Unlike an RRSP or TFSA, the CPP does not allow Canadians to withdraw money early.
Albertans contributed $2.9 billion more to the CPP than they consumed in 2017.
It’s close, but assets do exceed liabilities.
Alberta’s $27.9 billion net contribution over this period is almost four times greater than Ontario’s.
Alberta workers accounted for 16.5 per cent of total CPP contributions while Alberta retirees consumed 10.8 per cent of CPP expenditures.
Albertans Make Disproportionate Contributions to National Programs: The Canada Pension Plan as a Case Study
The expanded CPP will not increase overall retirement savings.
For every $1 increase in CPP premiums, the average Canadian household reduced its private savings by almost $1.
The bulk of current contributions fund the benefits to current retirees.