Freeland to meet with provincial finance ministers on possible Alberta CPP withdrawal | CityNews Calgary

Finance Minister Chrystia Freeland says she’s going to meet provincial and territorial finance ministers later this week to debate the opportunity of Alberta’s withdrawal from the Canada Pension Plan.

A letter from Freeland to her counterparts says she is convening the digital assembly on Friday to talk to what she calls flaws underlying Alberta’s proposed exit method.

Alberta Premier Danielle Smith stated final week her authorities stands by its assertion that the province deserves $334 billion if it leaves the CPP, which represents greater than half of the plan’s belongings.

A throne speech from Smith’s authorities on Monday didn’t point out the proposed withdrawal, and the premier stated a promised referendum won’t occur if public session suggests the concept isn’t in style.

The Alberta authorities has been promoting the advantages that it says might come to Albertans with a switch out of the CPP, however economists and the Canada Pension Plan Investment Board say the quantity Alberta would get can be half of what’s being marketed, at finest.

Freeland says within the letter that some estimates notice an evaluation utilizing the identical method would predict that Ontario, Alberta and British Columbia mixed are entitled to 128 per cent of CPP belongings — an end result she calls “untenable” and “absurd.”

“For six decades, the CPP has been the bedrock of a secure and dignified retirement for Canadians, very much including the people of Alberta,” Freeland stated at a news convention in Ottawa on Tuesday.

“Protecting the pensions of all Canadians is a priority for our government. And I look forward to an important conversation about this with my counterparts from across the country on Friday.”

This report by The Canadian Press was first revealed Oct. 31, 2023.

The Canadian Press