Canadian Finance Minister Proposes Pension Enhancements

June 11, 2010 ( - Canadian Finance Minister Jim Flaherty is proposing changes to bolster retirement savings in the country, including enhancing the country’s public pension plan.

Bloomberg News reports that, in a letter to provincial finance ministers ahead of a meetings starting this weekend Flaherty said: “My recent consultations across the country, and the work done by our officials since we last met, have convinced me that we should seriously consider several specific steps to improve our retirement income system.” 

Flaherty suggested making it easier for the self-employed to participate in registered pension plans, and also proposed changes to federal tax rules that would allow banks and insurance companies to offer more “broad-based” pension plans. Canada should also consider “modest, phased-in, and fully funded” enhancements of the public pension system, the letter said, according to Bloomberg.