Seniors are dedicated voters and political parties are courting their support with promises to enhance pensions.

ELECTION 2015: Battle over pensions, pay stubs

Expanding Canada Pension Plan or more voluntary savings in tax-free savings accounts are among choices for voters

Pensions and payroll deductions to finance them are a key battleground for the Oct. 19 federal election.

Liberal leader Justin Trudeau sparked debate by endorsing the Ontario government’s plan to launch a provincial version of the Canada Pension Plan, with mandatory payroll deductions to finance it.

The Liberal Party platform says only that a Trudeau government “will work with the provinces and territories, workers, employers and retiree organizations to enhance the Canada Pension Plan.”

NDP leader Thomas Mulcair has made a similar pledge to expand the CPP, noting that Ontario and Prince Edward Island have already put forward pension proposals. He plans to convene a meeting with provinces within six months of forming a government. (NDP platform here.)

Conservative leader Stephen Harper has rejected mandatory expansion, but has said he would consider a system of voluntary additional contributions to CPP. The Conservatives have promoted an increase in tax-free savings account limits to $10,000 per year and income splitting for married seniors. (Conservative platform here.)

Conservative Finance Minister Joe Oliver said for an employee earning $60,000 a year, the Ontario pension would reduce take-home pay by $1,000 a year, and similar payments by employers would lead to reduced employment.

The Green Party platform also promises to expand the CPP, but provides no details.

Trudeau and Mulcair have both denied Harper’s allegation that they plan to eliminate pension income splitting. Both have also vowed to cancel the Conservative plan to raise the eligibility age for Old Age Security payments from 65 to 67, which would not take full effect until 2029.

OAS is not a pension plan, but a taxpayer-funded program that pays $565 per month for all seniors, in addition to the Guaranteed Income Supplement (GIS) that provides up to $766 per month to qualifying low-income seniors. OAS is progressively taxed back for seniors whose combined income from other source exceeds $72,809.

In an interview last week, Harper said his government has provided the biggest increase in the GIS in 25 years, and defended the move to phase in a higher eligibility age for OAS, starting in 2023.

“We’re doing, frankly, what most other Western democratic countries do, make adjustments based on demographics,” Harper said.

 

Just Posted

Blood transfusion saved colitis-stricken Lake Country woman’s life

Rebecca Roth encourages public to support Lake Country blood donor clinic Sept. 26

Three candidates drop out of Central Okanagan municipal election

Two running for Peachland/OK West trustee and OK East rural director candidate step aside

Ancestral remains uncovered at Fintry to be reburied

Remains found along Shorts Creek in Fintry Provincial Park during flood remediation measures

Okanagan Rail Trail to officially open

Thursday, Sept. 27, 11 a.m., Oyama Boat Launch, Wood Lake; public welcome

Growing Okanagan tech sector hailed in new report

Study shows sector employees 12, 474 workers and is worth $1.67 billion to regional economy

CUTENESS OVERLOAD: 2 sea otters hold hands at the Vancouver Aquarium

Holding hands is a common – and adorable – way for otters to stay safe in the water

VIDEO: B.C.-born firefighter remembered by MP in emotional speech

Family asks first responders to look after one another in wake of suicide, growing concerns of PTSD

Airline has ‘close call’ with drone while en route to B.C. airport

Jazz Aviation reported the drone sighting near Vancouver to the RCMP and Transport Canada

Tragic accident claims life of B.C. toddler

Fundraising effort has been created to help mom and family

B.C. nanny charged with sex abuse of 3 children

Saanich Police seek potential victims of Johnathon Lee Robichaud from Central Saanich

‘I’m no quitter’ on climate change issues, McKenna says at G7 ministers meeting

David Suzuki says if McKenna believes what she’s saying, she too should quit

VIDEO: Inside an eerily empty mall in Canada

Only seven of 517 retail spaces are open for business as the grand opening postponed to next year

B.C. wildfires burned large areas affected by mountain pine beetles: Experts

The mountain pine beetle epidemic affected more than 180,000 square kilometres in B.C.

Tens of thousands without power following tornado in Ottawa region

Hydro Ottawa says more than 170,000 customers were without power early this morning

Most Read