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

Salmon Arm’s fire risk worries professionals

Using the 1998 wildfire as an example, consultant suggests more prevention work needed.

Adams Lake band to get new chief

Incumbent chief Paul Michel will not be seeking re-election

Updated: Accused in Kelowna triple murder in court today

Jacob Forman has been in custody since he was arrested and charged with second degree murder

UPDATE: Head on collision closes Trans-Canada west of Revelstoke

Two tractor-trailers collided on Highway 1 forcing the closure of the road, no detour is available

JoeAnna’s House fundraising campaign reaches $4.5 million

Offering ‘home away from home’ for families of KGH patients

VSS drama students to hit the stage

VSS students prepare to stage a midwinter’s night production

Police to provide update on unsolved 13-year-old B.C. girl’s murder

IHIT say no one has been arrested or charged in connection with Marrisa Shen’s death

Rural B.C. students score visit with Canadiens netminder Carey Price

Two students from the Caiboo Chilcotin can hardly wait to meet hometown hero Carey Price in Montreal.

Business Spotlight: Mayor to give state of the city address

Mayor Nancy Cooper will be the guest speaker at the January Salmon… Continue reading

Unplug and play in the South Shuswap

The Unplug and Play Family Literacy Week kicks off on Jan. 20… Continue reading

Column: Price fixing means a payout for consumers

Are you going to redeem your $25 Loblaws Gift card? With all… Continue reading

VIDEO: Elk parade on Vancouver Island is awesome sight

They’re out in force for a morning stroll. Check out some of Youbou’s famous elk.

North Delta’s Colton Hasebe named BC Children’s Hospital Foundation’s 2018 Champion Child

Colton takes the reins from 2107 Champion Child and Tsawwassen resident Taylin McGill

GPS tracking assists in White Lake rescue

Shuswap Search and Rescue reach two men before they had to spend a night in the cold

Most Read