Mr. Speaker, I thank the member for that significant question and for his commitment to seniors in Oakville, and indeed around the country.
I am pleased to assure the member that with budget 2015, we are introducing a new home accessibility tax credit to provide seniors with the ability to stay in their homes longer, if they choose.
We are also giving seniors more choice when it comes to managing their retirement income by reducing the minimum withdrawal requirements for registered retirement income funds.
What is more, we are proudly increasing the tax-free savings account annual contribution limit to $10,000. About 600,000 seniors across Canada aged 65 and over with incomes below $60,000 are currently maxing out their TFSA room. This is a measure that will primarily benefit low- and middle-income Canadians.
This is a very important venture, and these initiatives will benefit seniors right across Canada.