He is remembered mainly for helping to introduce "welfare state" policies to Canada, by persuading the Canadian government to introduce an Old Age Security programme, and child benefits during the mid-1940s. Coldwell turned down several offers to cross the floor and join the governing Liberal Party of Canada, including one offer that eventually would have made him the Prime Minister of Canada. After his defeat in 1958, he was offered a Senate appointment but declined it as well. He became a member of the Privy Council in 1964 and in 1967 became one of the initial inductees into the Order of Canada.