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B.C. voted in favour of expansion proposal
OTTAWA – The British Columbia government has confirmed its support for enhancing the Canada Pension Plan.
B.C.’s vote in favour of Ottawa’s proposal to gradually increase contributions and retirement benefits through the public pension plan was critical for the changes to move forward.
In a statement, the B.C. government says it decided to back the proposal after considering feedback from stakeholders.
Initially, every province except Quebec backed a tentative deal to expand CPP and they agreed to ratify it by July 15.
But B.C. declined to ratify the agreement-in-principle by the deadline, saying it needed more time to consult businesses and individuals.
B.C. Finance Minister Michael de Jong says after hearing from thousands of people he is confident the changes to CPP will benefit retirement income security.
Everything you need to know about the expanded CPP:
How it should fit into your retirement plan »
How it’ll affect the economy »
The winners and losers of the plan »
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