Local Reaction to the Canada Pension Plan Reforms

The North Bay and District Chamber of Commerce is welcoming an agreement-in-principle on Canada Pension Plan reforms.

The final deal — which would see higher premiums paid starting in 2019 — is set to be finalized next month.  Ottawa and most provinces reached the agreement yesterday.

Chamber Executive Director Patti Carr says they had issues with the province going it alone and creating their own pension plan, something they considered an added tax.  She says they’re happy that won’t be happening now.

Carr says they realize premiums will go up, but says nothing seems to go down.  She says large reforms have been needed for CPP.

Once the plan is fully implemented, the maximum annual benefits will increase by about one-third to nearly 17-thousand, 500-dollars.