Jun 16, 2016

By Jane Brown

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Finance ministers from across Canada are narrowing their differences over pension reform ahead of a key meeting in Vancouver on Monday.

Ontario Finance Minister Charles Sousa says while this province has put forward its own proposal for a provincial pension plan, there is room to compromise.

And Premier Kathleen Wynne says she would be willing to agree to a CPP expansion, if the value of benefits comes close to the amount of her proposed Ontario Retirement Pension Plan.

“If we can get to, sort of, two thirds of the value of what we have worked up with the Ontario Retirement Pension Plan, that’s one of the metrics we would look at for a CPP enhancement, so that’s the order of discussion we’re having with the federal government,” said Wynne yesterday.

Premier Wynne’s ORPP would see workers and their employers each pay the equivalent of up to $4.50 a day, with annual benefits upon retirement up to $12,815. This would be on top of the current CPP, which gives retirees a maximum benefit of just over $13,000 a year.

CARP – A New Vision of Aging – is launching the microsite of the CPP expansion campaign this Monday June 20th to coincide with the Finance Ministers’ meeting and Ontario Senior’s month. Canadians will be encouraged to sign a petition and send a letter to their provincial minister of Finance.

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