Conservatives will protect OAS, GIS, and CPP, increase seniors pension deduction to $2500
Today in Guelph, Stephen Harper announced that a Conservative government will preserve and enhance security for seniors. Mr. Harper committed to fully preserving the foundations of Canada’s public pension system, including Old Age Security, Guaranteed Income Supplement, and Canada Pension Plan. His also committed to doubling the seniors pension deduction to $2000 and eventually increasing it to $2500 per year.
“We will protect our public pension programs, and build on them by allowing seniors to keep more of their pension income tax free,” said Mr. Harper. “Seniors who sacrificed to save for their retirement and paid into pension plans should get a tax break.”
Many of our seniors are on fixed incomes, yet their costs of living are anything but fixed: the cost of electricity is rising, the cost of home heating fuel is rising, and drug and other medical costs are rising. Governments need to do what they can to ensure that seniors are equipped to face these rising costs.
A Conservative government will:
-
Protect seniors from over-taxation by raising the pension income amount from $1,000 to $2,500 per year;
-
Confirm its commitment to the CPP, OAS and GIS as fundamental guarantees of income security in retirement years with no reductions of any kind to present or future benefit levels;
-
Appoint a Seniors Council, comprised of seniors and representatives of seniors’ organizations, to advise the minister responsible for seniors on issues of national importance; and
-
Stop the Liberal attack on retirement savings and preserve income trusts by not imposing any new taxes on them.
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.
Only the Conservatives will give seniors security by pledging to levy no new taxes on income trusts. Only the Conservative party will increase the amount of pension income that seniors can earn tax free.
On January 23 stand up for seniors and elect a new government that will protect their hard won gains.
