Change tax policy that takes a massive cut of Ontario auto workers pensions
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Oshawa and St. Catharines automotive plant workers who are losing their jobs are about to lose a lot more because of outdated Canadian tax policy.
For those who don't choose to trust to leave their pension with the company that abandoned them, one option is to take the cash to set up their own investment for their retirement. However, because of outdated legislation from 1990, this option is subject to a whopping tax haircut that can easily amount to hundred of thousands of dollars! The policy was created when mortality rates and pension plans were much different than today.
The government needs to change this policy that no longer makes sense in 2019, and ensure these workers are set up to continue their lives, able to contribute as part of the economy, and not end up in poverty for their retirement years.
The change in policy would also benefit others in Ontario with similar pension plans who face the same fate should they want to take their pension in cash. Our government should have policies that work to allow us to save our hard-earned wages for our retirement years. There is no reason for our government to be lopping off huge portions of pensions that will leave seniors relying on the government for support down the road. Please sign the petition and help us change this antiquated tax policy!
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