Attention Summer Students! Now hiring students for summer 2024. Find your summer job here.
Ontario is expressing concern with Alberta’s proposal to exit the Canadian Pension Plan for its own.
A report suggests Alberta would be owed 53 per cent of existing funds in the CPP.
Ontario Finance Minister Peter Bethlenfalvy says the numbers do not add up.
“We have to see independent analysis of those numbers. I know others have taken a look and said if Ontario were to withdraw, it’d be over 60%. So close to 120% of the assets, just two members out of twelve. So we need some rigorous analysis,” says Bethlenfalvy.
Bethlenfalvy says Alberta’s proposal could cause serious harm to the plan and those who rely on it.
He says the CPP offers the best benefit to workers and their families.
“The CPP’s greatest strength is its pan-Canadian approach that provides stability for workers and for families, so Canadians can be sure that they have a reliable retirement plan no matter where they live, work or choose to retire,” says Bethlenfalvy.
He adds that with economic challenges putting pressure on household budgets, now is not the time to be worrying about the security of retirement savings or the possibility of costly increases to contributions.
Bethlenfalvy wants federal Finance Minister Chrystia Freeland to convene a meeting of provincial and territorial finance ministers to discuss Alberta’s proposal.