federal government eyes incentives for retirees to keep working: report
the federal government is looking for ways to support t...
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the federal government is looking for ways to support the growing number of people working past the retirement age of 65. according to blacklock’s reporter, industry minister francois-philippe champagne wrote a letter to the house of commons industry committee that said tax measures and other incentives could help retirees if they want to continue working.
the measures could also help ease the labour shortage the country is facing.
“efforts are being undertaken to support retirees,” champagne wrote to the committee. he added the income tax act should “not create barriers to seniors who want to remain in the workforce.”
a march 9 committee report recommended cabinet “encourage labour market participation among workers who are approaching retirement age or who have reached it, by introducing new tax or other incentives.”
no new proposals were detailed by champagne. a senior “can have at least $25,396 in taxable income before paying any federal income tax in 2023,” he estimated.
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in a 2017 report, statistics canada said the number of retirees that were working was the “highest on record” and was expected to increase. typical jobs include sales, retail management and truck driving.
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“the percentage of seniors who reported working nearly doubled between 1995 and 2011 with most of the increase coming from part-year or part-time work,” statscan analysts wrote.
among people in their 70s, 20% were working. for those in their 80s, 7% had a job.
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