The situation is made worse by the precipitous drop in stock values and the fact that the amount to be withdrawn is calculated on January 1. So, not only are the savings depleted by the mandatory withdrawals, but with the reduced value, many more units must be withdrawn to meet the minimum withdrawal requirements and the retirement savings would be depleted at alarming rates.

The changes to the RRIF rules would have little impact on tax revenues in the greater scheme of things but would bring welcome relief to those hardest hit.

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:

Pam Maher 416.363.2277 x. 235

Communications coordinator

Anne Gravel 416.363.2277 x. 230

Researcher, Policy Development

Media Relations

for

Susan Eng

Vice President Advocacy

CARP, A New Vision of Aging for Canada

or visit our website: www.carp.ca