Canada’s provincial and territorial finance ministers are meeting Monday to discuss whether or not to expand the Canada Pension Plan (CPP).
Prince Edward Island and Ontario have been leading the charge when it comes to improving the CPP.
Finance Minister Jim Flaherty suggested a targeted approach for CPP reform when he spoke with reporters last night.
“The group that needs helps pension-wise is 23% or 25% of the Canadian population,” he said. “You don’t want to use a bazooka to go after a specific issue. You want to be more targeted, more precise.”
In order for an enhancement for the CPP to occur, seven provinces representing two-thirds of the population and the federal government would have to reach an agreement.
Ontario has said it would launch its own provincial pension plan should there not be any enhancements made to the federal plan.