# New Conservative Plan Aims to Help Seniors Save More Money
The federal Conservatives have proposed a new plan targeting older voters, pledging to lower taxes for seniors and extend retirement savings opportunities. This plan includes allowing working seniors to earn as much as $34,000 a year without paying income tax, pushing the registered retirement savings plan (RRSP) age limit from 71 to 73, and keeping the retirement age at 65 for Canada Pension Plan (CPP), Old Age Security (OAS), and Guaranteed Income Supplement (GIS) qualification.
## FAQ
**1. How would the income-tax break work?**
Seniors can currently claim a basic personal amount (BPA) of $15,705 and a non-refundable tax credit if they are 65 and older with a specific income limit. The Conservatives’ proposal aims to benefit working seniors by allowing them to keep more of their employment income tax-free.
**2. How would the RRSP extension work?**
The proposal includes extending the RRSP age limit to 73, enabling Canadians to contribute to their retirement plans for an extra two years. This extension would give seniors more time to grow their retirement funds before making withdrawals.
**3. Will extending the age limit for RRSPs broaden their appeal?**
Extending the RRSP maturity age could make this retirement savings plan more appealing to seniors, providing them with additional flexibility in managing their funds and creating opportunities for saving.
## Conclusion
The Conservative Party’s new plan for seniors aims to provide them with more financial security and options for retirement. By lowering taxes for working seniors and extending retirement savings opportunities, older Canadians can benefit from increased savings and flexibility in managing their finances. As the population ages, these measures could help ensure a more secure financial future for seniors in Canada.
If you have any more questions about the Conservative Party’s senior savings plan, stay tuned for further updates and details on its implementation.
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**Author:** Samantha Louis
**Contact:** [[email protected]](mailto:[email protected])