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Investing.com -- The Liberal Party of Canada, led by Prime Minister Mark Carney, announced a set of measures on Monday aimed at providing urgent support to Canadian retirees during the ongoing global economic crisis. This initiative follows a series of previously announced actions intended to assist Canadian workers, families, and businesses.
Amidst the economic turmoil caused by President Trump's tariffs, which have significantly disrupted the global economy, the Canadian government has expressed its commitment to ensuring the economic security of its citizens. The Liberal government's plan focuses on fighting for Canadians' financial well-being, safeguarding incomes and savings, and fostering conditions conducive to economic resilience and recovery.
One of the key measures introduced is a reduction in the minimum withdrawal requirement from Registered Retirement Income Funds (RRIFs) by 25% for the duration of one year. This change is designed to give Canadian seniors increased flexibility in managing their retirement savings during this challenging period.
Additionally, the government has announced a 5% increase in the Guaranteed Income Supplement for one year. This enhancement will provide up to an additional $652, tax-free, to low-income seniors, offering them crucial financial relief.
These new measures complement a range of support options previously unveiled by the Liberals. These include the temporary removal of the one-week waiting period for employment insurance (EI), suspension of rules requiring workers to deplete severance pay before collecting EI, and modifications to make EI more accessible by adjusting regional unemployment rate calculations.
Furthermore, to assist Canadian businesses in navigating the crisis, the government has deferred corporate income tax payments and GST/HST remittances from April 2 to June 30, 2025. This deferral is expected to inject up to $40 billion in liquidity into the business sector. Other supportive actions include the introduction of a new financing facility for businesses and increased funding for Canada's regional development agencies to bolster their ability to aid businesses.
Prime Minister Mark Carney has emphasized Canada's readiness to lead in the face of global economic challenges, stating, "If America won’t lead, Canada will." The Liberal government's announcement today underscores their determination to protect Canadian seniors and their retirement savings as the nation weathers the current economic storm.