Finance and Municipal Affairs Minister Wes Sheridan encourages Islanders to participate in public consultations to strengthen Canada’s retirement income system.
The consultations are being hosted by the federal government to gather public input on how governments can ensure that Canada’s retirement income system remains strong and responsive to the needs of Canadians.
“By taking part in the online consultation or by attending the Town Hall meeting in Charlottetown on April 6, Islanders can suggest which types of government retirement supports will serve them best in the future,” said Minister Sheridan. “The active participation of Islanders in these consultations will mean that when governments sit down to consider what Canadians are saying, we will be sure that the views of Prince Edward Islanders are there.”
The public is welcome to attend the Town Hall meeting on Tuesday, April 6 at 7 p.m. at the Delta Hotel in Charlottetown.
Islanders can visit the Department of Finance Canada website at www.fin.gc.ca to obtain the background document Ensuring the Ongoing Strength of Canada’s Retirement Income System, to participate in the online consultation, or to obtain information on how to provide a written submission before April 30.
Canada’s government-supported retirement income system is based on three pillars.
The Old Age Security and Guaranteed Income Supplement program provides a basic minimum income guarantee for seniors. It is funded by federal government revenues.
The Canada Pension Plan and the Quebec Pension Plan are mandatory, publicly administered, defined benefit pension plans that provide a basic level of earnings replacement for all Canadian workers. They are funded by contributions from employers and employees.
Registered Pension Plans (RPPs) and Registered Retirement Savings Plans (RRSPs), and Registered Retirement Income Funds (RRIFs) provide tax-assisted savings opportunities to encourage Canadians to accumulate additional savings for retirement.