On average, a pensioner receives approximately $30,000 per year. If we chop off one-third of this income, a pensioner has only $20,000. The most likely effect is that the pensioner will be forced to cut his or her expenses. Some might even have to declare personal bankruptcy. In addition, the many pensioners who do not currently have access to the Guaranteed Income Supplement will have to resort to it. Yet, this money could have been spent elsewhere and used more effectively.
On April 28th, 2009. See this statement in context.