There may not be enough in the Canadian Pension Plan for your retirement, says a new research paper from Canada’s former top banker.
David Dodge released the paper with Richard Dion, a senior business advisor at business law firm Bennett Jones LLP. Their report suggests Canadians need to save more now to have enough money for future economic growth and to maintain a good standard of living in retirement.
According to the province, one of the report’s conclusions – that an increase in the CPP would be an efficient way to increase savings and retirement incomes – is one they’ve already been advocating for.
In a news release, Minister of Finance Charles Sousa said: “Ontario has been advocating for an enhancement to the Canada Pension Plan to bolster people's retirement savings. So far, the federal government is refusing to act, so our government will move forward with a made-in-Ontario solution.”
The news release didn’t say what Ontario’s plans could be, however.
The report comes as the province makes several announcements ahead of the release of the Ontario Budget May 1. Today, Energy Minister Bob Chiarelli is expected to announce measures to reduce hydro bills.
