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

April 7, 2025

By Yiannis Damellos

In response to the economic challenges posed by President Trump's tariffs, the Liberal Party, led by Mark Carney, has unveiled a comprehensive set of measures aimed at safeguarding Canadians' financial well-being, particularly focusing on seniors and their retirement savings. Carney emphasized the urgency of addressing the financial concerns surrounding retirement savings, jobs, and businesses amidst global economic turmoil.

The key initiatives announced include:

1. Reduction of RRIF Withdrawals: The minimum withdrawal amount from Registered Retirement Income Funds (RRIFs) will be reduced by 25% for one year. This adjustment is designed to give seniors greater flexibility in managing their retirement savings during uncertain economic times.

2. Increase in Guaranteed Income Supplement: A 5% increase in the Guaranteed Income Supplement will be provided for one year, benefiting low-income seniors with up to $652 more in tax-free income.

These measures are part of a broader strategy aimed at reinforcing the economic security of Canadians. Additional previously announced actions include:

• Waiving the one-week employment insurance (EI) waiting period temporarily.
• Suspending severance pay rules to facilitate easier access to EI.
• Increasing regional unemployment criteria to broaden access to EI.
• Deferring corporate income tax and GST/HST payments, injecting up to $40 billion in liquidity into businesses.
• Establishing a new financing facility to support businesses in need.
• Increasing funding to regional development agencies to better assist local enterprises.

Carney's commitment is clear: to protect Canadians from the adverse impacts of international trade policies and to foster job creation and economic growth. He asserts that Canada will step up in leadership where the U.S. has fallen short, with an overarching goal of building a resilient and robust economy that leads the G7 in growth. The Liberal government's proactive approach aims to ensure that Canadian families, especially the most vulnerable, have the necessary support to navigate through these challenging times.