OTTAWA - Parliament will have a say this fall on the proposed expansion of the Canada Pension Plan as the Liberals signalled today that new legislation to implement the changes will be coming in October.
Liberal MPs have told the Commons finance committee that the legislation is in the works, which will mean a full parliamentary debate on the changes.
The deal would increase the benefits retirees receive, increase how much income is eligible for CPP coverage and raise monthly premiums for employees and employers.
The average employee would pay an additional $7 a month in 2019, increasing to $34 a month by 2023.
Benefit payments of almost $17,000 a year, up from about $13,000 now, would be available for those who contributed to the enhanced plan for about 40 years.
Finance Minister Bill Morneau will appear before the finance committee to go over the details of the proposal on Sept. 19, the day the House of Commons returns from its summer break.
