The CPP recently reached a value of $264.6 billion, the highest in history. Through innovative investing, and perhaps some luck, the CPP Investment Board earned a return of more than 18% for the year ending March 31.
The news was accompanied by a call for the Federal Government to meet with the provinces to discuss enhancements to the CPP.
Mr. Merv Wiseman, a Federal Government employee in Ontario, stated that roughly 65% of Canadian workers do not have a workplace pension plan, and just as many don’t have savings.
Currently, the maximum CPP monthly benefit is $1,065.00.
Certainly, the value of our CPP has increased dramatically in the last five years, and we should feel more secure that it will be around for a long time to come. Whether the government will now consider any kind of increase is unknown.
As this is an election year, there will be debate on the issue. I suggest it is worth examining.
This ad ran in the Richmond Review on May 29, 2015.