Canada’s finance ministers discuss jobs, growth, and strengthening retirement income security

Monday Canada’s finance ministers met to support job creation, enhance productivity and grow the economy. This was Ontario’s first meeting with the new federal finance minister.

“Today, with a renewed spirit of collaboration, Canada’s finance ministers had a productive meeting, working together to support jobs and growth in the economy. We discussed the critical importance that infrastructure investments play in engineering long-term economic growth – investments like Ontario’s plan of more than $134 billion over 10 years. Ontario is encouraged by the commitment among Canada’s finance ministers to renew the national discussion on enhancing retirement income security, and we will be a collaborative partner in those discussions. Action to address the retirement savings gap is too important to delay, so as this discussion unfolds, Ontario will continue to move forward on our plan to implement the ORPP in 2017”, said Charles Sousa, Minister of Finance

The ministers discussed the federal commitment to long-term, predictable investments in public infrastructure. Ontario has long been an advocate for the importance of infrastructure funding, which creates jobs and contributes to the economic growth and productivity of Ontario. The province identified a number of proposed projects for the federal government, which would represent early opportunities for Ontario-Canada investment. These include critical transportation and transit projects, such as upgrading and expanding GO train service and highway expansion across the province. Ontario is currently making the largest investment in public infrastructure in Ontario’s history - more than $134 billion over 10 years - in priorities such as roads, bridges and transit.

Canada’s finance ministers also discussed the need to strengthen retirement income security. Ontario was pleased with the federal commitment to a national discussion on enhanced retirement incomes - an issue on which Ontario has consulted widely for over two years. Ontario will be an active champion of a Canada Pension Plan (CPP) enhancement, provided that the enhancement is both timely and provides a level of adequacy and coverage consistent with the Ontario Retirement Pension Plan (ORPP). As part of its commitment, Ontario will continue with its plan to implement the ORPP, while allowing for potential integration with a CPP enhancement in the future.