By Geordon Omand, The Canadian Press, June 20, 2016
Premiums to gradually increase over 7-year period starting in 2019, max benefits to increase by one-third
Most of Canada’s finance ministers reached an agreement in principle Monday to revamp the Canada Pension Plan, although Quebec and Manitoba have not signed on to the deal.
Under the agreement, which would go into effect in 2019, an average Canadian worker earning about $55,000 will pay an additional $7 a month in 2019. That would increase to $34 a month by 2023.
