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House Hansard - 27

44th Parl. 1st Sess.
February 9, 2022 02:00PM
Context: House Hansard - 27 - Feb/9/22
Mr. Terry Beech (Parliamentary Secretary to the Deputy Prime Minister and Minister of Finance, Lib.)
  • Feb/9/22 6:10:53 p.m.
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Madam Speaker, we know the pandemic continues to affect the daily lives of Canadians, and I am hoping to give some real answers for that member opposite so he can get back to his constituents. Canada's economy has made significant progress since the worst part of the pandemic. We all know that challenges remain. Elevated inflation is one of those challenges. This particular challenge is a global phenomenon driven by the pandemic and the logistical difficulty of reopening the world's economy. Although Canada is not immune to these challenges, inflation in Canada is below the G7, the G20 and the OECD averages. That said, we understand that rising prices have a real impact on Canadian families. This is why our government is helping Canadians afford the cost of living with sizable, structural investments in early learning and child care, as well as in housing. This is part of our plan to grow a more resilient economy, a stronger middle class and to ensure pathways to success for everyone. In fact, our government has been focused on the issue of affordability since forming government in 2015. Our policies have lifted 1.3 million Canadians out of poverty, which lowered Canada's poverty rate to historical all-time lows. I am thrilled that, over the past few months, Conservatives have opened up to talking about affordability for Canadians, but unfortunately, their actions tell a different story. When we lowered taxes for the middle class, twice, and raised them for the wealthiest 1%, Conservatives voted against it. When we created the Canada child benefit, which is indexed to inflation, Conservatives voted against it. When we legislated the climate action incentive, which gives the average family in Alberta $981, Conservatives voted against it. When we provided seniors over 75 a one-time payment of $500 this summer, Conservatives voted against it. The hon. member should let Wayne know about that. When we put forward a plan and the funds to create a national early learning and child care plan for Canadians, Conservatives voted against that too. When we strengthened the Canada pension plan to ensure Canadians can count on a safe, secure and dignified retirement, the Conservatives opposed that plan too. The Canadian pension plan, or CPP, is one of the three pillars of the retirement income system in Canada. It covers virtually all workers in Canada except Quebec, which administers its own plan called the Quebec pension plan, or QPP. The CPP replaces a basic level of of earnings for contributors upon retirement, disability or death. In 2016, Canada's federal and provincial ministers of finance, as joint stewards of the CPP, reached a historic agreement to enhance the pension plan. The deal will boost how much working Canadians will get from the CPP when they reach retirement. Ultimately, the enhancement will increase the maximum retirement pension by about 50%. It will also increase the survivor and disability pensions. This represents a major step forward in improving retirement outcomes for Canadian workers and reducing the uncertainty that many Canadians feel about being able to save for their retirements. Quebec subsequently adopted the exact same changes for its provincial pension plan. To fund these enhanced benefits, annual CPP contributions, and QPP contributions for that matter, are being increased modestly over seven years, which has been happening since 2019. A stronger Canadian pension plan means a more secure retirement for all Canadians, and I am sure the member for Brantford—Brant can appreciate that.
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Context: House Hansard - 27 - Feb/9/22
Mr. Terry Beech
  • Feb/9/22 6:15:26 p.m.
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Madam Speaker, I think I maybe gave eight examples of targeted relief to targeted Canadians, and that member's party voted against all of them. Canadians make contributions to the CPP based on their annual earnings, up to a maximum amount. The amount in 2022 was $64,900, up from $61,600 in 2021. It is important to note that anyone earning less than $61,600 in 2022 will not see their total contributions to the CPP affected by the change in the maximum annual pensionable earnings. It is important to note that the enhancements to the CPP addresses important challenges faced by working Canadians. It is also important to note that the CPP is self-financed by employer and employee contributions. As such, freezing the contributions will mean the increases would come at a cost to Canadian workers. It would mean reducing future benefits for Canadians who are currently working and, in particularly, younger workers who are working today. I do not think anyone wants that.
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