Finance Minister Charles Sousa calls for CPP enhancements at Queen's Park

Ontario Finance Minister Charles Sousa brought forward a motion on Monday December 9th to enhance the CPP. To see the motion scroll down to the “Government Notices of Motion Section” and find motion 40 on the Ontario Legislature’s  Official Records for December 10th 2013 page.

You can also find the motion’s transcript below.

The Honourable Charles Sousa-

That, The Legislative Assembly of Ontario call upon the federal government to recognize that there is a need to improve and strengthen the retirement income system in Canada and take immediate steps to implement enhanced Canada Pension Plan benefits for all Canadians;

Whereas the Canada Pension Plan is the foundation of the nation’s retirement income system, the maximum CPP retirement benefit for new retirees is just over $1,000 per month or $12,000 per year; and the percentage of new beneficiaries receiving maximum CPP retirement pension is only 6 per cent and where the average Ontarian is receiving just under $7,000 per year, or just 56 per cent of the maximum benefit;

And recognizing the retirement savings challenge, the Ontario government has developed a comprehensive retirement income strategy and is leading the call for a CPP enhancement;

An enhancement to the CPP is critical to ensuring that Ontarians, particularly middle-income earners, have greater financial security in retirement;

The Ontario government has laid out and received agreement from other provinces on a number of objectives for strengthening the retirement income system, including a CPP enhancement, focusing on today’s workers, moderating the effect on the economy and improving the retirement incomes of those most at risk;

And while others will say we can put this off for another day, the Legislative Assembly of Ontario disagrees and encourages the federal government to agree to enhance CPP now;

And that this Assembly agree that Ontario should pursue its own solution to enhancing retirement security should the federal government not respond in a timely fashion.

© The Legislative Assembly of Ontario