CARP Wants Mandatory Requirement Removed

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    CARP wants the federal government to eliminate mandatory RRIF withdrawals. In its pre-budget submission, it says this requirement puts retirees at risk of outliving their savings. Currently, people age 71 and over are required to draw down their tax deferred accounts and pay tax on the withdrawals whether they need the money or not. The current generation of seniors “needs some help to get by now, especially the neediest, and help to help themselves, to keep their jobs and to protect their savings, starting with letting them keep their RRIF savings intact,” says Susan Eng, vice-president, advocacy for CARP. It also wants the budget to include measures to increase income supports, especially for single seniors, including OAS, GIS, and spousal allowances; increased exemption for casual earnings in GIS rules; and an increase in the CPP and/or the creation a new universal pension plan.