Mr. Speaker, on the topic of deficits and economic statements, it is interesting to hear the NDP provide lectures, given their record when in power in Ontario. During that time Ontario's economy took a devastating hit from the NDP's spending spree and the cuts they made to essential services. I note on infrastructure that it was the NDP government that actually cut GO train service to the Simcoe-Muskoka area when it was in power. I can tell members that was the wrong approach. Cutting infrastructure spending at the time of a slowdown was a foolhardy act by the Ontario NDP government of the time, and right now that approach certainly would not be right nationally. That is why it is fantastic that our finance minister wants to accelerate infrastructure spending and help rejuvenate the Canadian economy.
In terms of seniors, I would like to mention to my colleague, the member for Trinity—Spadina, that it was a Conservative government that actually created a cabinet minister for seniors' issues, thereby recognizing the importance of seniors and the role government has in standing up for seniors and protecting them.
I would suggest that two financial concerns exist today for seniors. The first is the impression that assets in RRIFs must be sold to meet withdrawal requirements. The second has to do with the recent drop in the market value of some of those assets. Our finance minister has made it clear to financial institutions that they should either accommodate in-kind transfers of those assets at no cost or offer another solution that would achieve the same result.
To help seniors cope, the economic statement proposes a one-time change that would allow RRIF holders to reduce the required minimum withdrawal by 25% for this tax year. This measure would mean that seniors would be under less pressure to withdraw assets at a time when those assets are at a low point in their market value, another fact that highlights how this Conservative government is standing up for, and protecting, Canadian seniors.