QUESTION PERIOD — Finance
Registered Retirement Income Funds
November 18, 2025
Senator Moreau, during the election campaign, the Liberals promised to provide temporary relief for retirees by reducing mandatory registered retirement income fund, or RRIF, withdrawals by 25%. In an interview with The Globe and Mail in August, the Secretary of State for Seniors, the Honourable Stephanie McLean, confirmed that the government planned to follow through on this measure. However, it’s nowhere to be found in the most recent federal budget.
Since many Canadians have to make important financial decisions for their future, they need the government to be clear and reliable. Can the government clarify the status of the promised policy and the proposed time frame for applying the 25% reduction in mandatory RRIF withdrawals?
Thank you for the question, Senator Moncion. Indeed, the Secretary of State for Seniors said in August that a temporary reduction of mandatory RRIF withdrawals would be put in place to help our seniors during difficult times. I’m confident that the government will follow through on these promises, but I can’t speculate on future plans. The policy in question could be implemented outside the budget. That’s my understanding.
However, it’s important to mention that the budget aims to implement many affordability measures for our seniors, such as the New Horizons for Seniors program, with an annual budget of $70 million, or the National Anti-Fraud Strategy, which seeks to better protect our seniors from fraud, since they are disproportionately affected by fraud.
Thank you.
There’s not much time left, Senator Moreau, since December 31 is right around the corner, and that’s the end of the fiscal year for Canadians. If the measure is supposed to be for 2025, could you tell us whether any efforts are being made to have it in place by December 31, 2025?
I don’t have any specific information. I’ll raise the issue with the minister and the secretary of state and get back to you on this. In any case, I believe that the government still intends to fulfill the commitment made by the secretary of state.
