Conservatives will protect OAS, GIS, and CPP, increase seniors pension deduction to $2500

GUELPH – Conservative leader Stephen Harper today announced that a Conservative government will protect retirement security programs, including Old Age Security, the Guaranteed Income Supplement, and the Canada Pension Plan.  A Conservative government will also immediately double the pension income amount that seniors can deduct for registered pension plan or RRSP income from $1,000 to $2,000, gradually increasing to $2,500 over the next five years.

“We will protect our public pension programs and build on them by allowing seniors to keep more of their pension income tax free,” said Harper.

“Our first commitment is to double the deduction for private pension and RRSP income immediately to $2,000 and further increase it to $2,500 over five years,” said Harper. “Seniors who sacrificed to save for their retirement and paid into pension plans should get a tax break.”

The tax break for the seniors pension income amount will put approximately $2.235 billion dollars into the hands of seniors over the next five years.  “The pension income amount increase, in addition to other measures we have announced like the GST tax cut and tax deductibility of transit passes, will save most seniors hundreds of dollars per year,” said Harper.

Harper also promised to improve services to seniors, to be monitored by a new national Seniors’ Council.  This new body will underscore the importance of government officials treating seniors appropriately.  The Seniors’ Council will be made up of representatives of national seniors organizations and individual seniors.  In addition to monitoring the quality of government services to seniors, it will provide advice to the Minister Responsible for Seniors on government policy.

“Seniors who are trying to get information about pensions or other government programs must be treated with the respect and courtesy they deserve,” said Harper. “To ensure that there is accountability for how seniors are treated, and to ensure that seniors have a voice in government policy decisions, we will appoint a national Seniors’ Council.”

Harper also promised that a Conservative government would prevent other parties from taxing seniors’ retirement savings.  “A Conservative government will never allow the Liberals to raid seniors’ nest eggs by taxing income trusts or imposing death taxes on inheritance,” said Harper.

“On January 23rd, let’s stand up for seniors and elect a new government that will protect their hard-won gains,” said Harper.

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For more information:  Conservative Party Press Office (613) 755-2191