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Statement by Minister of Finance and Associate Minister of Finance on Ontario Approving the Agreement on CPP Enhancement

June 29, 2016 9:00 A.M.

Charles Sousa, Ontario Minister of Finance, and Indira Naidoo-Harris, Associate Minister of Finance, have confirmed Ontario's approval of the agreement in principle to enhance the Canada Pension Plan (CPP):

"Ontario Minister of Finance Charles Sousa informed the federal Minister of Finance, Bill Morneau, that the Cabinet of the Government of Ontario has approved the recent federal-provincial agreement in principle (AIP) to enhance the Canada Pension Plan (CPP), signed on June 20th in Vancouver. In doing so, Ontario has fulfilled its commitment to gain Cabinet approval for this important initiative by July 15th. 

Ontario looks forward to working with all federal, provincial and territorial governments across Canada to implement this agreement to make a meaningful improvement to the retirement income of future generations of Canadians.

Once all signatories to the AIP have confirmed their Cabinet approval of the AIP by July 15th, the federal government will work with provinces and territories to develop the implementation details and is then expected to introduce the necessary legislative amendments. 

Since 2013, Ontario has been advocating for a national solution to improve retirement security. The government ran on and won a majority mandate on a promise to enhance retirement income security for the people of Ontario.

Equally important, federal, provincial and territorial colleagues demonstrated vision and strong leadership. Successfully enhancing CPP is an example of what can be accomplished when governments collaborate together."

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