Retirement Income Security

Below you will find information from each political party based on their statements, announcements and platforms, as they relate to our key questions on retirement income security. We will update this information during the remainder of the campaign with any relevant new information – so check back often! This page was last updated October 3, 2019.

The parties and their platforms are listed alphabetically. Here’s what the parties are promising on retirement income security:

Check out our 1-page document on this important issue for our key questions and more background information.

 

Bloc Québecois (BQ)

  • Introduce tax-credit for employers to train workers 65 years and over (if they desire to continue working).

  • Increase how much seniors can make while working, while still receiving GIS.

  • Reform old age pensions to protect household income gains.

  • Increase the GIS.

  • Make pension funds a priority in case of employer bankruptcy.

Source:  Le Québec, c’est nous. Plateforme politique du Bloc Québécois.
https://www.blocquebecois.org/wp-content/uploads/2019/10/Plateforme_Bloc2019_web-1.pdf

 

Conservative Party of Canada (CPC)

  • Increase the Age Credit by $1,000 per year, per senior.

  • Offer incentives to retirees who want to go back to work.

Source: Andrew Scheer will give more support to seniors.
https://www.conservative.ca/andrew-scheer-will-give-more-support-to-seniors/

 

Green Party of Canada (GPC)

  • Replace income supplements for seniors (and other income supports such as social assistance) with a Guaranteed Livable Income.

  • Committed to a National Seniors Strategy that includes retirement security measures:

    • Increasing over time the target income replacement rate of the CPP from 25 per cent to 50 per cent of income received during working years.

    • Protect private pensions by amending the Bankruptcy and Insolvency Act and Companies’ Creditors Arrangement Act to establish preeminence of pensioners and the pension plan in creditor hierarchy during insolvency proceedings.

Source: Honest. Ethical. Caring. Leadership. Election Platform 2019.
https://www.greenparty.ca/sites/default/files/platform_2019_en_web_-_update_sep17.pdf

 

Liberal Party of Canada (LPC)

  • Work with the provinces and territories to increase the Canada Pension Plan (CPP) and Quebec Pension Plan (QPP) survivor’s benefit by 25 per cent.

  • Increase OAS benefit by 10% once recipients turn 75 – by July 2020, for seniors who earn less than $77,580.

Source : Liberals move to put more money in the pockets of seniors.
https://www.liberal.ca/liberals-move-forward-to-put-more-money-in-the-pockets-of-seniors/

 

New Democratic Party (NDP)

  • Introduce a National Seniors Strategy to make seniors care a priority, reduce isolation and tackle seniors’ poverty.

  • Place a one-year delay for seniors at risk of having GIS benefits suspended for being unable to make the required income statement.

  • Introduce legislation to ensure pensioners are at the front of the line when a company goes bankrupt – ensure unfunded liabilities owed to workers and employees’ severance pay are the top priority for repayment.

  • Create a mandatory, industry-financed pension insurance program to ensure workers are not deprived of retirement benefits.

  • Protect defined benefit pension plans – stop target benefit plans in the public sector.

  • Create a Pension Advisory Commission to develop a long-term plan to protect and enhance OAS, boost GIS and strengthen CPP.

  • Make OAS and GIS enrollment retroactive.

  • Support efforts to ensure Canadians have good retirement financial literacy.

Source: A New Deal for People. New Democrats’ Commitments To You.
https://action.ndp.ca/page/-/2019/Q2/2019-06-19_Commitments-Doc_EN.pdf