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TORONTO — Citing the “complicated” nature of pensions and wish for all provinces and territories to weigh in, Finance Minister Chrystia Freeland wouldn’t present a selected timeline for figuring out how a lot Alberta can be entitled to if it leaves the Canada Pension Plan.
Talking after a gathering together with her provincial and territorial counterparts, Freeland stated officers reported again to the group Friday concerning the work concerned with arriving on the quantity, which she requested from the chief actuary in November.
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These officers recommended they wanted to satisfy once more in January to debate progress, “and we all agreed that was a good idea,” she stated.
The ministers held a particular assembly final month to debate Alberta Premier Danielle Smith’s push to quit the Canada Pension Plan for an Alberta-only model.
Smith started her push to exit CPP in September, when she launched a Lifeworks report estimating Alberta is entitled to $334 billion, or 53 per cent, of the Canada Pension Plan if it begins its personal pension program.
Different economists, together with these with the Canada Pension Plan Funding Board, consider Alberta’s share is nearer to its share of the CPP membership, at about 15 per cent.
To settle the controversy, Freeland is searching for a quantity from the chief actuary, however when pressed Friday about whether or not it may take months and even till summer time to reach at that determine, she supplied no timeline.
“I learned during the North American Free Trade Agreement negotiations never to answer hypothetical questions. It’s not a good idea for an elected political leader,” she stated.
“What I think was very clear in the conversation today, when we heard back from officials was how technical this work is … we agreed that we’re going to do the work and define the tasking very carefully, very deliberately and crucially, really transparently.”
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Freeland stated some ministers have been “emotional” speaking concerning the pension situation as a result of many individuals are anxious about it and the knowledge of receiving a pension is a “huge comfort” to Canadians.
After the day’s assembly wrapped up, Ontario Finance Minister Peter Bethlenfalvy stated conversations across the pension situation had been “very collaborative.”
“Alberta being in the pension plan… is good for Alberta, it’s good for Canada, it’s good for Ontario,” he stated.
“So we’re going to continue pushing that we have a process that’s clear, that’s timely, that’s deliberate and thoughtful.”
However earlier than the assembly started, Saskatchewan Finance Minister Donna Harpauer downplayed the necessity to handle the pension situation instantly.
“That’s a very long process and it’s not what is pressing and urgent today,” she informed reporters as she headed into the assembly.
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On prime of Alberta’s pension push, provincial and territorial ministers together with Freeland stated in addition they mentioned housing, inflation and the economic system.
Additionally available for the assembly was Financial institution of Canada governor Tiff Macklem, who supplied the ministers with an replace on the nation’s financial outlook.
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