From RRIF cuts to GIS hikes: Canada’s Carney vows retirement relief as Trump’s tariffs rattle global markets

Amid rising global economic uncertainty triggered by former US President Donald Trump’s new wave of tariffs, Canadian Prime Minister Mark Carney has pledged targeted relief for seniors, unveiling plans to cut minimum RRIF withdrawals by 25% and raise the Guaranteed Income Supplement (GIS) by 5% — tax-free for one year.

Carney said in a post on X, “President Trump’s tariffs are rupturing the global economy, and seniors are rightfully worried about their savings. My government will protect your retirement by reducing the minimum RRIF withdrawal amount by 25% and increasing the GIS by 5%, tax-free — for a year.”

President Trump’s tariffs are rupturing the global economy, and seniors are rightfully worried about their savings.

My government will protect your retirement by reducing the minimum RRIF withdrawal amount by 25% and increasing the GIS by 5%, tax-free — for a year.…

— Mark Carney (@MarkJCarney) April 7, 2025

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The probability of a US recession has risen significantly thanks to President Donald Trump’s tariffs and that will have a major negative effect on the Canadian economy, Carney said.

Carney also told a televised news conference he had spoken to Bank of Canada Governor Tiff Macklem and Finance Minister Francois-Philippe Champagne on Monday about turmoil in the markets and expressed confidence in both men.