Tax credit for older workers could blunt grey retirement wave, ease labour shortages via financialpost
and economy. “By the end of this decade, labour force participation is expected to fall to levels not seen since the 1970s,” RBC economists said in an October 2022 note. “The lower the labour force participation rate, the more severe the economic and fiscal strains will be.
A tax credit that keeps older workers on the job for longer could ease some of that pressure. Such a measure will also likely be welcomed by those who want to keep working beyond the traditional retirement age. In February, employment of women aged 55 to 64 reached a record high on a month-over-month basis, Statistics Canada said, and employment of both sexes is also up on a year-over-year basis.
But even before rising inflation squeezed expenses, people were expressing a desire to keep working into their golden years, albeit on their terms. A majority of Canadians want aoption to keep them connected to the workforce, though they’re looking for flexible schedules, consulting or working fewer hours, according to a survey by Express Employment Professionals in January 2022.
Keeping older people in the labour force longer won’t solve shortages completely, since the population will continue to age and drop out of the workforce. That means the government — and employers — will need to find other ways to address any gaps. Groups, such as CFIB and the Canadian Manufacturing Coalition, are calling on Ottawa to bring in more, while also earmarking funds to improve training programs in this year’s budget.
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