CPP Agreement Delayed: B.C. Wants More Time

The province of BC has decided to take the Canada Pension Plan changes to its citizens, rather than signing on to the federal agreement to raise rates and change benefits, indicating it thinks the federal government should do the same.

At issue is a maximum pension benefit of just under $20,000 for those who max-fund their new CPP premiums.  However few people do that, either because they don’t earn the maximum contributory earnings or because they have pause periods in their employment or self-employment.

B.C. residents are invited to send their comments to CitizenEngagement@gov.bc.ca. The BC government intends to make a ratification decision by the end of the summer.

Finance Canada issued a news release on July 15, the day the deal was to be approved, stating “The process remains on track for the Government to table federal legislation in the fall, as planned.”

The details of the proposals were outlined last week. Please click here for details.

Additional Educational Resources include MFA – Retirement and Estate Planning Specialist^TM Program.

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