Finance Minister Jim Flaherty supports an expanded Canada Pension Plan (CPP) but not while the economy is still in recovery mode.

“I don’t think the idea is a bad idea. I just think the economy has to be able to afford it at the appropriate time,” he told reporters in Toronto on Thursday, adding that economic growth still remains slow.

Last week, provincial and territorial finance ministers reached an agreement on conditions to expand the CPP.

And both Ontario and Prince Edward Island have called on the federal government to make enhancements to the CPP over the last few weeks.

Canada’s premiers are likely to bring up CPP reform when they meet later this month.

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