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Statement by Minister Of Finance on Meeting of Provincial-Territorial Ministers of Finance

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Statement by Minister Of Finance on Meeting of Provincial-Territorial Ministers of Finance

Ministry of Finance

Today Charles Sousa, Minister of Finance, released the following statement on his meeting with Provincial-Territorial Ministers of Finance:

"Today we came together to move forward on the tasks assigned to us by Premiers as part of the Council of the Federation (CoF). We had a very productive and positive meeting on the retirement income system, federal changes to programs affecting provinces and territories, ongoing fiscal imbalances between governments, and the modernization of federal-provincial fiscal arrangements.

Ontario has been calling for an enhancement of the Canada Pension Plan (CPP), leading the way on a national issue to ensure that people across the province and the country are better prepared for retirement.

Today, we took a critical step forward on this national issue by finding agreement on the objectives that would underlie options to enhance the CPP.  All provinces and territories agreed that any CPP enhancement should:

  • Be responsible and fully funded and focus on today's workers
  • Moderate the short-term effects on businesses, families, and the economy
  • Improve the future retirement incomes of middle-income earners
  • Protect lower-income workers

Following this agreement on principles, Ontario will continue to press the federal government on enhancing the CPP for the people of Ontario.

The province remains committed to a strong and secure retirement income system that helps people plan for their retirement, whether they rely on income primarily provided through the CPP, their own savings, or through a pension plan at work.

The people of Ontario expect all levels of government to work together to create jobs, build strong, healthy communities, and protect vital public services."

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