Mr. Ziad Aboultaif M.P. requested the removal of federal income taxes on Canada Pension Plan/Quebec Pension Plan (CPP/QPP) and OAS benefits received by seniors with limited sources of income. The funds to pay for the measure will come from general revenue of the federal government and not from an increase in future CPP/QPP contributions.
PBO estimates this program to cost $268.1 million in 2020-2021 and $1,083.4 million in 2021-2022. The time horizon for this costing is aligned to PBO’s September 29, 2020 Economic and Fiscal Scenario.
The provincial distribution of the number of seniors benefiting from this tax removal is depicted in the table below.
|Number of beneficiaries|
|Fiscal Year||Newfoundland||P.E.I.||Nova Scotia||New Brunswick||Quebec||Ontario||Manitoba||Saskatchewan||Alberta||B.C.||Total|