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House Hansard - 275

44th Parl. 1st Sess.
February 5, 2024 11:00AM
Context: House Hansard - 275 - Feb/5/24
Ms. Elizabeth May (Saanich—Gulf Islands, GP)
  • Feb/5/24 3:47:40 p.m.
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Mr. Speaker, I rise to present a petition of deep concern for many of my constituents. Our tax system in many ways is a discriminatory system toward seniors who are single. Married seniors are able to take advantage of income splitting on pensions. Because of the treatment of RRSP with the death of one's spouse, that registered retirement fund or tax-free account can be rolled into the RRSP of the other spouse. Single seniors, at death, just have it added into income, and it affects their taxes in so many ways. The petitioners are begging the government to look at the reality for six million seniors in Canada. Over one-third of them are single seniors, and most of those seniors are women. Fair taxation for seniors is the call of these single seniors. They ask for the government to review the situation, offer single seniors a reduction of 30% on their income to be taxed, and allow, upon death, single seniors with an RRSP, RRIF or TFSA to transfer it into one of their other savings accounts for the beneficiary of their choice. It is only fair.
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