Prime Minister of Canada announces agreement on strengthened Canada Pension Plan
The Government of Canada is committed to helping ensure that, after a lifetime of hard work, Canadians have a secure and dignified retirement. This security starts with a strong and stable pension plan.
The Prime Minister, Justin Trudeau, is proud to announce today that the Government has reached a milestone in improving retirement outcomes for hardworking Canadians, one that will enable them to retire with more money in their pockets.
Following confirmation today from British Columbia, all nine participating provinces have now agreed to move forward with strengthening the Canada Pension Plan (CPP). The Government of Canada is advancing legislation to enact the CPP enhancement, which will be introduced in Parliament shortly. This strengthened CPP will mean greater income security for future retirees. The changes to the CPP will be phased in gradually over seven years, from 2019 to 2025.
“We promised that we would provide hardworking Canadians across the country with a more secure and dignified retirement. Today we kept that promise. This stronger and more stable pension program will help middle class Canadians enjoy their retirement years as they should enjoying their health and families instead of worrying about making ends meet.” —The Rt. Hon. Justin Trudeau, Prime Minister of Canada
“This is yet another example of how much we can accomplish for our citizens when there is close collaboration between provinces, territories and the federal government on common goals.” —The Rt. Hon. Justin Trudeau, Prime Minister of Canada