Following a meeting with provincial and territorial finance ministers on the potential for Alberta to leave the Canada Pension Plan (CPP), Finance Minister Chrystia Freeland said she will ask the federal government’s chief actuary to put together an estimate on the cost of asset transfers in such a scenario.
“I told ministers today that I would ask the chief actuary to provide an estimate of the asset transfers, based on a reasonable interpretation of the provisions in the CPP legislation. Our officials will work together to define the precise taskings for this work,” Ms. Freeland told reporters on Nov. 3.
Ms. Freeland told reporters that it was important for her to meet with the provinces’ and territories’ finance ministers because Alberta’s decision on whether to leave the CPP “implicates every single Canadian.” She said if the province were to withdraw, then Ottawa would need to negotiate “complex, time-consuming” portability agreements “with the CPPP and with Quebec’s Pension Plan.”
“Furthermore, if Alberta were to choose to leave, the government of Alberta would also need to negotiate international social security agreements to ensure similar treatment of contributors who spend part of their careers abroad.”
The finance minister said all of this would be taking place at a time of global geopolitical and economic uncertainty. “I truly believe ... that adding to that uncertainty right now is not something that would help Albertans or any Canadians,” she added.
Both Prime Minister Justin Trudeau and Conservative Leader Pierre Poilievre have encouraged Alberta to stay in the CPP, but for different reasons.
Mr. Poilievre blamed Alberta’s desire to leave the CPP on Ottawa’s “anti-constitutional” anti-energy policies and “painful carbon taxes.” He encouraged the province not to leave the pension program, saying “I will protect and secure the CPP for Albertans and all Canadians by treating every province fairly and freeing Alberta to develop its resources to secure our future.”
