Residents of Manitoba are being asked to provide input on ways to strengthen Canada’s retirement income system by participating in a consultation process over the next month, Finance Minister Rosann Wowchuk announced.
Research commissioned for the finance ministers’ review of pension coverage and retirement income adequacy indicates many workers who don’t have access to employer-sponsored pension plans or who don’t have sufficient personal savings will not have adequate retirement income in the future.
“Our government wants to be a part of the solution and we are looking to Manitobans to share their ideas on how the system can be improved,” said Wowchuk
The minister said Manitobans are welcome to share their views by responding to the consultation paper by mail or email. The paper asks a variety of questions on how best to address challenges with Canada’s retirement income system.
The paper also presents and is looking for comments and opinions on a number of ideas including:
• expansion of the existing Canada Pension Plan;
• creation of a voluntary, defined-contribution supplement to the CPP;
• modernization of pension standards to improve flexibility in pension plan design;
• tax reform – changes to the Income Tax Act (Canada); and
• a blend of measures , combining some or all of the above.
The minister noted this paper is being presented for public feedback to help stimulate public discussion. Results of the consultation will help to inform discussions at the next federal, provincial and territorial finance ministers meeting in May.
More information on how to participate in the consultation process and to access the paper is available online or call 204-945-3757 to request a copy.
All responses must be submitted to the provincial government by April 30 by email to feedbackfin@gov.mb.ca or delivered to Minister of Finance, c/o Intergovernmental Finance Branch, Fiscal Research Division, Manitoba Finance, 910 – 386 Broadway, Winnipeg MB R3C 3R6.
