The Parliamentary Budget Officer is currently examining Alberta's claim that it should have the majority of the Canada Pension Plan funds.According to Blacklock’s Reporter, Alberta Premier Danielle Smith released a report showing that Alberta had a right to claim 58% of the funds, which amounted to one-third of a trillion dollars.Giroux wrote a letter to the cabinet, stating that he was closely examining Alberta's calculations, considering it a matter of "particular significance."Giroux stated that he would assess the money people contributed to and withdrew from the Canada Pension Plan based on the province they had lived in since 1966.“I am requesting a custom tabulation that includes historical contributions to the Canada Pension Plan by province and territory, age, sex and year, and historical Canada Pension Plan benefits attributable to contributions in each province and territory by year,” wrote Giroux. His report is expected in 2024.According to official estimates, the Canada Pension Plan manages around $575 billion. Smith released a report Alberta Pension Plan Analysis of Costs, Benefits, Risks, and Considerations, on August 1, saying that the province should have a share of $334 billion, which is equivalent to 58% of the total funds.“Due to Alberta’s younger population, higher pensionable earnings and higher employment rates, contributions by Albertans to the Canada Pension Plan have historically exceeded the benefits paid to Alberta,” said Analysis of Costs.The cabinet dismissed the figure. “I don’t buy the math,” Employment Minister Randy Boissonnault (Edmonton Centre, AB) told reporters on October 18.“I think the numbers are going to be crunched very carefully over the next year, quite frankly, if Alberta pulls out of the Canada Pension Plan,” said Boissonnault. “I think there are some problems with the math that got us to this point. The fact this is going to drag on for years is deeply destabilizing.”In an October 18 letter to Premier Smith, Prime Minister Justin Trudeau said divvying up Canada Pension Plan proceeds would “weaken the pensions of millions of seniors” nationwide. He did not explain.“The harm it would cause is undeniable,” wrote Trudeau. “Withdrawing Albertans from the Canada Pension Plan would expose millions of Canadians to greater volatility.”“I have instructed my cabinet and officials to take all necessary steps to ensure Albertans and Canadians are fully aware of the risks of your plan and to do everything possible to ensure the Canada Pension Plan remains intact,” wrote Trudeau. “We will not stand by as anyone seeks to weaken pensions and reduce the retirement income of Canadians.”
The Parliamentary Budget Officer is currently examining Alberta's claim that it should have the majority of the Canada Pension Plan funds.According to Blacklock’s Reporter, Alberta Premier Danielle Smith released a report showing that Alberta had a right to claim 58% of the funds, which amounted to one-third of a trillion dollars.Giroux wrote a letter to the cabinet, stating that he was closely examining Alberta's calculations, considering it a matter of "particular significance."Giroux stated that he would assess the money people contributed to and withdrew from the Canada Pension Plan based on the province they had lived in since 1966.“I am requesting a custom tabulation that includes historical contributions to the Canada Pension Plan by province and territory, age, sex and year, and historical Canada Pension Plan benefits attributable to contributions in each province and territory by year,” wrote Giroux. His report is expected in 2024.According to official estimates, the Canada Pension Plan manages around $575 billion. Smith released a report Alberta Pension Plan Analysis of Costs, Benefits, Risks, and Considerations, on August 1, saying that the province should have a share of $334 billion, which is equivalent to 58% of the total funds.“Due to Alberta’s younger population, higher pensionable earnings and higher employment rates, contributions by Albertans to the Canada Pension Plan have historically exceeded the benefits paid to Alberta,” said Analysis of Costs.The cabinet dismissed the figure. “I don’t buy the math,” Employment Minister Randy Boissonnault (Edmonton Centre, AB) told reporters on October 18.“I think the numbers are going to be crunched very carefully over the next year, quite frankly, if Alberta pulls out of the Canada Pension Plan,” said Boissonnault. “I think there are some problems with the math that got us to this point. The fact this is going to drag on for years is deeply destabilizing.”In an October 18 letter to Premier Smith, Prime Minister Justin Trudeau said divvying up Canada Pension Plan proceeds would “weaken the pensions of millions of seniors” nationwide. He did not explain.“The harm it would cause is undeniable,” wrote Trudeau. “Withdrawing Albertans from the Canada Pension Plan would expose millions of Canadians to greater volatility.”“I have instructed my cabinet and officials to take all necessary steps to ensure Albertans and Canadians are fully aware of the risks of your plan and to do everything possible to ensure the Canada Pension Plan remains intact,” wrote Trudeau. “We will not stand by as anyone seeks to weaken pensions and reduce the retirement income of Canadians.”
