Poilievre says he’ll keep retirement age at 65 in play for boomers

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OTTAWA — Conservative Leader Pierre Poilievre says his government would hold the retirement age at 65 and delay the mandatory RRSP withdrawal date by two years in a bid to attract baby boomer voters.

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“We will not raise the retirement age,” said Poilievre in a video announcement, adding that Old Age Security (OAS), Guaranteed Income Supplement (GIS) and Canada Pension Plan (CPP) payments will continue to start at age 65 under a Conservative government.

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Poilievre’s retirement age and benefit assurances mark a U-turn from the policies of the Stephen Harper government, which controversially planned to gradually increase the age of eligibility for OAS and GIS payments to 67 from 65.

Poilievre, a member of former Conservative prime minister Stephen Harper’s caucus, both voted and spoke in favour of the plan, saying in a 2012 House of Commons debate that “significant increases in the effective retirement age” were needed to keep Canada’s public pension system solvent.

Justin Trudeau quickly reversed Harper’s retirement benefits restructuring plan after becoming prime minister in late 2015, despite economists estimating the changes would save Ottawa $4 billion per year and allow for higher benefit payouts.

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The 45-year-old Poilievre is quickly changing his tune, with economic uncertainty from the threat of tariffs driving anxious baby boomers into the arms of sexaginarian Liberal leader Mark Carney.

Poilievre also promised to extend the mandatory withdrawal date for RRSPs by two years, meaning seniors would be able to keep contributing to their RRSPs until 73.

“Those that choose to grow their savings for longer should have the chance,” Poilievre said in a news release.

The Conservative leader also committed to boosting the basic personal income tax exemption for working seniors from $15,000 to $25,000. That means that income up to $25,000 will be exempt from federal tax for workers over 64 years old.

A campaign kick-off poll from Abacus showed the Conservatives leading in every age group other than 60-plus, where the Liberals hold a four-point edge.

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Canadians between the ages of 65 and 74 have turned out in the biggest numbers in every federal election since 2004.

Three-quarters of 65- to 74-year-olds voted in the last federal election in 2021, compared to just 53 per cent of 25- to 34-year-olds and 59 per cent of 35- to 44-year-olds, according to Elections Canada.

Older voters have tended to lean conservative, with the Liberals and NDP drawing a younger crowd, but Poilievre has turned this trend on its head by honing in on housing and affordability issues that resonate with Millennials and Gen Z.

Eric Lombardi, a Toronto-based consultant and housing advocate who’s written extensively on generational inequality in Canada, says he’s disappointed by Poilievre’s announcement on the retirement age, but isn’t surprised.

“(Poilievre) is smart enough to know the boomers are entitled to their entitlements,” said Lombardi.

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Lombardi added that Poilievre’s concession on the retirement age would be an acceptable price to pay for more young-adult friendly housing policies under a Conservative government.

“My message to seniors is enjoy your retirement at let us build housing in your neighbourhood.”

National Post
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