Conservative Leader Pierre Poilievre greets supporters before boarding his campaign plane in Mount Hope, Ont., on March 26.Carlos Osorio/Reuters
Conservative Leader Pierre Poilievre says he will maintain core benefits for seniors if his party forms government, a departure from his past strong criticism of a recent expansion of the Canada Pension Plan.
He also says he will keep the retirement age at 65, distancing himself from the policy he supported as an MP under Conservative prime minister Stephen Harper to raise the age to 67.
At a campaign stop in Montmagny, Que., on Wednesday, Mr. Poilievre outlined a series of promises aimed at seniors, including a pledge to cut taxes for those who choose to keep working rather than fully retire.
A Conservative government would also increase to 73, from 71, the age when seniors must stop contributing to their Registered Retirement Savings Plan. Under the current rules, at age 71, an RRSP must either be fully withdrawn, converted into a Registered Retirement Income Fund or used to purchase an annuity.
The Conservative Party said it will keep the retirement age at 65 with respect to Old Age Security, the Guaranteed Income Supplement and the Canada Pension Plan.
At times over his political career, Mr. Poilievre has criticized the existing CPP program, which provides guaranteed retirement income funded from mandatory employee and employer contributions that are invested and managed by the Canada Pension Plan Investment Board.
During his first Question Period in Parliament after becoming Conservative Leader in 2022, he called on the Liberal government to cancel planned increases to CPP contributions and benefits, calling them “tax hikes.”
Between 2019 and 2023, CPP employee and employer contributions rose gradually from 4.95 per cent each of pensionable earnings to 5.95 per cent in 2023. Over time, this will increase the size of CPP benefits to one-third of pensionable earnings, up from one-quarter.
Former Liberal finance minister Bill Morneau approved the change in the 2016 budget, which said the enhancement would address the risk of Canadians outliving their savings, especially as workplace pensions become less common.
The policy was strongly criticized by small business advocates and Mr. Poilievre and his MPs have frequently attacked the plan in Parliament.
In 2012, Mr. Poilievre was an MP in a Conservative government that brought in a plan to raise the retirement age to 67 from 65. The change would have taken effect in 2023. The measure was presented as a necessary move to address demographic pressures.
The Liberal government under former prime minister Justin Trudeau reversed that planned change to the retirement age in 2016.
Mr. Poilievre was asked Wednesday why his views on CPP have changed, but did not directly answer.
“We will protect CPP, OAS and GIS for age 65. The retirement age will remain 65. You will get all your CPP. All your GIS. All your OAS at age 65 under a new Conservative government,” he said, without elaborating further.
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Mark Hancock, national president of the Canadian Union of Public Employees, said Canadians should look at Mr. Poilievre’s record on public pensions.
“A leopard can’t change his spots. Poilievre’s record on opposing CPP expansion and raising the retirement age is well-known. Canadians who are counting on CPP and OAS for their retirement should take a cold, hard look at Poilievre’s 20-year history of attacking their retirement security before they go to the ballot box,” he said in a statement.
The Conservative Leader’s tax cut proposal would allow working seniors to earn up to $34,000 tax free, which is $10,000 more than is currently the case. It would only apply to income earned through employment, not to self-employment income.
In 2024, Canadians could earn up to $15,705 tax free under what is called the Basic Personal Amount. Seniors could earn an additional $8,790 tax free through the Age Amount Credit. Mr. Poilievre is proposing to increase the Basic Personal Amount for working seniors by $10,000.
At one point Wednesday, Mr. Poilievre revealed that he recently made some significant changes to his own investment portfolio in response to tariff threats from U.S. President Donald Trump.
“After President Trump began threatening our economy, I sold my investments in foreign economies. I now invest in Canadian stocks and Canadian companies. I brought my money home to this country,” he said, after criticizing Liberal Leader Mark Carney’s investments, alleging they create conflicts of interest.
Personal finance experts generally recommend a diversified approach to investing in terms of geography and types of investments. Mr. Poilievre qualifies for a generous MP pension, which would allow him to take on more risk with his investments.
Mr. Poilievre held an evening rally Wednesday in Quebec City, where he outlined his party’s message to Quebec voters.
He promised to give Quebec more power over immigration and to protect cultural programs.
“A Conservative government will maintain funding for francophone and Quebec culture, we will preserve Radio-Canada services across the country and a Conservative government will end the war on cars,” he said in French.
Organizers said the event was attended by about 600 people.
Mark Carney on Sunday called a snap election for April 28, saying he needed a strong mandate to deal with the threat posed by U.S. President Donald Trump.
Reuters