Wednesday, April 8, 2015

Is Pension Reform in the cards for Canada if current government defeated?

On October 19, 2015 Canadians will be going to the polls to elect a Federal Government. One of the concerns for Boomers should be the issue of Pensions.

The ruling Conservatives continue to mismanage one of the most pressing economic issues  facing Canada today “Canadians and provincial governments understand the urgent need for action from the federal government to address the looming retirement security crisis,” said NDP Pensions critic Murray Rankin (Victoria). “While The Conservatives keep blocking progress to boost the CPP/QPP, Canadians are growing increasingly concerned about their retirement security.”

A new EKOS survey found that 69 per cent of Canadians believe the federal government should take a leading role to ensure Canadians can retire – either through savings programs or income supports. 

Fully half of Canadians surveyed said they were concerned they wouldn’t have enough money for their retirement. Unfortunately Conservatives have blocked all efforts to boost retirement savings and increase the Canada Pension Plan (CPP) and Quebec Pension Plan (QPP) benefits.

“While the Premiers meet to discuss this pending crisis, Conservatives are actually making matters worse by blocking increases to public pensions and eroding access to good quality company pensions,” said Rank

So if the current government returns to power, then the pension situation for seniors and younger boomers  will get worse, not better but the only change the other two parties are committed to is to roll back the age where Canadians can collect Old Age Security and the Canada Pension (if eligible and without penalty) to 65. There is a rumor out there in my circle that one of the opposition parties will also remove pension splitting for seniors.  So the future of pension reform in Canada under any political party elected in the next election is not looking good.

As we move into the election cycle in Canada remember the old joke (truth) How can you tell if a politician is lying? Answer: They are talking.

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