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Post under ‘rrsp’ tag

Retirement Savings: What do you think?

25 October 2021 at 21h33

Dear readers,

I would like to hear your opinion on recommendations made by the Standing Senate Committe on Banking and Commerce who published a report called: Canadians Saving for their Future: A Secure Retirement.

I would like to consult you on three priniple recommendations.

  1. The federal government amend the Income Tax Act to permit contributions to registered retirement savings plans (RRSP) to be increase from 71 years of age to 75 years of age. The increase from age 71 to age 75 should be phased in over an eight-year period.
  2. The federal government amend the Income Tax Act to establish, in addition to the existing annual contribution room, an amount for lifetime contributions to a Tax-Free Savings Account (TFSA) should be set at $100,000. This amount should be increased annually in accordance with changes in the Consumer Price Index.
  3. The federal government work with the provinces and territories to establish a Canada-wide voluntary plan to encourage adequate retirement saving by Canadians and to enable them to benefit from the lower fees and lower risks.

You may write to me on this webiste or via my email: hervic@sen.parl.gc.ca with your comments.

Thank you.


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