Manitoba Joins CPP Reform

CPP image

CBJ — Federal Finance Minister Bill Morneau says Manitoba has joined the other provinces and agreed to help strengthen the Canada Pension Plan.

The agreement in principle now includes every province except for Quebec. However, Canada’s second-largest province agreed to remain part of the discussions in recognition of the unique nature of the Quebec Pension Plan. All have agreed to work towards confirming the approval of their respective governments by July 15.

The preliminary agreement reached by the country’s finance ministers on June 20 states that the CPP premium increases on workers and employers will start to be phased in over several years beginning on Jan. 1, 2019.

An average Canadian worker earning about $55,000 would pay an additional $7 a month in 2019, and that would increase to $34 a month by 2023.

@CanBizJournal

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