pension

Friday January 29, 2021

Editorial Cartoon by Graeme MacKay, The Hamilton Spectator – Friday January 29, 2021

Despite resigning, Julie Payette still qualifies for perks such as a $149,484 annual pension for life

January 23, 2021

Julie Payette submitted her resignation as Governor General on Thursday, but despite leaving early due to a workplace scandal she’ll still qualify for a lifetime pension of at least $149,484 per year.

The lifetime annuity is set out in legislation called the Governor General’s Act and it applies to anyone who has held the office, regardless of how they leave it. It rises slowly over time, currently standing at $149,484.

“An annuity payable under this section shall commence on the day the annuitant ceases to hold the office of Governor General and shall continue thereafter during his life,” the legislation says (using outmoded gendered language).

July 14, 2017

On top of that, former governors general are entitled to a lifetime expense program that gives them access to up to $206,000 per year from the budget of the Office of the Secretary to the Governor General.

Speaking to reporters, Prime Minister Justin Trudeau said the rules are clear around the entitlements for outgoing governors general.

The expense program was established in 1979 on the rationale that former governors general still carry out duties related to their role after they leave office, such as attending ceremonies and making speeches.

February 20, 2004

Details of the expenses are not mandated to be disclosed and are not subject to federal access-to-information legislation. The National Post has previously reported on them based on an accounting quirk that causes the expenses to show up in the federal government’s public accounts if one person claims more than $100,000 in a year. Only Adrienne Clarkson has repeatedly claimed this amount in recent years.

David Johnston, however, has started proactively disclosing his expense claimsunder the program, the only former governor general to do so. During his time as governor general, Johnston developed the first concrete guidelines around how the expenses can be claimed, implementing them in 2012.

The federal government also provides multi-million dollar grants to former governors general to start their own charitable foundation after leaving office. In the case of Clarkson, for example, the government provided $3 million in a start-up grant plus up to $7 million over 10 years to match donations from the private sector; Clarkson used this funding to start the Institute for Canadian Citizenship. (National Post) 

 

Tuesday June 21, 2016

Editorial Cartoon by Graeme MacKay, The Hamilton Spectator Ð Tuesday June 21, 2016 CPP reform to dominate finance ministers meeting in Vancouver The federal finance minister says revamping the Canada Pension Plan is critical to ensuring that future generations of Canadians can retire in dignity, no matter the state of their finances. Bill Morneau joined his provincial and territorial counterparts in Vancouver today to discuss reforming the national pension program over concerns that some Canadians will struggle financially come retirement. The pressure is on to reach a deal as Ontario's plans to develop its own pension program are well on their way, though the province's finance minister says his preference would be for a national plan. Ontario wants a deal now, but Saskatchewan and B.C. have suggested the economic conditions aren't right for a change that's likely to lead to an increase in the premiums that come off workers' paycheques. That premium hike is why some critics of the expansion call it a payroll tax, a common refrain from the Opposition Conservatives who oppose an across-the-board expansion of the program. The ministers could agree to that or to more selectively target those Canadian workers who are the least likely to save. Federal research has suggested that group tends to be under the age of 30, earns between $55,000 and $75,000 (although some estimates are higher), and either doesn't save enough or lacks access to a workplace pension plan. The federal and provincial governments are looking at a possible increase in the $55,000 cap on annual maximum pensionable earnings, which would result in both higher premiums and increased pension benefits. Resolving the issue could be harder than changing the Constitution. A change to the CPP requires provinces representing two-thirds of the population; a constitutional amendment needs seven provinces representing at least half. (Source: CBC News)Êhttp://www.cbc.ca/news/business/finance-minister-cpp-1

Editorial Cartoon by Graeme MacKay, The Hamilton Spectator – Tuesday June 21, 2016

CPP reform to dominate finance ministers meeting in Vancouver

The federal finance minister says revamping the Canada Pension Plan is critical to ensuring that future generations of Canadians can retire in dignity, no matter the state of their finances.

Thursday October 15, 2015Bill Morneau joined his provincial and territorial counterparts in Vancouver today to discuss reforming the national pension program over concerns that some Canadians will struggle financially come retirement.

The pressure is on to reach a deal as Ontario’s plans to develop its own pension program are well on their way, though the province’s finance minister says his preference would be for a national plan.

Ontario wants a deal now, but Saskatchewan and B.C. have suggested the economic conditions aren’t right for a change that’s likely to lead to an increase in the premiums that come off workers’ paycheques.

That premium hike is why some critics of the expansion call it a payroll tax, a common refrain from the Opposition Conservatives who oppose an across-the-board expansion of the program.

Editorial Cartoon by Graeme MacKay, The Hamilton Spectator - Tuesday June 15, 2010 Planning for the Future For the past two years, the federal government and provincial finance ministers have been looking at what to do to help Canadians better prepare for retirement. When the bottom fell out of the stock market in the financial crisis that swept the world in 2008, company pensions and registered retirement savings plans were hit hard. It was feared that some pension plans would not be able to meet their obligations to current and future retirees Ñ and that some retirees would have no pension at all if the companies they worked for went bankrupt. People who had to rely on RRSP savings faced the prospect of having to work several years longer than planned to make up for their losses. While markets have recovered much of what they gave up and many plans that were at risk are solvent again, Canadians are still worried about what their retirements will look like. An Ipsos Reid poll commissioned for the Canadian Institute of Actuaries suggests 42 per cent of Canadians over the age of 45 feel they are not financially prepared to live comfortably after they leave the workforce. Seventy-two per cent said they were concerned about maintaining a reasonable standard of living in retirement. A similar poll done by Ipsos Reid in November 2006 for BMO Financial Group suggested that 70 per cent of Canadians don't feel they're on track with their retirement savings Ñ or don't know if they're on track.Ê(Source: CBC News)Êhttp://www.cbc.ca/news/business/what-s-being-discussed-1.955300 Canada, retirement, CPP, RRSP, consumerism, consumers, planning, savings, advice, Best Buy, electronics

June 15, 2010

The ministers could agree to that or to more selectively target those Canadian workers who are the least likely to save.

Federal research has suggested that group tends to be under the age of 30, earns between $55,000 and $75,000 (although some estimates are higher), and either doesn’t save enough or lacks access to a workplace pension plan.

The federal and provincial governments are looking at a possible increase in the $55,000 cap on annual maximum pensionable earnings, which would result in both higher premiums and increased pension benefits.

Resolving the issue could be harder than changing the Constitution. A change to the CPP requires provinces representing two-thirds of the population; a constitutional amendment needs seven provinces representing at least half. (Source: CBC News)

Published in the Ottawa Citizen

Published in the Ottawa Citizen

Thursday October 29, 2015

By Graeme MacKay, Editorial Cartoonist, The Hamilton Spectator - Thursday October 29, 2015 Justin Trudeau has begun repaying Premier Kathleen Wynne for helping him become prime minister. Upon being sworn in to succeed Prime Minister Stephen Harper next Wednesday, Trudeau will reverse his predecessorÕs attempt to derail the Ontario Retirement Pension Plan. That announcement came after a 30-minute meeting Tuesday at QueenÕs Park between the two leaders. ÒWe made progress on our mutual commitment to build greater retirement security for Ontarians and Canadians,Ó said Zita Astravas, WynneÕs director of media relations. ÒOnce it takes office, the incoming federal government will direct the Canada Revenue Agency and the departments of finance and national revenue to work with Ontario officials on the registration and administration of the . . . ORPP,Ó said Astravas. ÒThis would be the same assistance with pension administration that the federal government has extended in the past to Quebec and Saskatchewan. The ORPP is being designed to integrate with any future CPP enhancement,Ó she said, referring to the Canada Pension Plan. Finance Minister Joe Oliver said in July that Ottawa would not provide administrative support for WynneÕs retirement scheme because the Conservatives felt it would Òtake money from workers and their families, kill jobs and damage the economy.Ó ÒAdministration of the ORPP will be the sole responsibility of the Ontario government, including the collection of contributions and any required information,Ó Oliver, who lost his Eglinton-Lawrence seat on Oct. 19, said at the time. During the campaign, Harper boasted that he was ÒdelightedÓ to hinder the Ontario plan, which launches in 2017. ÒKathleen Wynne is mad that I wonÕt help her do that . . . . YouÕre bloody right. The Conservative government is not going to help bring in that kind of tax hike.Ó Wynne created the Ontario plan after Harper refused to bolster CPP, which pays out a maximum ben

By Graeme MacKay, Editorial Cartoonist, The Hamilton Spectator – Thursday October 29, 2015

Justin Trudeau delivers help for Kathleen Wynne’s Ontario pension plan

Justin Trudeau has begun repaying Premier Kathleen Wynne for helping him become prime minister.

By Graeme MacKay, Editorial Cartoonist, The Hamilton Spectator - Wednesday October 22, 2015 Justin Trudeau owes Kathleen Wynne after election win Endorse early, endorse often. ThatÕs how Kathleen Wynne turned the old political joke (ÒVote early, vote oftenÓ) on its head. Except she wasnÕt fooling around. Long before Canadians settled on Justin Trudeau, well before any prime ministerial honeymoon, OntarioÕs premier was an early adopter. And an enthusiastic endorser. She showed him political love when he was running last, and showered him with praise when he was pulling ahead. Wynne went out on a limb by placing a big bet on the Liberal leader when few others saw his growth potential. Wynne cheered him on, early on, at a Regent Park rally with a passion that seemed unseemly to critics. And she badmouthed NDP Leader Thomas Mulcair in an un-premier-like way when he was still well-placed to win the election. The investment was not only personal but political Ñ Wynne didnÕt just stick out her own neck, she loaned out much of her provincial electoral machine: The vast majority of campaign managers for federal Liberal candidates emanated from the partyÕs provincial wing. Now, the gamble has paid off. Wynne is the bearer of a monumental IOU. So too are the Ontarians who voted massively for Trudeau at her behest. They are counting on her to collect in full on their behalf, and fully expecting his new government to deliver. How big is that political debt? About $11 billion big, if you count the amount that Ottawa collects annually from Ontario taxpayers for distribution everywhere else through equalization and other social transfers for health and education. But that fiscal imbalance, long an irritant at QueenÕs Park, wonÕt evaporate overnight. Ontarians have swung massively behind the federal Liberals in the past, only to be taken for granted when it came time for Ottawa to give the countryÕs biggest province its due. Former prime minister Jean ChrŽtien won virtua

Upon being sworn in to succeed Prime Minister Stephen Harper next Wednesday, Trudeau will reverse his predecessor’s attempt to derail the Ontario Retirement Pension Plan.

That announcement came after a 30-minute meeting Tuesday at Queen’s Park between the two leaders.

“We made progress on our mutual commitment to build greater retirement security for Ontarians and Canadians,” said Zita Astravas, Wynne’s director of media relations.

“Once it takes office, the incoming federal government will direct the Canada Revenue Agency and the departments of finance and national revenue to work with Ontario officials on the registration and administration of the . . . ORPP,” said Astravas.

Tuesday November 25, 2014“This would be the same assistance with pension administration that the federal government has extended in the past to Quebec and Saskatchewan. The ORPP is being designed to integrate with any future CPP enhancement,” she said, referring to the Canada Pension Plan.

Finance Minister Joe Oliver said in July that Ottawa would not provide administrative support for Wynne’s retirement scheme because the Conservatives felt it would “take money from workers and their families, kill jobs and damage the economy.”

Thursday January 22, 2015“Administration of the ORPP will be the sole responsibility of the Ontario government, including the collection of contributions and any required information,” Oliver, who lost his Eglinton-Lawrence seat on Oct. 19, said at the time.

During the campaign, Harper boasted that he was “delighted” to hinder the Ontario plan, which launches in 2017.

“Kathleen Wynne is mad that I won’t help her do that . . . . You’re bloody right. The Conservative government is not going to help bring in that kind of tax hike.”

Wynne created the Ontario plan after Harper refused to bolster CPP, which pays out a maximum benefit of little more than $12,000 annually.

Trudeau received a hero’s welcome at Queen’s Park as he arrived to thank Wynne for her help in winning power. (Source: Toronto Star)

One play by play of the meeting courtesy of the National Post.

SOCIAL MEDIA

Thursday October 15, 2015

By Graeme MacKay, Editorial Cartoonist, The Hamilton Spectator - Thursday October 15, 2015 Trudeau win could cancel need for Ontario pension, Wynne says A majority win for Justin TrudeauÕs Liberals next Monday could ÒabsolutelyÓ negate the need for an Ontario pension plan, says Premier Kathleen Wynne. ThatÕs because Trudeau has promised to enrich the existing Canada Pension Plan, possibly making the proposed complementary Ontario Retirement Pension Plan redundant. ÒIf we have a partner in Justin Trudeau to sit down and work out what theyÕre looking at as an enhancement to CPP that was always my starting point,Ó Wynne said Tuesday as she campaigned in four ridings in Toronto, Oakville, and Burlington to help the federal Liberals. ÒThat was the solution. A couple of years ago, thatÕs what we were looking at. We were looking at finance ministers across the country who agreed that theyÕre needed to be a change to the Canada Pension Plan,Ó she said. She noted two-thirds of Ontarians have no workplace pension. WynneÕs provincial Liberals introduced the ORPP, which takes effect in 2017, after Conservative Leader Stephen Harper refused to improve CPP benefits, which pay out a maximum of about $12,000 annually. Under the scheme, workers without a plan would have to contribute 1.9 per cent of their pay, which would be matched by their employers. On the eve of launching the 11-week election campaign, Harper said Ottawa would not aid QueenÕs Park by administering the new provincial plan, which he views as a Òpayroll tax.Ó ÒKathleen Wynne is mad that I wonÕt help her do that,Ó he said in August. ÒYouÕre bloody right. The Conservative government is not going to help bring in that kind of tax hike.Ó But Trudeau, who is leading in most opinion polls, has repeatedly pledged to boost CPP and work with Wynne to bolster retirement security. (Source: Toronto Star) http://www.thestar.com/news/queenspark/2015/10/13/trudeau-win-could-negate-need-for-ontario-pension-wynne.html O

By Graeme MacKay, Editorial Cartoonist, The Hamilton Spectator – Thursday October 15, 2015

Trudeau win could cancel need for Ontario pension, Wynne says

A majority win for Justin Trudeau’s Liberals next Monday could “absolutely” negate the need for an Ontario pension plan, says Premier Kathleen Wynne.

That’s because Trudeau has promised to enrich the existing Canada Pension Plan, possibly making the proposed complementary Ontario Retirement Pension Plan redundant.

“If we have a partner in Justin Trudeau to sit down and work out what they’re looking at as an enhancement to CPP that was always my starting point,” Wynne said Tuesday as she campaigned in four ridings in Toronto, Oakville, and Burlington to help the federal Liberals.

“That was the solution. A couple of years ago, that’s what we were looking at. We were looking at finance ministers across the country who agreed that they’re needed to be a change to the Canada Pension Plan,” she said.

She noted two-thirds of Ontarians have no workplace pension.

Wynne’s provincial Liberals introduced the ORPP, which takes effect in 2017, after Conservative Leader Stephen Harper refused to improve CPP benefits, which pay out a maximum of about $12,000 annually.

Under the scheme, workers without a plan would have to contribute 1.9 per cent of their pay, which would be matched by their employers.

On the eve of launching the 11-week election campaign, Harper said Ottawa would not aid Queen’s Park by administering the new provincial plan, which he views as a “payroll tax.”

“Kathleen Wynne is mad that I won’t help her do that,” he said in August. “You’re bloody right. The Conservative government is not going to help bring in that kind of tax hike.”

But Trudeau, who is leading in most opinion polls, has repeatedly pledged to boost CPP and work with Wynne to bolster retirement security. (Source: Toronto Star)

 

Friday October 9, 2015

By Graeme MacKay, Editorial Cartoonist, The Hamilton Spectator - Friday October 9, 2015 Decision on U.S. Steel Canada benefit, tax cuts Friday The judge presiding over U.S. Steel Canada restructuring hearings says he will render a decision Friday on a controversial plan to sever the subsidiary from its parent company and relieve it of tens of millions of dollars in pension benefit and municipal tax obligations. Justice Herman J. Wilton-Siegel said it is one of the toughest decisions he has had to make from the bench. He said he will give a short written summary of his decision tomorrow and then follow it up with a detailed explanation next week. Dozens of USSC retirees bused into Toronto again today and packed the courtroom where lawyers representing stakeholders gave their final submissions. A lawyer for the steelmaker reiterated the company's position that USSC was a victim of circumstances and changing market conditions that turned the business into a crisis requiring the difficult measures of the transition agreement. Pension benefit obligations were estimated to be $40 million before the end of this year and the company does not have the funds, he said. He refuted arguments from United Steelworkers lawyers that savings could be found elsewhere Ñ making the pension benefit hit unnecessary Ñ and that the company's grim fortunes were the result of steel orders being moved from the Canadian subsidiary to other U.S. Steel operations. United Steelworkers 1005 President Gary Howe said after the hearing that he expects the judge to go along with the company plan because it has the backing of the monitor overseeing the proceedings. In its most recent statement, the monitor said "a near-term cessation of operations will be necessary" if the company plan isn't accepted. (Source: Hamilton Spectator) http://www.thespec.com/news-story/5951456-decision-on-u-s-steel-canada-benefit-tax-cuts-friday/ Hamilton, U.S. Steel, Trade, Foreign Investment, subsidies, bailout, St

By Graeme MacKay, Editorial Cartoonist, The Hamilton Spectator – Friday October 9, 2015

Decision on U.S. Steel Canada benefit, tax cuts Friday

The judge presiding over U.S. Steel Canada restructuring hearings says he will render a decision Friday on a controversial plan to sever the subsidiary from its parent company and relieve it of tens of millions of dollars in pension benefit and municipal tax obligations.

By Graeme MacKay, Editorial Cartoonist, The Hamilton Spectator - Thursday September 26, 2015 Dispute over U.S. Steel Canada restructuring sent to mediation The dispute between United States Steel Corp. and its stakeholders over the future of U.S. Steel Canada Inc., has been sent to mediation by the Ontario Superior Court judge overseeing the Canadian unitÕs restructuring. The issues in dispute between the United Steelworkers union, the Ontario government, salaried active and retired employees, and a former president of its predecessor company Stelco Inc. on one side and U.S. Steel on the other, will be examined by former Ontario Superior Court associate chief justice Douglas Cunningham in a three-day session scheduled to begin next week. ÒThe mediation shall address the feasibility of a comprehensive agreement among the parties,Ó Justice Herman Wilton-Siegel said in an order. The mediation will also address a business plan for the Canadian unit, its potential sale, the shift of production of high value-added steel to the United States and U.S. SteelÕs claim of more than $2-billion against the Canadian unit. U.S. Steel Canada has been operating under the CompaniesÕ Creditors Arrangement Act since last September, but the announcement by its parent company that it plans to shift production of about 180,000 tons of high-quality steel annually out of its Canadian operations has sparked an imminent crisis in the restructuring. Shifting production would diminish the value of the Canadian assets in the eyes of potential buyers, steel industry sources said. U.S. Steel has started a sales process that has led to a bid by one competitor Ð Essar Steel Algoma Inc., which is based in Sault Ste. Marie, Ont., but has the backing of a deep-pocketed parent company in India. Potential buyers also need to wonder whether other steel-making contracts will be shifted out of Canada, leaving the Canadian operations to depend entirely on the spot steel market. Stakeholders have quest

Justice Herman J. Wilton-Siegel said it is one of the toughest decisions he has had to make from the bench. He said he will give a short written summary of his decision tomorrow and then follow it up with a detailed explanation next week.

Dozens of USSC retirees bused into Toronto again today and packed the courtroom where lawyers representing stakeholders gave their final submissions.

A lawyer for the steelmaker reiterated the company’s position that USSC was a victim of circumstances and changing market conditions that turned the business into a crisis requiring the difficult measures of the transition agreement.

By Graeme MacKay, Editorial Cartoonist, The Hamilton Spectator - Thursday October 10, 2015 Dairy farmers protest upcoming trade deal Dairy farmers parked tractors at the foot of Parliament Hill, walked cows through downtown Ottawa and dumped milk on the pavement Tuesday to protest what they say is a looming trade deal that threatens their way of life. Farmers in Ontario and Quebec fear that the Trans-Pacific Partnership, a massive 12-country trade deal thatÕs said to be near an agreement in principle, could spell the end of the supply management system that keeps their operations profitable. Dozens of tractors clogged Wellington Street in front of the Parliament Buildings, snarling traffic, while some farmers led cows down the street and others splashed milk on the pavement. Negotiations are currently underway on the ambitious trade deal involving Canada and 11 other countries. Sources say an agreement in principle could be announced as early as Friday. Farmers fear the federal government will make concessions on supply management, a system of production limits and import tariffs that shields the dairy market from competition at the hands of foreign producers. The U.S. has been pushing for Canada to loosen its system, but the federal government says the government will protect Canadian interests at the negotiating table. ÒThis government remains absolutely committed to making sure we preserve our system of supply management through trade negotiations,Ó Conservative Leader Stephen Harper said Tuesday. Opposition parties remain concerned about how the system could be affected in TPP talks. The NDPÕs Mathieu Ravignat, who is running for re-election in the Quebec riding of Pontiac, said supply management allows for many small farms to exist in Quebec and across Canada. (Source: National Post) Canada, United States, USA, trade, dairy, farmers, agriculture, Trans Pacific Partnership, TPP, globalization, cow

Pension benefit obligations were estimated to be $40 million before the end of this year and the company does not have the funds, he said.

He refuted arguments from United Steelworkers lawyers that savings could be found elsewhere — making the pension benefit hit unnecessary — and that the company’s grim fortunes were the result of steel orders being moved from the Canadian subsidiary to other U.S. Steel operations.

United Steelworkers 1005 President Gary Howe said after the hearing that he expects the judge to go along with the company plan because it has the backing of the monitor overseeing the proceedings. In its most recent statement, the monitor said “a near-term cessation of operations will be necessary” if the company plan isn’t accepted. (Source: Hamilton Spectator)