From RRIF cuts to GIS hikes: Canada’s Carney vows retirement reduction as Trump’s tariffs rattle international markets
&w=1200&resize=1200,0&ssl=1 "From RRIF cuts to GIS hikes: Canada’s Carney vows retirement reduction as Trump’s tariffs rattle international markets")
Canadian Prime Minister and former central banker Mark Carney has warned that the probability of a US recession has risen “considerably,” including that Canada would wrestle to keep away from a big slowdown in financial exercise.
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Amid rising international financial uncertainty triggered by former US President Donald Trump’s new wave of tariffs, Canadian Prime Minister Mark Carney has pledged focused reduction for seniors, unveiling plans to chop minimal RRIF withdrawals by 25% and lift the Assured Revenue Complement (GIS) by 5% — tax-free for one 12 months.
Carney stated in a publish on X, “President Trump’s tariffs are rupturing the worldwide financial system, and seniors are rightfully apprehensive about their financial savings. My authorities will defend your retirement by decreasing the minimal RRIF withdrawal quantity by 25% and growing the GIS by 5%, tax-free — for a 12 months.”
President Trump’s tariffs are rupturing the worldwide financial system, and seniors are rightfully apprehensive about their financial savings.
My authorities will defend your retirement by decreasing the minimal RRIF withdrawal quantity by 25% and growing the GIS by 5%, tax-free — for a 12 months.…
— Mark Carney (@MarkJCarney) April 7, 2025
The chance of a US recession has risen considerably due to President Donald Trump’s tariffs and that can have a significant damaging impact on the Canadian financial system, Carney stated.
Carney additionally instructed a televised information convention he had spoken to Financial institution of Canada Governor Tiff Macklem and Finance Minister Francois-Philippe Champagne on Monday about turmoil within the markets and expressed confidence in each males.
