Deputy Prime Minister Chrystia Freeland announced Tuesday that she would be meeting with provincial and territorial finance ministers on Friday to discuss Alberta’s proposal to exit the Canada Pension Plan .Wednesday, Freeland said that while the province has the right to withdraw from the plan, Albertans “deserve to know that doing so would be an historic, costly, and irreversible mistake.
“CPP Investments—the Crown corporation which invests Canadians’ pensions—is a world-leading investment body which safely generates the best possible returns for Canadian pensioners,” Freeland said.“As of this past June, the four-year annualized net rate of return for CPP Investments was 7.25 per cent. At 9.8 per cent, the ten-year return for Canadians was even higher. In fact, between 2013 and 2022, CPP Investments delivered the highest ten-year returns of any pension fund in the world.
“As some estimates have noted, if every province and territory used the same exit formula relied on by your government, Alberta, Ontario, and British Columbia would alone be entitled to an estimated 128 per cent of CPP assets,” she said.she would not call a referendum “A reasonable, respectful, and measured dialogue between our government, yours, and our fellow provinces and territories will be necessary to provide certainty to our fellow Canadians that their pension savings will be stable and secure should Albertans decide to withdraw from the CPP by referendum,” Horner said in a letter addressed to Freeland and shared on X, formerly known as Twitter.
In a statement on Oct. 18, Alberta NDP Leader Rachel Notley accused Smith’s government of misleading Albertans by creating “a full-scale propaganda campaign using public money to lie to them about the benefits of leaving” the federal plan.Prime Minister Justin Trudeau said in a letter to Smith on Oct. 18 that he is “deeply concerned” over Alberta’s proposed plan.
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