TORONTO—Ontario will push for improvements to the Canada Pension Plan when provincial and territorial finance ministers meet in Toronto today, and warns it will set up its own plan if necessary.
Premier Kathleen Wynne says she wants to work with the federal government and other provinces to enhance the CPP, but will find what she calls a made-in-Ontario solution if she has to.
Wynne says improving the CPP is her first choice, but says she will consider the implications of having an Ontario Pension Plan if there’s no consensus on the issue.
Prince Edward Island wants to hike maximum CPP contributions to $4,681.20 a year from $2,356.20 starting, and boost the maximum benefit to $23,400 from $12,150.
Ontario wants to make sure they take into account the potential impact on employers of any changes to the CPP program. Workers and companies currently split the premiums, which are 9.9 per cent of a workers’ annual salary.
The finance ministers will also discuss Old Age Security, federal transfers and the newly created co-operative securities regulator, an alternative to the stalled national regulator that only is supported only by Ontario, British Columbia and Ottawa.
The Canadian Labour Congress has been calling for a doubling of CPP benefits for several years.