Time to increase Canada Pension Plan benefits: poll

Albertan:

I heard the same BS when I was in my 20's. I am wealthy and have paid more taxes than you may ever earn in your lifetime. I SHOULD BE CUT OFF but I am not the majority. I do not get Old Age Security and use my CPP towards charity (also a tax write off).

Good luck and your are in for a wild ride - enjoy!

Why not just drop the limit..? Everyone is used to the deduction off their checks anyway so why not just continue the deductions all year..? This would provide additional funds to provide the needed increase in benifets.

Is everyone forgetting that this same discussion was held in the late 80's/early 90's resulting in CPP contributions skyrocketing 300-400% in the last 20 years? Wasn't that supposed to fund any shortfalls and increases to CPP in the future?
The maximum contribution everyone was able to pay into CPP was $5-600 annually, now it's almost $2000. What the h--- has happened to the already ridiculous additional contribution amounts taken in over the last 2 decades? And where does it end?

I agree with Larry and William Penrice. Our governments are not not going to be responsible to us the little guys .They are going to what they want regardless of the impact it has on us. I suggest appointing or electing an Auditor General for each government with the power to tell them "no you are not going to syphon off funds from CPP or EI". Someone has to be watching to make sure the waste Government is know for is keep to a minimum and some of the stupid practices halted.

I think it is very nice of the present government to allow us this little pipe dream of having an increased CPP Pension when we retire. It is just that though... a pipe dream. I go to the servicecanada.gc.ca website and periodically look up my "estimated" CPP pension amount. Last year it was 172 and change. This year, the same site indicates that if I were to retire today I would be getting only 168 and change. Scary to think that my 1100+ contribution to CPP so far this year has earned a negative increase eh? Because of this I am not wanting an increase in mandatory CPP contributions. I would much rather work something out on my own.

How about this; If people want an automatic way to save, set up a seperate national saving plan that an employee can contribute too tax free over and above his/her CPP contribution. (no emplyer cost). When the CPP comes due the proceeds based on the contibutions made would be added to the CPP payment. I know the private financial investment companies who make political contributions would put great pressure on the government and would likey succeed.
As for those who say they have no money to save I believe if every family was limited to a single car per household that the average savings alone would provide a good retirement. Again the auto, oil and insurance industry would fight like hell. But think of the polution reduction etc. PS Iam 79 and retired with one car.

Well how does the average canadian save money with the tax to DEATH attitude of our government... they tax everything to the max how do you save money !!!!!!!!!!!!!!!!!!!! Wake up, I support CPP and OAS increases either by not taxing the income or giveing us more money....can not live on those pensions.........Our government needs to give their head a shake, the pensions have not increased to much over the years.....

CPP benefits can only be increased is there is money to do so - so increase the contribution rate by another 2% and this will make the system viable. In the meantime, increase the death payment to 7,500 dollars to enable people a decent funeral and increase the disability benefit to 1000 dollars a month.

For those who say CPP was never designed to be your sole retirement income along with the GIS are unaware of what International companies are doing to worker's pension plans. These plans are in many cases negotiated in binding legal contracts which are laughed at by companies who place subsidiaries in bankruptcy where the pensions are not protected and walk away from millions in monies owed to workers while the parent companies thrive. Canada is by choice of the people a socialist state and as such supports moves that will protect the comfort and future of the individual despite right wing propaganda disseminated by big business and the media it controls.
Under the labour sponsored plan an individual who makes the maximum pensionable earnings of $47,200 would see a weekly increase in their contribution of $3.57. Less than a newspaper subscription. For a young worker or independent business person this would double your payout to 50% of the maximum pensionable earnings. As an example a person who starts contributing at the increased income when they are 28 would see the benefit from 28 to 65 increase to $1,772 from 886. A citizen who is 48 at the time this plan is adopted would see the benefit during the period from 48 to 65 increase to 814 from $407.
This plan will provide a safety net from collapsing markets and poor laws that don't protect pensions. Look it up here http://www.canadianlabour.ca/action-center/retirement-security-for-everyone and on Facebook.

Let me get this straight Mark. Currently I pay $4,326 a year (employee and employer portion) and can expect a benefit of $886 monthly when I retire. You expect me to believe with a further payment of (3.57X52) $186 a year you can increase that benefit to $1,772 a month? Do you actually know anything about finance? I feel embarrased for your obvious lack of common sense.

I thinks it's time that the Canadian federal Government starts thinking about people that are retired and having a little extra for all the years we have worked in this country. I was one of the lucky ones, I didn't have to go on UI but I sure worked in contributing and now it's time that I receive when I need it most.
Its hard to live out the rest of your life after retirement with a skimpy old age pension along with CPP and the biggest problem we are all faced with is we are taxed to death. I think that our government should reduce or eliminate taxes period on all pensions.

I think our Federal Finance Minister finally came up with a great plan in raising our CPP where funds are available to do so. I say let's give what's deserved to pensioner that deserve it who have worked hard all their lives.

Let's remember we CPP contributers are allowed up to $12,000. a year according to the guidelines and the average at this present time is $6000. I think it's time for a little boost.

Last but not least........this is not a welfare programe, it's our monies..get with the facts.

DON'T increase my CPP load. As a self employed individual, I have to pay double for the same benefit.

If you let me opt out, and not require me to pay 1 penny more into the system, you can KEEP all the contributions I've put in already. Let me invest what was going into CPP into my RRSP and TFSA (increase those limits to take into account no CPP) and I will be a very happy man.

If you want increased CPP, and are willing to pay higher premiums for it, just put the difference in your RRSP. You'll get a bigger return, and the money is YOURS when you need it.

Talk about self-centered people bragging about their savings!
What a sad day for Canada with these empty people seeking attention by bragging.
No wonder we have to import so many immigrants. All these self-centered people are no longer having families, so the traditional Canadian families are no longer growing... and all in favor of MAKING MORE MONEY!

CPP should be paid to stay-at-home moms or dads to try and promote all the lost familiy values in todays society, instead of blaming everyone else for your single child little brat getting into trouble at school or with the law, stay at home and raise him/her yourself and you'll end up with a much more well-adjusted and socially pleasant human being that may not end up a part of this newest self-centered I don't give a crap about others generation! But I guess you're probably too busy looking out for yourself, and it's much easier to blame the teachers, other parents, and society in general about your bad kids or troubles... while you complain about making CPP payments and brag about your savings.

ponzi sceme the whole thing

I am a generation 'x er' I think they better look at who is receiving cpp and revamp it. I have already lost around $2500 a year between health care premiums,HST, increased hydro and I don't want to pay anymore. Why not someone with a pension is payed less cpp but allowed to claim more at tax time or put in a lower tax bracket and give that money to someone who does not have a pension , just shift the money around. Everyones answer seems to be more more more raise raise raise well l lets try to be a little more fiscally resposable because my family can't afford to pay for everyone else.

Forced into retirement at age 57, husband also at age 57, during the "dirty" nineties, laid off. We had saved for our retirement but did not account for 8 extra years of retirement, and even if we could have foretold our fate, could not have saved more. Now in our early 70's, find our income from CPP, OAS and three tiny Company pensions, and RIF income is barely enough to support us. No extras for travelling, entertainment, etc. Please try to remember you too will retire someday, and will need a lot of money to supplement CPP and OAS. Most young people never see themselves retired, or able to collect CPP and OAS, we thought so too in our youth. It WILL happen, so be prepared as best you can.

First of all I think our government waste tax payers start making these people who have blonde hair and blue eyes that call themselves natives pay some taxes.Welfare people who sit home having kids and than have the nerve to put them all in day care so they can sit home on their lazy butts while someone else looks after them.Cut our taxes so maybe we can save more and enjoy retirement.

We cannot afford to and we can not afford to. With the costs of goods and existing taxes (now HST for most) the average household income does not afford a family of even just 3 enough money to live comfortably, put a child through College or University, plan enough for retirement, any chance of owing outright a home etc.
I can understand Alberta on this. Strange though that they do not have up to 8% more that most other provinces pay on PST built now into the HST and many more areas now being taxed at the same time.
If we are going to Hell In A Hand Basket anyway then at least let us do it having some comfort.
Our income levels do not match the increase costs in total. One era or even decade versus another is no longer relative on income versus cost, especially the essentials.
Unless you die young everyone is going to experience Retirement and Senior years. We are living longer and what you thought should be enough in your plan is not close and you were not able to afford to adjust or have enough time left etc.
Kids today will not get much in the way of inheritance so do not plan on that. As parents age and live longer they will be selling homes and using savings etc. just to survive themselves. Senior homes and home care are not cheap and another that many require Gov. subsidies to live in.
A lot to be said for euthanasia as we live longer with no Quality of Life.
Personally I do not worry but I am in the minority, but I have cried (tried to help) over people I have met and know and how they have to live in their old age AND young people also. Those young ones don't stand a chance without help (and there are many) and will even be worse off than the old people now in trouble.

Go ahead and tell me that people are responsible to PLAN to look after themselves. I thought that way at one time, but realized it is not in the cards for many and through no real fault of there own other than being a pawn in making many wealth people wealthier.

Some of us are trying to now give it back to help and now glad I can. Let the strong survive....... if you now believe that then go into the wild with the other animals - or today, maybe just into the streets.

CPP is just a joke for those who have to receive it back at age 60 or later. Let me give you an example. I am 61 years of age and lost my job last year. I have been employed in Canada from 1995 to 2009 in private jobs and approx. contributed to CPP about $18,000. AS per law, my employers have matched my CPP. Govt. got 36,000.00 so far. When I checked to apply my CPP at 61, I will get only $225/month. What a mockery? Pension caretakers received 36,000 against my account and would pay only petty $225 or so per month and that too will be reduced by 5% per year if I apply prior to 65 years of age. Can I survive on 225/month? This is insult to contributors. What happens to those who don't find work aftr 60 years of age?
Even in developing countries like India, people who contribute very little get a heftic pension and live rich and confortable and even can buy a home from gratuity based on number of years served in job. There People are more happy after retirement and here people struggle to survive. I don't know from what perspect people call Canada a rich country. Think of it. May raise contribution or not but payout should be at least $1500/month.

Regards

CPP and OAS are meant as a base income for retirement years. What I suggest to pre-retirement workers is to match whatever you calculate you will receive from these benefits when you do retire. This both gives you an idea how much money CPP and OAS is really worth and the amount of discipline that is required to match it. Some years will be easier than others, but when you do retire, those funds are there for you regardless as to whether you are having a good or bad year. They are reliable and timely. I for one feel blessed to receive these benefits and certainly want to contribute my fair share of the equation.