House of Commons photoLost his last election, in 2015, with 43% of the vote.
Business of Supply May 25th, 2015
Mr. Chair, we, of course, are always concerned if people lose their jobs or pensioners lose their pensions, so we are providing the support that is appropriate for particular industries. We are encouraging job creation, and we have a whole array of programs, which I have outlined, which will help retired persons in Canada throughout the country.
Business of Supply May 25th, 2015
As I have said, Mr. Chair, we have a three-tier system. It is providing, according to McKinsey, a secure retirement for over 80% of Canadians, and we have added to that, of course, through our pension income splitting, the pooled registered plans, the TFSA, and modifications to the RRIFs. Despite the opposition's reckless high-tax plans, we will continue to take action to put more money back—
Business of Supply May 25th, 2015
Mr. Chair, we have taken the advice of actuaries and other experts. Our CPP is now sustainable for well over 70 years, but Canadians do not want to pay higher payroll taxes. That is why we lowered taxes and brought forward new initiatives for Canadians to save for retirement, including pension income splitting, improved registered pension plans, tax-free savings accounts, and reducing the mandatory minimum of RRIFs. Despite--
Business of Supply May 25th, 2015
Mr. Chair, just to finish the answer to the last question, the government is gradually increasing the age of eligibility for old age security benefits to ensure the sustainability of the program, in light of changing demographics. Changes to the program will be phased in starting in April 2023, with full implementation by January 2029, to ensure that Canadians have significant advance notification to plan for retirement.
Business of Supply May 25th, 2015
Mr. Chair, the hon. member is misstating the facts. Canada has one of the strongest retirement income systems in the world, of which the old age security program is only one pillar. Since taking office, our government has taken many steps to expand savings options for Canadians and to ensure that seniors are secure in their retirement, and we are gradually increasing the age of eligibility for old age security—
Business of Supply May 25th, 2015
Mr. Chair, we have three pillars. We have the CPP, we have the OAS, and we have private pensions. According to McKinsey, 83% of Canadians are on track for a comfortable retirement under our government's low-tax plan.
Business of Supply May 25th, 2015
Mr. Chair, we have lowered taxes for seniors and pensioners. We have created the tax-free savings account and have almost doubled the amount Canadians can save, but the NDP would roll back that increase. We introduced income splitting for seniors in the same financial circumstances so they can pay closer to the same tax. The opposition would take this away. We lowered taxes 180 times--
Business of Supply May 25th, 2015
Mr. Chair, in 2011 we introduced the GIS top-up of $600 for single seniors and $840 for couples, which grows with inflation. This represented the largest increase for the lowest-income seniors in a quarter-century.
Business of Supply May 25th, 2015
Mr. Chair, we have done more, certainly, than the previous government. We are in a position to have a better system for retired persons than other countries.
We have done so many things: introducing pension income-splitting, which the other party voted against; increasing the age credit amount by $2,000; doubling the pension income credit to $2,000; enhancing the new horizons for seniors program by increasing funding—
Business of Supply May 25th, 2015
Mr. Chair, as I was saying, we recognize the importance of supporting seniors, who, after all, have helped build our country.
We are providing extra support across the country with lower taxes, solid pensions, and strong health care. Our government's low-tax plan has resulted in over 380,000 seniors being taken off the tax rolls.
We want to ensure that seniors have a choice and flexibility in how they save, and that is why we have modified the RRIF program.