In 2014, these non-pension assets totalled $9.5 trillion, dwarfing the $3.3 trillion assets in the formal pension system.
guaranteed income supplement
A two dollar increase in CPP income could result in a one dollar reduction in GIS benefits.
This sea change in labour-force behaviour of older workers was completely unanticipated by research into pension adequacy.
Finance Minister Bill Morneau will soon meet with his provincial counterparts to discuss CPP expansion, which could include increased mandatory contributions.
For the most part, the government did not decide to reform or cut low-priority spending or ineffective programs.
Canadian governments have amassed huge obligations which current tax rates leave unfunded. As a result, young Canadians and future taxpayers are on the hook for the over-promises governments have made in the form of public pensions and medical services. We estimate that the unfunded liabilities of these government programs amount to a $1.6 trillion fiscal hole or $102,168 per Canadian taxpayer.