OTTAWA – Conservative Shadow Minister for National Revenue Marty Morantz and Conservative Shadow Minister for Finance Pierre Poilievre, today proposed practical measures to help families and seniors affected by the COVID-19 crisis.

Canadians are looking for penalty-free access to their savings, in order to reassure their personal financial security during these unprecedented times. However, current withdrawal requirements for Registered Retirement Savings Plans (RRSP) are preventing families and seniors from accessing their investments without paying significant penalties. Seniors have also raised concerns with the requirement to cash out Registered Retirement Income Funds (RRIF) during the pandemic, which is devaluing their investments.

Conservatives are calling on the government to address these concerns, by implementing the following proposals:

  1. Allow Canadians a special one-time withdrawal from their RRSP in 2020, which if repaid by December 31, 2023 will be tax-free.
  2. Waive mandatory RRIF withdrawals until December 31, 2020.

“Allowing Canadians to borrow from their RRSPs to pay their bills during this critical time is simply the right thing to do,” said Marty Morantz. “This initiative will give Canadians who are struggling to make ends meet, including small business owners and seniors, access to their own funds instead of having to rely on government benefits.”

“Canada’s seniors have been left asking where their support is,” added Pierre Poilievre. “Our seniors feel neglected and ignored during these trying times and need more money in their pockets. Waving 100% of mandatory withdrawals on RRIFs will help provide seniors with the additional support they are looking for.”