SIMA files pre-budget submission

Focus on retirement security, regulatory efficiency, and capital formation

On May 22, 2026, SIMA filed a pre‑budget submission to the federal government outlining practical policies to strengthen retirement security, reduce regulatory friction, and support long‑term economic growth in Canada.

With this submission, SIMA is responding to a rapidly evolving economic and demographic landscape, including longer working lives, increased reliance on private savings, and growing pressure to improve Canada’s investment climate. SIMA’s recommendations are intended to provide policymakers with targeted, actionable reforms that support investors, businesses, and the broader economy.

SIMA’S SIX RECOMMENDATIONS

Modernize retirement rules

• Raise the mandatory RRSP-to-RRIF conversion age from 71 to 73.
• Allow Canadians with RRIF holdings under $200,000 to opt out of mandatory withdrawals.
  These measures will provide seniors with greater flexibility, reflect changing retirement patterns, and allow Canadians to manage retirement income in a way that better aligns with their financial circumstances.

Strengthen workplace savings

• Enable automatic enrolment, payroll deductions, and escalation of contributions in workplace RRSPs and defined contribution plans.
  
  Research shows that making savings mechanisms easier and more automatic can improve participation rates, increase long-term retirement readiness, and strengthen domestic investment capital over time.

Improve regulatory coordination and efficiency

• Convene governments and regulators to modernize retail investment fund fee methodology to ensure fees are transparent, predictable, and cost disciplined.
• Advance a nationally coordinated regulatory approach focused on reducing duplication, improving consistency, and ensuring new requirements are introduced only where there is a demonstrated need.
  SIMA continues to advocate for a more coordinated and evidence-based regulatory environment that supports investor protection while reducing unnecessary operational complexity and costs.

Support capital formation and competitiveness

• Take a coordinated approach to strengthening capital formation through regulatory modernization, improved market structure and access, and enhanced tax competitiveness.
  
  Efficient and competitive capital markets are critical to attracting investment, supporting innovation, and helping Canadian businesses grow and compete globally.

ADVANCING MEMBER PRIORITIES THROUGH PRACTICAL POLICY SOLUTIONS

Private savings are already the largest source of retirement income for most Canadians and play a major role in supporting GDP, tax revenue, and lower government support costs. Today’s retirement and regulatory policies need to reflect the realities of longer lifespans, later retirement, and support stronger investment outcomes.

At the same time, fragmented regulation and inconsistent fee structures continue to add unnecessary cost and complexity across the financial system, limiting competition and reducing Canada’s ability to attract and mobilize capital effectively.

As the leading voice for Canada’s securities and investment management industry, we continue to advance practical policy solutions that support efficient markets, improve market competitiveness, and strengthen retirement security for Canadians. These recommendations reflect member priorities and reinforce the important role the industry plays in supporting investors, businesses, and economic growth across Canada.