Mark Carney’s Liberals to deliver urgent support to protect Canadian retirees in this global crisis

April 7, 2025

Victoria, BC – President Trump’s tariffs are rupturing the global economy. In the face of this crisis, Canadians are concerned about what this instability means for their savings, their jobs, and their businesses. As in previous economic crises, we must act quickly with purpose and force to ensure Canadian families have the support they need.

A Mark Carney-led Liberal government will fight, protect, and build. We will fight for the economic security of Canadians, protect their incomes and savings, and build the economic conditions for resiliency and recovery. Building on a series of support we recently announced for workers, families, and businesses, Mark Carney’s Liberals announced measures today to help protect Canadian seniors and their Canadian retirement savings.

“President Trump’s tariffs have ruptured the global economy, and Canadians are rightfully concerned about their retirement savings, their jobs, and their businesses,” said Mark Carney, Leader of the Liberal Party of Canada. “In the tough days ahead, we will protect Canadians and build Canada strong. If America won’t lead, Canada will.”

Today, Liberals announced measures to help Canadian seniors and retirement savings weather this storm:

  1. Protect retirement savings by reducing the minimum amount that must be withdrawn from a Registered Retirement Income Fund (RRIF) by 25% for one year. This will allow Canadian seniors more flexibility in choosing when to draw from their retirement savings; and,
  2. Increase the Guaranteed Income Supplement by 5% for one year, providing up to $652 more to low-income seniors, tax-free.

These build on previously announced actions to support Canadians and Canadian businesses including:

  • Temporarily waiving the one-week employment insurance (EI) waiting period;
  • Suspending rules around separation for a six-month period, so workers don’t have to exhaust severance pay before collecting EI;
  • Making it easier to access EI by increasing regional unemployment rate percentages;
  • Deferring corporate income tax payments and GST/HST remittances from April 2 to June 30, 2025, providing up to $40 billion in liquidity to businesses;
  • Deploying a new financing facility for businesses; and,
  • Providing more funding to Canada’s regional development agencies, so they can better support businesses.

Together, we will stand strong against President Trump’s tariffs, create new jobs, cut taxes for the middle class, and build the fastest growing economy in the G7. Liberals will build Canada strong.