Mr. Speaker, I am pleased to have the opportunity to speak to this important topic today. I will be sharing my time with the member for Oshawa.
Through numerous cross-country consultations, our government has talked to many Canadians and heard too many challenging personal stories not to realize that this is an issue that is too important to get wrong.
Our government has devoted considerable effort on the retirement security issue in order to get it right. We have been engaged in a very serious discussion with Canadians on pension and retirement income security issues over the past few years. Our record of support for seniors remains strong and has been since our very first budget.
Let us look at the facts.
In June 2006, we increased the age credit amount by $1,000 and then we increased it another $1,000 in 2009. This year alone, the age credit will provide up to $1,008 in federal tax relief for eligible seniors. That is significant.
Other significant tax relief measures provided since 2006 for seniors and pensioners include: doubling the maximum amount of income eligible for the pension income credit from $1,000 to $2,000 in 2006; the introduction of pension income splitting in 2007; and the increase in the age limit for maturing pensions and RRSPs from 69 to 71 in 2007.
I would also like to mention the tax free savings account, a general purpose savings vehicle that helps all Canadians, including seniors, to meet their ongoing savings needs on a tax preferred basis. Of note, TFSA investment income and withdrawals do not affect eligibility for federal income tested benefits or credits, such as old age security, the guaranteed income supplement or the goods and services tax credit.
Those are things that our government has done that provide substantial benefits to seniors across our country. This is tax relief that is benefiting seniors right now as we speak. Seniors and all Canadians can be confident that it will benefit them well into the future as our government implements the next phase of Canada's economic action plan and the return to balanced budgets.
The next phase of Canada's economic action plan announces new measures to improve the financial security of our most vulnerable seniors and ensure that seniors can benefit from and contribute to the quality of life in their community through active living and participation in social activities and access to a new low cost pension option.
The plan provides an additional $10 million over two years to enhance the new horizons for seniors program. This additional funding is enabling more seniors to participate in social activities, pursue an active life and contribute to their community. The program provides funding for projects to expand awareness of elder abuse or promote volunteering, monitoring and social participation of seniors, and this is important.
Going forward, a key component of ensuring financial security for all Canadians and for seniors will be the introduction of the pooled registered pension plan, or PRPP, as agreed at the December 2010 finance ministers' meeting in Alberta. The Government of Canada is working closely with its provincial and territorial counterparts to move forward with the legislative and regulatory changes necessary to create the PRPP. The bill before us today, the PRPP act, represents the federal portion of the PRPP framework and is a major step forward in implementing PRPPs.
Once the provinces put in place their PRPP legislation, the legislative and regulatory framework for PRPPs will be operational, thereby allowing PRPP administrators to develop and offer plans to Canadians and to their employers. These plans would help Canadians, including the self-employed, meet their retirement objectives by providing access to a new low cost, accessible pension option. Federal, provincial and territorial officials are working together to implement PRPPs as soon as possible.
The provinces and territories are essential partners in a strong retirement system. They play a major role in the regulation of private defined benefit pension plans. All of them are joint stewards of the Canada pension plan along with our federal government.
This is an important point to remember. We are not in this alone. It is a point that, sadly, seems to have eluded some on the opposition benches, judging by the hastily concocted proposals they have put forward today. For example, the opposition conveniently forgets that changes to the CPP require the approval of at least two-thirds of the Canadian provinces representing at least two-thirds of the country's population.
On this side of the House, we worked together alongside the provinces and territories, with an eye on the long term.
Seniors have worked hard to build a better country for future generations. Our record shows that our government is committed to the financial well-being of all Canadian seniors. Our seniors have made our country what it is today and with the introduction of the PRPP, Canadians can look forward to an even stronger retirement system.