Mr. Speaker, in the budget of 1996 this government proposed changes to the old age security, the guaranteed income supplement, as well as the elimination of the retirement income tax credit and the seniors tax credit based on age. These proposed changes were, for reasons known only to Liberal spin doctors, called the seniors benefit.
Many seniors quickly realized that they would not benefit at all. Instead they would be heavily taxed on their retirement savings. Marginal tax rates on retirement savings could reach 75%, far higher than the maximum marginal tax rates imposed on working Canadians.
Members can well imagine the anxiety and consternation this proposal has created among Canadian seniors as well as those trying to make sensible decisions about saving for retirement.
Despite numerous questions in this House from the official opposition as well as other parties, the government has done nothing to relieve or diminish the concerns of Canadians about their retirement security.
On February 23, I asked the minister to provide some assurance to Canadians that this government will abandon its proposed clawbacks and taxes on Canadians' retirement savings of as much as 75%. The response from the parliamentary secretary was “wait for the budget”.
As hon. members and the Canadian public know, there was nothing in the budget the next day about the seniors benefit that would reassure seniors or those planning for retirement. The parliamentary secretary would have been well aware of that omission when he evaded my question.
That was over a month ago; one more month with Canadians left in limbo, left totally in the dark about what this government might or might not do to finalize its announced cuts to seniors programs and clawbacks of retirement savings.
My question is simply this. When will the government end this terrible uncertainty?