Economy Lower Incomes

Meet with the provinces and develop a plan to fund a gradual enhancement of the CPP's defined benefit plan.

Achieved
Liberal Website
June 3, 2015

Monday June 20, 2016 | CBC News

Finance ministers reach agreement on expanding CPP

Most of Canada's finance ministers reached an agreement in principle Monday to revamp the Canada Pension Plan, although Quebec and Manitoba have not signed on to the deal.

Under the agreement, which would go into effect in 2019, an average Canadian worker earning about $55,000 will pay an additional $7 a month in 2019. That would increase to $34 a month by 2023. Once the plan is fully implemented, the maximum annual benefits will increase by about one-third to $17,478.

Morneau said Quebec, which has its own pension plan, and Manitoba continue to be part of the process, despite not signing on to the agreement.

Tuesday February 16, 2016 | CBC News

Bill Morneau says CPP enhancement coming 'this calendar year'

In a joint release, Morneau and Ontario Finance Minister Charles Sousa said the two levels of government had reached an agreement to achieve the "goal of improving pensions for Canadians."

The release also says Ontario and the federal government will spend the coming months working with the other provinces to improve retirement income security.