Government of Canada Welcomes British Columbia’s Support for a Stronger Canada Pension Plan

October 4, 2016 – Ottawa, Ontario – Department of Finance Canada

Middle class Canadians are working harder than ever, but many are worried that they won’t have enough put away for their retirement. One in four families approaching retirement—1.1 million families—are at risk of not saving enough. That’s why the Government of Canada is committed to helping Canadians achieve their goal of a safe, secure and dignified retirement, and has worked with the provinces and territories to strengthen the Canada Pension Plan (CPP).

Minister of Finance Bill Morneau and Minister of Families, Children and Social Development Jean-Yves Duclos today welcomed British Columbia’s support for CPP enhancement, paving the way for implementation of the historic agreement that will ensure future generations of Canadians can count on a more generous public pension system in their retirement years. 

All nine CPP participating provinces have now confirmed their support for the agreement concluded on June 20, 2016 in Vancouver.

The Government of Canada is moving forward with legislation to enact the CPP enhancement. Yesterday, it tabled a Notice of Ways and Means Motion for the tax measures that are part of the agreement in principle on CPP enhancement, and Ministers Morneau and Duclos will introduce legislation in Parliament very shortly to implement the full agreement.

Quotes

“Once fully in place, an enhanced CPP will put up to 50% more into the pockets of retirees, enabling them to focus on the important things in their lives, like creating valuable memories with their loved ones. I would like to thank Minister Michael de Jong once again for his leadership in helping us come to an historic agreement on a stronger CPP last June, and for his Government’s full support of enhancing retirement security for Canadians.”

- Bill Morneau, Minister of Finance

“Helping Canadians achieve a safe, secure and dignified retirement is a central part of the Government of Canada’s plan to help the middle class and those working hard to join it. A stronger Canada Pension Plan is a core promise we made to Canadians, and we are very proud of the collaboration with provincial colleagues to improve the retirement income security of current and future generations.”

- Jean-Yves Duclos, Minister of Families, Children and Social Development

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Media Contacts

Annie Donolo
Press Secretary
Office of the Minister of Finance
613-769-7187

Media Relations
Department of Finance Canada
613-369-4000

Mathieu Filion
Director of Communications
Office of the Hon. Jean-Yves Duclos, P.C., M.P.
Minister of Families, Children and Social Development
819-654-5546

Media Relations Office
Employment and Social Development Canada
819-994-5559
media@hrsdc-rhdcc.gc.ca

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