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House Hansard - 31

44th Parl. 1st Sess.
February 15, 2022 10:00AM
Context: House Hansard - 31 - Feb/15/22
Mr. Francesco Sorbara
  • Feb/15/22 1:10:57 p.m.
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  • Re: Bill C-12 
Mr. Speaker, of course, I would advise any senior or individual here in Canada to seek financial advice on how they manage their affairs. With Bill C-12, we want to ensure that for the literally hundreds of thousands of seniors who may have been affected by any sort of clawback on their GIS, the income they received from CERB and other benefits is not included in their taxable income for determination of benefits going forward. For an individual in Canada, it is correct that if they pull money out of their RRSP, it is taxable income and they would pay taxes on it. When we make an RRSP contribution, we receive a nice deduction for it, and I encourage Canadians to make an RRSP contribution if they have the ability to do so. All individual cases should be looked at by the member and should be brought to the attention of the minister and the parliamentary secretary.
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