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RRiF withdrawals tax free to compensate for inflation and corporate welfare
August 5, 2022
7:36 am
AllanB
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Make RRiF withdrawals tax free.

Seniors should be able to withdraw from their RRiFs tax free to compensate for inflation. The amount of tax revenue lost will be less than corporate welfare and other abuses. Seniors were ripped off more than anyone in the past 2yrs with their lives and inflation.

August 5, 2022
10:24 am
savemoresaveoften
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Super biased policy if implemented.
If make RRIF withdrawal tax free, so should RRSP withdrawal too.

August 7, 2022
4:01 am
RetirEd
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This is just bad policy. It violates the principle of tax deferral and will benefit only folks with lots of untaxed wealth. And it's unfair in many other ways.

Seniors haven't been "ripped off by inflation" for the last 2-1/2 years - only the past year, more or less. Inflation was negligible for the first half of the pandemic. And most corporations (other than on-line and delivery scammers) lost money for a good while, too.

And exactly how would this affect "corporate welfare"? The excess-profits tax might be a better option - but higher progressive corporate income tax rates are a long-term solution. And it wouldn't cut into government revenue required to support benefits for the poor and elderly.

NOTHING that is a one-time or stepped decrease of cost (like fuel-tax reduction) can fight inflation; it just slows it for a brief instant. Inflation must be tamed by controlling its drivers. A landlord who gives you a $5 present or a phone company offering a couple of months at a discount don't make up for the fact that the rates will rise (or in the case of internet and phone companies usually double) after the pause.

For phone and internet, of course, you can switch companies. But everyone I know who has tried to move to a cheaper home has ended up paying more for a poorer accomodation.
RetirEd

August 7, 2022
8:11 am
AllanB
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RetirEd said
Seniors haven't been "ripped off by inflation" for the last 2-1/2 years - only the past year, more or less. Inflation was negligible for the first half of the pandemic. And most corporations (other than on-line and delivery scammers) lost money for a good while, too.
RetirEd  

Price index is a scam as everyone knows in Canada they hid inflation in real estate. In US phoney stock market drives inflation.

Much of the stimulus hundreds of billions was given to wealthy corporations. Even some of the losers came out ahead. "I didn't need to take it but my accountant said I should." Corporate welfare showed its true colors this past two years. They mopped up the rest of the loot given to individuals and are now reaping inflation.

Of course they don't want individuals to benefit they want all the tax benefits. Corporate cash is not more worthy than a RRiF.

No money No vote.

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