Mr. Speaker, I rise today to clarify a question which many people have asked me regarding the age credit.
Contrary to what the Bloc Quebecois has been saying, the changes brought to the age credit will be of no consequence for the vast majority of seniors.
As a matter of fact, three quarters of retirees are not affected since their income is less than $25,921. Only those whose income exceeds $50,000 will no longer be entitled to the age credit. They represent only 5 per cent of all retirees. Thus, three quarters of them will not be affected at all.
The new budget provisions will have the same beneficial impact on seniors who are less fortunate. Retirees with an income below $26,000 will not pay more taxes.
One of the key ideas of the 1994 budget is to better target our resources so that we can meet the basic needs of those who depend on government assistance. By reducing the level of tax credits for the more wealthy, we free additional money to help the elderly who are less fortunate, so that they can live with dignity without being afraid of tomorrow.