This bill was last introduced in the 42nd Parliament, 1st Session, which ended in September 2019.
Bill Morneau Liberal
This bill has received Royal Assent and is now law.
This is from the published bill. The Library of Parliament often publishes better independent summaries.
Part 1 of this enactment amends the Canada Pension Plan to, among other things,
(a) increase the amount of the retirement pension, as well as the survivor’s and disability pensions and the post-retirement benefit, subject to the amount of additional contributions made and the number of years over which those contributions are made;
(b) increase the maximum level of pensionable earnings by 14% as of 2025;
(c) provide for the making of additional contributions, beginning in 2019;
(d) provide for the creation of the Additional Canada Pension Plan Account and the accounting of funds in relation to it; and
(e) include the additional contributions and increased benefits in the financial review provisions of the Act and authorize the Governor in Council to make regulations in relation to those provisions.
This Part also amends the Canada Pension Plan Investment Board Act to provide for the transfer of funds between the Investment Board and the Additional Canada Pension Plan Account and to provide for the preparation of financial statements in relation to amounts managed by the Investment Board in relation to the additional contributions and increased benefits.
Part 2 makes related amendments to the Income Tax Act to increase the Working Income Tax Benefit and to provide a deduction for additional employee contributions.
All sorts of information on this bill is available at LEGISinfo, an excellent resource from the Library of Parliament. You can also read the full text of the bill.
Ken Hardie Liberal Fleetwood—Port Kells, BC
Mr. Speaker, I have heard the hon. member's question, and I cannot help but say that I agree with him.
I would like to see that remedied. I think that is the value of having debate in the House, where people can bring it up and say, “Hey, we should do something about that.” This is second reading. It is going to go to committee. There is a really good opportunity for your member on that committee to recommend the kind of changes necessary to close that gap.
Wayne Long Liberal Saint John—Rothesay, NB
Mr. Speaker, my colleague just gave an excellent speech about the CPP and the Liberal government making changes.
In my riding, I have constituent after constituent coming into my office to thank me and thank our Liberal government for the foresight of the changes we are making to CPP. They thank us because we are making the necessary changes that are going to ensure people in the future have a safe and fair retirement. It will lift people out of poverty.
Does my colleague also have constituents and many members in his riding complimenting him on the great changes our Liberal government is making on the CPP?
Ken Hardie Liberal Fleetwood—Port Kells, BC
Mr. Speaker, the answer is yes.
It brings to mind, actually, that old story about when the best time to plant an apple tree is. The first best time is 20 years ago. The second best time is now.
Had we taken this measure 20 years ago, we would not have people in desperate shape today. We are doing it now so that the future is indeed friendly.
Marilyn Gladu Conservative Sarnia—Lambton, ON
Mr. Speaker, Liberal members are talking about the CPP plan as if it is the panacea for everything, when it is an 8% increase 40 years from now.
Finance Canada has specifically said this will be bad for jobs, it will be bad for people saving, and it will be bad for small business. Could the member please comment?
Ken Hardie Liberal Fleetwood—Port Kells, BC
Mr. Speaker, it is reasonable to suspect that this is not the only great thing that the government is going to do to enhance people's earnings, their income, the state of the economy, and the state of our social safety net in this country.
This is just but one piece. Stay tuned, there is more to come.
The Deputy Speaker Conservative Bruce Stanton
Order, it being 5:45 p.m., pursuant to an order made earlier today, it is my duty to interrupt the proceedings and put forthwith every question necessary to dispose of the second reading stage of the bill now before the House.
The question is as follows. Shall I dispense?
Canada Pension PlanGovernment Orders
November 17th, 2016 / 5:45 p.m.
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context
Some hon. members
Agreed.
No.
The Deputy Speaker Conservative Bruce Stanton
[Chair read text of the amendment to House]
The question is on the amendment. Is it the pleasure of the House to adopt the amendment?
Canada Pension PlanGovernment Orders
November 17th, 2016 / 5:45 p.m.
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context
Some hon. members
Agreed.
No.
The Deputy Speaker Conservative Bruce Stanton
All those in favour of the amendment will please say yea.
Canada Pension PlanGovernment Orders
November 17th, 2016 / 5:45 p.m.
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context
Some hon. members
Yea.
Canada Pension PlanGovernment Orders
November 17th, 2016 / 5:45 p.m.
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context
Some hon. members
Nay.
The Deputy Speaker Conservative Bruce Stanton
In my opinion the nays have it.
And five or more members having risen:
Call in the members.
(The House divided on the amendment, which was negatived on the following division:)