Mr. Chair, I would like to follow up on some of the comments and questions I had earlier regarding the treatment of senior citizens who elect to cash out a registered retirement income fund, RRIF. I am speaking of those who are required to do so not as an option or something they choose to do to purchase a luxury item, but specifically and especially those who have to cash out a RRIF, above and beyond their minimum annual requirement, to meet a medical emergency or some other need within their own family.
Currently under the guidelines that have been adopted and created by the Government of Canada, as of May 2010 for anyone who elects to cash out a RRIF, that income will be calculated in whether or not the person is eligible for the GIS, guaranteed income supplement.
That was never what this program was intended for. If someone is drawing employment insurance while over the age of 71 and needs a RRIF, that money is optionable. It is not impacting on the senior's eligibility for GIS, but if he or she draws money out from his or her RRIF, the individual could lose a lot of money. That was never what was intended when we promoted private citizen investment in RRSPs.
Why has the government done this? Will it see fit to correct it and put it back to the old rules?