Stronger Retirement Security Now a Reality for Canadians From Coast to Coast to Coast
November 3, 2017 – Ottawa, Ontario – Department of Finance Canada
Finance Minister Bill Morneau today issued the following statement:
"The action taken by Quebec to enhance the Quebec Pension Plan (QPP) in a similar fashion to the Canada Pension Plan (CPP) complements the Government's plan to build an economy that works for the middle class. Canadians in all 10 provinces and three territories can look forward to a safer, more secure and dignified retirement.
"As joint stewards of the CPP, the Government of Canada and Canada's provincial governments reached an historic agreement on June 20, 2016 in Vancouver to strengthen the CPP and meaningfully reduce the risk of Canadians not saving enough for retirement.
"The CPP enhancement is now a reality with the coming into force of the legislation implementing this agreement on March 3, 2017. The strengthened CPP will increase the maximum CPP retirement benefit by about 50 per cent, providing more money to Canadians when they retire, so that they can worry less about their savings and focus more on enjoying time with their families."
Media may contact:
Office of the Minister of Finance
Department of Finance Canada