Mr. Speaker, Michael Campbell, host of the Saturday morning radio show Money Talks recently presented his listeners with a startling example of the effect of compound interest.
Invest $3,400 per year for 35 years in an RRSP at 10 percent and receive almost $1.2 million on retirement, enough to fund an annuity of $98,000 a year. But workers who pay $3,400 per year for 35 years into the Liberal CPP plan will receive $88,000 less per year, a paltry $9,000 per year.
If there are members in the House who still think they can justify a CPP pension of $9,000 per year after 35 years of payments, they had better give their heads a shake. We should be acting now to turn the CPP into something worth having instead of leaving it as a massive tax grab which promises only poverty after 35 years of payments.