Madam Speaker, the title of the bill refers to supporting vulnerable seniors, an issue that was raised in the 40th Parliament in December of 2010. It was the decision of the Government of Canada to eliminate the optioning provision for senior citizens who withdrew their registered retirement income funds. The government eliminated the optioning of that income, thereby preventing many seniors from receiving guaranteed income supplement benefits, or risk having their benefits dramatically reduced.
When the government's action in this regard was brought to the full attention of the House, the government rescinded its decision, or at least said that it had rescinded its decision. It noted that it was wrong to take away the benefits of the guaranteed income supplement from seniors who withdrew funds from their registered retirement income funds, and pledged that it would correct the problem.
The issue came on the back of a tax court decision called the Ward decision. The tax court ruled on when an individual was denied GIS benefits because he or she had withdrawn funds from their RRIF and the Government of Canada had withdrawn its support. Madam Ward had to take the matter to court. Regrettably, she lost. The tax court ruled that the current provisions of the Old Age Security Act as written offered the government proper recourse and authority to deny those benefits. The government said that it would change the act.
Does this budget implementation bill actually amend the Old Age Security Act to allow the withdrawal of funds from a registered retirement income fund and allow the optioning provision for the GIS and do so in accordance with the law? Yes or no?