Canada’s finance ministers met in Meech Lake, Quebec on December 16 and discussed the issue of the pension crisis, but were unable to come to an agreement on both the scope and timing for implementing any reform to the Canada Pension Plan (CPP). The Provinces of Ontario, Manitoba, Nova Scotia, Newfoundland and Labrador, P.E.I. and Quebec were all in favour of enhancing the CPP and QPP.
Ontario Finance Minister Charles Sousa even considers the issue so pressing that it will be using the Council of the Federation to plan on the next steps and is considering a made-in-Ontario solution. However, B.C., Alberta, Saskatchewan and New Brunswick expressed reservations.
At the Federal level, Canada’s state Finance Minister Kevin Sorenson also expressed his concerns over increasing CPP contributions during difficult economic times and Federal Finance Minister Jim Flaherty, though he did not rule out possible future CPP enhancements, was also inclined to wait for better economic times before taking any action.
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