Madam Speaker, I am proud to speak to Bill C-26 once again. I am confident in the beneficial impact it will have on the lives of hard-working Canadians.
I like to think of the bill as an investment in our future, an investment to ensure that Canadians who have worked hard all their lives will be able to lead the lives they always wanted when they retire. More importantly, the bill is an investment in young Canadians, an investment in our future generations.
With all nine Canada pension plan participating provinces supporting this investment, it is well known that this investment is indeed necessary. By enhancing the Canada pension plan, we are enabling young Canadians to enter the workforce with confidence, knowing that when it comes time for them to retire, they can do so with a stable pension.
Throughout my first year as a member of Parliament, I have spoken with many young Canadians regarding a wide range of issues. As mentioned in my first speech on the bill, the issue of saving for retirement was consistently brought to my attention throughout these conversations. Even though they may be decades away from retirement, with fewer and fewer employers offering a workplace pension plan, young Canadians are very concerned that they will not have enough when they retire.
A 2016 survey conducted by Franklin Templeton indicated that 70% of young Canadians say that retirement makes them anxious. In a 2016 poll conducted by The Globe and Mail, it was discovered that saving for retirement is the second most pressing concern for young Canadians. Why is this? It is because today's young Canadians have grown up in households where not saving enough for retirement has been a constant fear. These young Canadians see the approximately 1.1 million families currently facing the insurmountable fear of not having enough money saved to maintain their standard of living in retirement, and they take on this fear before entering the workforce.
It could be argued that due to the fact that Canadians are living longer, the fear of not saving enough for retirement is greater for young Canadians than it was for their parents, given that they know they have to save more for longer. It is hard for me to believe that in 2016, in our country, our young adults are facing such concerns. Young Canadians entering the workforce should feel like they have their whole lives in front of them, because in reality, they do. However, currently these young Canadians are faced with the intimidating fear of not having enough money saved for retirement, something they should not worry about until much later in their lives.
According to Statistics Canada, Canadians aged 34 and under currently account for 42.5% of Canada's population, and this is expected to increase over the next 15 to 25 years. This is a significant portion of our population that cannot be ignored. It is for this reason that an enhancement of the Canada pension plan is necessary. Bill C-26 is designed to address and ease their concerns.
When speaking with young Canadians in my riding regarding this issue, I have promised that I would be their advocate here in the House of Commons, and by standing here again in support of the bill, I know I am fulfilling that promise.
Now, switching gears a bit, the members opposite have raised concerns that the bill does not benefit low-income Canadians because of the incremental increases in contributions. I would like to remind the members opposite that the bill would also provide an enhancement to the working income tax benefit, which would provide additional benefits that would ultimately offset the incremental increases in contributions. I would also like to remind them that the contributions to the enhanced portion of the Canada pension plan would be deductible.
I am well aware that the members opposite have brought forward other concerns about the bill, but I want to remind these members that our government was able to work with all nine Canada pension plan participating provinces to come to an agreement on this enhancement. This demonstrates that our government is able to effectively work with the provinces. Therefore, I want to assure the members opposite that no matter what concerns they have, our government is able to work with the provinces to make adjustments and fix any problems that may arise in the future. This is something that will be discussed when the minister meets with the provinces next month.
Like many members in this House, I come from a family that immigrated to Canada. My family, like every other, worked hard and made sacrifices so that their families and future generations would not have to face the same struggles. Ultimately, they made these sacrifices in the hopes that future generations would live better lives than they did.
In keeping with this concept, today many Canadians who have worked hard all their lives are now in their later years and are struggling to make ends meet. Many of their employers did not provide a workplace pension plan, and the current Canada pension plan is not strong or stable enough for them to live comfortably. I can guarantee that the Canadians who are currently facing these struggles do not want future generations to face the same struggles they are currently facing.
This government is working hard to ensure that this does not happen. By working with the provinces to reach an agreement and by being strong advocates during the debates in this House, this government is demonstrating its commitment to providing a better life for our country's future generations. Enhancing the Canada pension plan is an investment in our future, and I hope all members of this House feel the same way.
