Mr. Speaker, I am pleased to take part in this debate today and to take this opportunity to pay tribute to our seniors who have worked so hard to build the country that we have today.
The current pandemic deeply affects them because the virus has serious consequences for seniors in poor health. The reason we have been able to respond to this challenge with an array of economic measures is that those before us left Canada in an enviable position. We must do more for our seniors dealing with financial hardship. Not all of them had the same opportunities in life and today, unfortunately, too many seniors are living below the poverty line. That is unacceptable in Canada.
The cost of living is rising faster than seniors' incomes, forcing them to make difficult decisions, such as selling their home or valuables to make ends meet. All too often, when a spouse dies, the surviving spouse's financial circumstances change significantly. As MPs, we have all heard very compelling stories from seniors in our ridings.
I rise in the House today to point out that we can do more as a country to recognize the work that has been accomplished by our seniors. In my view, we should pay particular attention to the guaranteed income supplement, which provides seniors in precarious financial situations with a higher income than the basic guaranteed amount. The GIS is calculated based on other sources of income, and we can increase the amount of the supplement or adjust eligibility criteria to ensure a higher income.
That said, the Bloc Québécois is presenting us with a measure that it cannot implement on its own in this parliament or any future parliament.
Unlike the Liberals who have done nothing since being elected in 2015, we Conservatives have always acted. In 2006, our government created the position of minister of state for seniors within Employment and Social Development Canada, formerly Human Resources and Skills Development Canada. It was the Right Hon. Stephen Harper who initiated this idea. We already knew that, in 2012, nearly one in seven Canadians was a senior and that by 2030, this proportion would rise to almost one in four.
I must admit that the Bloc Québécois's motion is commendable, but we must remember that it cannot do anything in the House on its own, other than proposing ideas and not following through. This is a clear example of how we are the only ones who have remained committed to improving quality of life for our dear seniors.
The Conservatives created and improved a number of measures for seniors in 22 federal departments, including the popular New Horizons program. This program helps seniors to both benefit from and contribute to the quality of life in their community through social participation and active living. It provides funding to support local projects, pan-Canadian projects and pilot projects that focus on issues like social isolation and intergenerational learning.
Previous Conservative governments have implemented other measures as well. In January 2012, the Conservative government starting providing direct support to people caring for a loved one with reduced mobility through the family caregiver tax credit. We were also the first to support Canadians who act as caregivers and also continue working.
We recognized the important contribution that caregivers make to their family members and their community by providing support and unpaid care, quite often while dealing with their responsibilities toward other family members and keeping their job. The 2014 economic action plan helped caregivers continue to participate in the workforce as fully as possible while caring for a loved one.
We also made changes to employment insurance and brought in caregiver leave and benefits. Still today, these benefits may be provided for a few weeks to people who temporarily have to leave work to care for a loved one who is seriously ill or who has a significant risk of dying within 26 weeks.
The previous Conservative government brought in a home accessibility tax credit through which eligible seniors and persons with disabilities are entitled to a 15% tax relief on eligible expenses up to $10,000. To be eligible, the expenses have to be related to renovations that allow for greater mobility or functionality or reduce the risks of accident.
We doubled the pension income amount. Years ago, a non-refundable tax credit was created for the first $1,000 in eligible pension income. A lot has changed since then. The previous Conservative government increased the eligible pension income amount to $2,000. To this day, that is a real savings that really helps pensioners.
We introduced the age amount, which allows seniors to claim up to $7,637 on their 2020 tax return.
We also introduced pension income splitting to reduce the tax burden on Canadian pensioners and make the system fairer. Generally speaking, every individual pays tax on their total income. Pension income splitting allows all Canadian residents who receive eligible pension income to split up to half of that income with a spouse or common-law partner if they live together. That means pensioners and their families can pay considerably less tax.
I am also thinking of the increase in the age limit for RRSP to RRIF conversions. The registered retirement savings plan is one of the best tools available to Canadians to save for their future. Since RRSP contributions are tax-free under the contribution limit, they are an ideal way to plan for retirement.
However, some Canadians were limited by the RRSP structure. Even if a person chose to work after the age of 69, they had to convert their RRSPs into a registered retirement income fund and start making withdrawals. The previous Conservative government increased the age limit for RRSP to RRIF conversions from 69 to 71. Now more Canadians have the freedom to choose when they want to convert their RRSPs.
All of these measures and many others help to grow our economy. I am still very proud of them today, and I promote them every year in a tax guide that I send to all my constituents.
We understand the consequences that a precarious financial situation can have on people's lives, especially those of the aging population. We all have a duty to be part of the solution. If we have the will to do it, we can act relatively quickly to provide financial support to our seniors in the upcoming budget, if the Liberals get their act together and introduce one.
In addition to the effects of the pandemic, the government has created a lot of uncertainty for our seniors and the rest of the population. If the Liberals really intended to help seniors, they would have already done so, and we all know that the Bloc Québécois can never win the Prime Minister's seat. That leaves the Conservatives as the only option for helping seniors who are in a precarious financial situation.
I am sure that stakeholders will realize that we stand on our record and that our good intentions will become reality in the future Conservative Government of Canada. Together, we will tackle the challenge of repairing the damage caused by the Liberals and rebuilding the Canadian economy.