Conservative Leader Pierre Poilievre said seniors who choose to work after reaching the retirement age should not be penalized financially.
Poilievre’s latest electoral promise would see seniors allowed to earn up to $34,000 tax free, an increase of $10,000 over the current system which approximately has a $15,000 personal exemption and a $9,000 age credit.
“We need our smartest, wisest people who choose to contribute, to offer all they can, and we need to reward them when they do,” Poilievre said during a campaign stop in Montmagny, Que., on March 26.
Other proposed measures to help seniors include pushing back the age limit to decide what to do with retirement savings accounts, or RRSPs, from 71 to 73, allowing savings to keep growing for two extra years. The options are to withdraw the money, transfer it to a registered retirement income fund (RRIF), or to purchase an annuity.
The Tory leader also said he would keep the age of retirement at 65.
“It should be clear that no senior should ever be forced to work, but those who choose should not be punished,” he said.
Many of Poilievre’s campaign promises so far have revolved around cutting taxes and regulations to boost paycheques and economic growth.
Earlier this week, the Conservatives promised to eliminate the GST on new homes under $1.3 million. They have also pledged to cut the income tax rate by 2.25 percent for Canadians in the lowest tax income bracket.
Liberal Leader Mark Carney has made similar promises, such as eliminating the GST on new homes under $1 million and cutting the income tax rate by 1 percent in the lowest income tax bracket.
Both leaders are trying to position themselves as the best suited to proof the Canadian economy from the turbulence caused by the Trump administration.
On the campaign trail in Windsor, Ont., on March 26, Carney said he will launch a $2 billion strategic fund to support workers in the auto sector.
The industry has been roiled by the U.S. tariffs, and on March 26 President Donald Trump announced 25 percent tariffs on foreign cars in a move to boost domestic auto manufacturing. The auto tariffs will go into effect on April 2.
It is unknown as yet how Canada will be affected. The Trump administration will also impose reciprocal tariffs on April 2.
Poilievre said his message to Trump is to “knock it off.”
“These tariffs are simply causing chaos in markets,” he added. “They’re dislocating workers on both sides of the border. Stop threatening Canada with tariffs. Stop talking about our sovereignty.”
Trump has repeatedly mentioned Canada should become a 51st U.S. state to benefit from lower taxes and increased military protection.
“I think it’s easier to deal actually, with a Liberal, and maybe they’re going to win, but I don’t really care. It doesn’t matter to me at all,” he said in a Fox News interview. He also said Canada had been “one of the nastiest countries to deal with,” adding that Trudeau and “his people were nasty.”
