Canada’s finance ministers meet June 20-21 in Vancouver to try to reach a consensus on Canada Pension Plan (CPP) reform. So far, Northern politicians have said little on the issue heading into the meetings, but officials need to take into account Northern Canada’s unique situation in terms of demographics and cost of living when considering whether the current plan can provide a comfortable retirement for their residents.
Dwayne Wheeler of the Yukon Council on Aging says CPP monthly payments don’t meet Yukon retirees’ needs. The one “saving grace” for seniors whose only source of income is CPP and seniors’ supplements is the territorial seniors’ social housing program that subsidizes rents. Seniors lacking other income or families that can provide them with living space face a difficult financial situation, Wheeler says.