Archived - Minister Sorenson Highlights Harper Government’s Support for Seniors on National Seniors Day

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October 1, 2014 – Ottawa, Ontario – Department of Finance

Minister of State (Finance) Kevin Sorenson today made the following statement celebrating National Seniors Day:

“National Seniors Day is an occasion for Canadians across the country to show our appreciation for all that seniors have contributed to our communities, to the economy and to Canada. I am proud that our Government is putting over $2.8 billion back into the pockets of Canadian seniors and pensioners this year through targeted tax relief. In addition, we are taking concrete steps to support seniors’ financial literacy, put consumers first and ensure that all seniors have access to the resources and tools they need to succeed. Canadian seniors helped lay the foundations for our great country, and the Harper Government is making sure that each and every one of them can enjoy a secure and dignified retirement.

“Over the last number of months, our Government has been consulting on a national strategy for financial literacy, with the first phase focused on seniors. This strategy will engage more Canadians in preparing financially for their senior years; help seniors to plan and manage their financial affairs; improve the understanding of and access to public benefits for seniors; and increase the tools to combat financial abuse. I expect to unveil this important strategy soon.

“In addition to improving the financial literacy of seniors, the Government has a “Consumers First” agenda. As a key part of this agenda, the Government took efforts to alleviate the costs of banking services for seniors. In May, we secured voluntary commitments from eight of the largest banks to make low-cost or no-cost accounts available to a wider range of eligible customers, including seniors who qualify for the Guaranteed Income Supplement. In September, additional voluntary commitments were secured to provide seniors with more information about powers of attorney and joint deposit accounts. This helps seniors make more informed financial decisions.

“The Harper Government has implemented targeted tax relief to improve the financial well-being of seniors. When combined with broad-based tax relief, this represents savings of more than $3,000 for an average senior couple in 2014. Specific tax measures include increases in the Age Credit amount; a doubling of the maximum amount of income eligible for the Pension Income Credit; an increase in the age limit for maturing pensions and Registered Retirement Savings Plans; and the introduction of pension income splitting. We have also introduced the Tax-Free Savings Account—a tax-assisted savings account that more than 10 million Canadians are using today to meet a variety of savings needs, including saving for retirement.

“I am proud of the Harper Government’s record of making life more affordable for seniors. By continuing to work together we can build on our accomplishments and continue to support our seniors, who have made such an important contribution to our society.”

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Media Contacts

Meagan Murdoch
Office of the Minister of State (Finance)

Jack Aubry
Media Relations
Department of Finance

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