Federal Liberal budget kills off 71-year-old Canada Savings Bonds program
OTTAWA — A federal budget billed as helping Canadians better navigate the modern-day economy cashed out Wednesday on a 71-year-old program that used to be a cornerstone of helping people plan for their future.
The federal government is eliminating the venerable Canada Savings Bonds program, for generations a beacon of savings for Canadians keen to sock away a few dollars or teach their children a thing or two about managing money.
The program costs more to run than the benefits it brings in, and has become out of date in an era of wide-ranging, more effective savings tools, the government said in the spending blueprint unveiled Wednesday.
Maybe so, but the news came as a blow to many on social media.