Ottawa, November 6, 2026 – CARP President Anthony Quinn watched from the House of Commons public gallery as Finance Minister Francois-Philippe Champagne delivered the second budget of Mark Carney’s government. The government even borrowed some American-style lingo, naming its flagship business measure the Productivity Mega Deduction.
“There was a real buoyancy in Ottawa this week,” Quinn said. “The vision on display was Canada looking inward first: build strong at home, promote Canadian capacity, then take that strength to the world beyond the United States. The timing could not have been better for this Canadiana agenda.”
For Canadian seniors and CARP members, there were headline-grabbing wins after years of advocacy, particularly on caregivers and financial security.
On caregivers: from 2027, the Canada Caregiver Credit becomes refundable, worth up to $1,260 a year and reaching an estimated 180,000 caregivers whose incomes were too low to get anything from it before. Federal home and community care agreements with the provinces get a one-year, $1.2 billion extension to March 31, 2028, shared with mental health and addictions services.
“A caregiver whose income was too low to owe tax got nothing from this credit before,” Quinn said. “Now they get real support. That is the kind of change our members need.”
On financial security: the proposed “RRSP for life” would end the forced conversion of RRSPs into RRIFs at age 71 and let a surviving spouse or partner carry on the account. It is a proposal, with public consultation open until January 8, 2027, and mandatory minimum withdrawals after 71 would remain. CARP’s September pre-budget submission called for ending those withdrawals, and the consultation is where that case now gets made. The government’s fraud agenda would put legal duties on banks, telecoms and digital platforms, with a planned $0 liability cap when a criminal gains unauthorized access to someone’s bank account. Draft legislation goes to consultation in 2027, and the cap would not cover people deceived into sending money themselves. And from the 2028 tax year, the tax instalment threshold rises from $3,000 to $7,500, indexed; the budget’s own example is a senior living on OAS, CPP and RRIF income.
“CARP members will be happy with what is actually in this budget for them,” Quinn said. “What is not in it is where our work with the government continues.”
Not included: any extension of the 10% OAS increase to Canadians aged 65 to 74; restitution for scam victims deceived into authorizing payments themselves; funded vaccines recommended for seniors; and faster approval and public access to new medicines, where the budget commits only to assessing an expert task force’s recommendations.
CARP advocates for Canadians as they age on behalf of over 230,000 members nationwide. CARP will continue to advocate for federal policies that protect the financial security, health, dignity, and independence of older Canadians, and ensure their needs remain a priority in future government decisions.
Click below to read the Government of Canada’s full budget https://budget.canada.ca/2026/home-accueil-en.html
