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House Hansard - 167

44th Parl. 1st Sess.
March 9, 2023 10:00AM
Context: House Hansard - 167 - Mar/9/23
Ms. Elizabeth May (Saanich—Gulf Islands, GP)
  • Mar/9/23 10:25:35 a.m.
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Mr. Speaker, I am presenting a petition today from many of my constituents. People from outside my riding have also raised this issue. I am sure other members have heard the concerns of seniors who are single about the differential treatment they receive. The treatment of single seniors is much less advantageous in the tax system. They cannot claim income splitting. Obviously, they have no one with whom to split the income. It is not as though the cost of living for a single senior were half that of a couple; it is approximately two-thirds. On death, they are not able to have any RRSP, RRIF or other tax-free savings accounts go to a surviving partner; it is just taxed at a high level. There are about six million seniors in Canada, and about one-third are single. These petitioners ask the Government of Canada to review the tax benefits in order to equalize them such that single seniors will receive the same tax benefit. This would be achieved by reducing the income to be taxed by 30%. If a senior is single and has a taxable income of $100,000, that would be reduced to $70,000 for fairness. It would also mean allowing single seniors to have their various forms of retirement savings transferred to the beneficiary of their choice after death.
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