Canada Pension Plan

The Australian Pension System Won't Work For Canada

Robert L. Brown | Posted 04.08.2014 | Canada Business
Robert L. Brown

Now, in Australia, you get a lump sum pay-out (hardly any Aussies annuitize their lump sum). Once again, you have to manage your retirement on your own. Now, even if you knew exactly when you were going to die, this would be difficult, but when you have no idea of your personal life expectancy, this is a problem beyond the capabilities of the average Canadian.

Every Taxpaying Canadian Has a $243,000 Bill, Courtesy of Our Government

Charles Lammam | Posted 04.03.2014 | Canada Politics
Charles Lammam

Put simply, the aging of Canada's population has resulted in large and growing unfunded liabilities. The funding shortfall is estimated at $792.3 billion for the CPP, $494.4 billion for OAS, and $894.7 billion for medicare. Together the unfunded liabilities in Canada's public pensions and health care programs total $2.2 trillion or $134,841 for each income taxpayer. These unfunded program obligations make up more than half of total government liabilities. And their sheer size calls into question the structure of taxing current workers to provide benefits for retirees. Ultimately, to maintain current levels of spending in the future, taxes will have to increase or benefits for other programs will have to be cut -- or both.

More Canadians Counting On Lottery Than Family For Retirement

CP/Huffington Post Canada | Posted 04.01.2014 | Canada Business

More Canadians are counting on winning the lottery than on help from family members to get through retirement, a survey from BMO finds. The Canada ...

Wynne Takes Shot At Harper Tories

CP | Maria Babbage, The Canadian Press | Posted 02.17.2014 | Canada Politics

TORONTO - Ontario Premier Kathleen is blasting the federal Conservatives for cutting the province's transfer payments and refusing to talk about enric...

Finance Ministers Won't Sweeten Canada Pension Plan Now

CP | Julian Beltrame, The Canadian Press | Posted 02.15.2014 | Canada Politics

MEECH LAKE, Que. - A federal-provincial meeting on Canada Pension Plan reform broke up in recriminations Monday after several provincial ministers acc...


CP | Julian Beltrame, The Canadian Press | Posted 02.13.2014 | Canada Politics

OTTAWA - Finance Minister Jim Flaherty is suggesting he may present his own targeted proposal on pension reform at Monday's meeting with provincial co...

There's No Retirement Crisis in Canada

Charles Lammam | Posted 02.11.2014 | Canada Business
Charles Lammam

The upcoming meeting of federal and provincial finance ministers will touch on what's become a politically charged debate about expanding the Canada Pension Plan. Proponents have tried to convince Canadians they are not saving sufficiently for retirement with some even suggesting we are on the brink of a retirement crisis. These views simply do not reconcile with the available empirical evidence.

Why CPP Matters: Deconstructing Pension Reform

Susan Eng | Posted 01.25.2014 | Canada Business
Susan Eng

Canadians are not using RRSPs enough, and those that do are in the higher income brackets. The people who need help saving for retirement are those earning under $100,000 -- i.e. most Canadians. So the goal is to ensure that any change has broad effect and target the reasons why people are not saving.

Why Wynne Is Warning Of An Economic Crisis

CP | Keith Leslie, The Canadian Press | Posted 01.23.2014 | Canada Business

TORONTO - Canada is headed for a "huge economic crisis" if the provinces and federal government don't take action now to improve retirement incomes, O...

Politicians, Please Use Caution in Expanding Canada's Pension Plan

Charles Lammam | Posted 01.23.2014 | Canada Politics
Charles Lammam

As our political leaders deliberate expanding the CPP, they would do well to consider the evidence which does not support the notion of a broad retirement income crisis. They also need to consider that a compulsory expansion to CPP could reduce private savings and the flexibility they afford Canadians.

Want to Help the Middle Class? Focus on Pensions

Ken Georgetti | Posted 01.23.2014 | Canada Politics
Ken Georgetti

The federal government claimed recently in its Throne Speech that it wants to help consumers and the middle class. But Ottawa is dragging its feet on the most important pocketbook issue of them all -- that of providing decent, secure pension income for all Canadians when they retire.

It's Only Fair

Paul Moist | Posted 01.23.2014 | Canada
Paul Moist

In many ways the Canadian Union of Public Employees is a much different union than it was 50 years ago, as evident from the photos from our founding c...

Your Retirement Plan Is Buying This Upscale U.S. Retailer

CP | Alexandra Posadzki, The Canadian Press | Posted 11.09.2013 | Canada Business

TORONTO - A US$6-billion deal for American luxury retailer Neiman Marcus comes at a good time because the strengthening U.S. economy provides opportun...

The True Meaning of Labour Day

Paul Moist | Posted 10.30.2013 | Canada Business
Paul Moist

Labour Day is about more than a well-deserved day off. It is a time to celebrate the important contributions working people make to our economy. It is also a good time to reflect on what is needed to improve the economic and social well-being for all workers. Economic recovery is being undermined by federal government actions over the last two years that erode workers wages, including: exploitation and fast-tracking approval for business to employ temporary foreign workers at wages below market rates; cuts to Employment Insurance and forcing workers to work at lower wages, continuous interference in the collective bargaining process on the side of employers, as well as attacks on unions and labour rights.

How the Government Sneakily Pockets Your Pension

Tim Paziuk | Posted 09.24.2013 | Canada Business
Tim Paziuk

I read an article the other day that brought up a problem that sadly, happens more than we think; dying before you collect Canada Pension Plan (CPP) retirement benefits. The message was clear and correct -- a lot of people contribute a lot of money into CPP and never receive an income payment. Is this fair? I don't think so.

How the CPP Expansion Could Curb RRSP Savings

Charles Lammam | Posted 10.02.2013 | Canada Politics
Charles Lammam

The CPP debate thus far has largely ignored a critical economic insight. An expanded CPP would not increase overall savings to the extent expected, but would change the mix, with more going to CPP and less to other savings like RRSPs.

An Open Letter to Finance Minister Jim Flaherty on CPP

Irene Mathyssen, MP | Posted 08.06.2013 | Canada Politics
Irene Mathyssen, MP

I am writing an open letter to urge you to show leadership and honour your commitment to meet and work with the provinces to provide Canadians with the opportunity to increase their retirement investments in the Canada Pension Plan (CPP) and the Quebec Pension Plan (QPP). You have the opportunity to do the right thing and improve the pension savings of all working Canadians in this country.

Could Doubling CPP Payments Solve Canada's Retirement Crisis?

Paul Moist | Posted 07.28.2013 | Canada Politics
Paul Moist

A full doubling of CPP benefits would mean Canadian seniors retiring with adequate income, less fiscal pressure on federal and provincial programs for low-income seniors, more spending money and a stronger, fairer economy. That is something we can all benefit from.

Would Doubling CPP Payments Solve The Retirement Crisis?

CP | The Canadian Press | Posted 04.22.2013 | Canada Business

FREDERICTON - The national president of the Canadian Union of Public Employees says Canada Pension Plan benefits should be doubled in an effort to hel...

Part II: Where Your CPP Money Really Goes

Amy MacPherson | Posted 03.24.2013 | Canada Business
Amy MacPherson

We've got to come clean about the unethical use of our retirement funds. There isn't enough money to expand the Canadian Pension Plan because the surplus was earmarked to boost the military-industrial complex. When our hard-earned money isn't being used to cause bloodshed, it's going to companies affiliated with the CPP's own CEOs and the Alberta oil sands.

Your CPP Is Funding War Crimes

Amy MacPherson | Posted 03.19.2013 | Canada
Amy MacPherson

How would you feel if someone told you that every one of your paycheques was being used to support war crimes and keep the companies accused of these atrocities rolling in lucrative business? And how would you feel if you lived off the avails of torture and bloodshed through the Canada Pension Plan (CPP), upon your long-awaited retirement after paying into it? This appears to be our dirty little secret, that Canadians enjoy prosperity at the unethical demise of others.

Happy New Year (But Not For Your Wallet)

CBC | Posted 03.03.2013 | Canada Politics

Working Canadians can expect a hit to the wallet as they welcome in 2013, mostly in the form of higher payroll deductions. Besides the bil...

Maybe Later

CP | Julian Beltrame, The Canadian Press | Posted 02.16.2013 | Canada Politics

MEECH LAKE, Que. - The drive to enrich Canada's main public pension plan took a major step forward Monday with an agreement by federal and provincial ...

Do You Want to Pay $9,000 for Someone Else's Pension?

Dan Kelly | Posted 11.14.2012 | Canada Politics
Dan Kelly

Imagine it's March, 2013 and you discover to your considerable horror that you must pay the government $9,000 in addition to the taxes you normally fork over. Sounds pretty far-fetched, doesn't it? Well, you and I, and every other man, woman and child in Canada are each on the hook for an extra $9,000 to pay for the $300 billion (or more) in promises to public sector pension plans that governments don't have the money to pay.

Saving The Young From Their Future Impoverishment

Dan Kelly | Posted 10.20.2012 | Canada Business
Dan Kelly

A Bank of Montreal poll found that almost a third of young Canadians haven't saved a penny for retirement, and only 10 per cent have given much thought to exactly how much money they're going to need to retire. Clearly, we need to get these folks saving, and fast. I'd like to see today's young Canadians -- particularly those without a gold-plated public sector worker or MP pension -- wind up with something, rather than nothing for their retirement. PRPPs can help employees at private sector small businesses save money for the future.