Finance ministers from across Canada have agreed to hit the brakes on potential changes to enhance the Canada Pension Plan.
At a closing news conference with his provincial and territorial counterparts in Ottawa today, federal Finance Minister Bill Morneau said discussions would continue — and conceded the status quo is an option due to the sluggish economy.
While ministers will work to achieve "milestones" in the coming year, there will be more consultation and study before any changes are proposed for the CPP, he said.
The Liberal campaign platform promised to "work with the provinces and territories, workers, employers, and retiree organizations to enhance the CPP."
Ontario Finance Minister Charles Sousa said his province will proceed with its own pension plan, and invite other provinces to participate. At the same time, Ontario will run on "both tracks" to engage in talks aimed at enhancing the CPP, which he called a well-run, well-financed program.
Finance ministers got a briefing from Bank of Canada Governor Stephen Poloz during the day-long meeting, that including talks on equalization, health transfers and infrastructure spending.
Morneau could not provide precise details on how the money will flow at this "early stage, but said the federal government is committed to infrastructure investments to kick-start economic growth.
The Liberal government has promised $125 billion in infrastructure spending.
Heading in to the talks earlier today, several provincial finance ministers said Ottawa should be in no rush to expand the CPP and should instead make infrastructure and health spending the top economic priorities.
