generation of seniors also needs some help to get by now, especially the neediest, and help to help themselves, to keep their jobs and to protect their savings, starting with letting them keep their RRIF savings intact”, said Susan Eng, VP, Advocacy for CARP.
CARP is a national, non-partisan, non-profit organization committed to advocating for a New Vision of Aging for Canada, social change that will bring financial security, equitable access to health care and freedom from discrimination. CARP seeks to ensure that the marketplace serves the needs and expectations of our generation and provides value-added benefits, products and services to our members. Through our network of chapters across Canada, CARP is dedicated to building a sense of community and shared values among our members in support of CARP’s mission.
For further information, please contact:
Sarah Park 416.607.2471
Media Relations, Policy Researcher and Coordinator
Michael Nicin 416.607.2479
Director of Policy