The committee was studying Bill C-30, the spring economic statement implementation act, with a focus on amendments related to Canada Pension Plan (CPP) contribution rates. Justin Stuart, Senior Director of Income Security at the Department of Finance, appeared as a witness.
Justin Stuart explained that the 32nd actuarial report, tabled December 8, 2025, confirms the CPP is financially sustainable over 75 years, with the minimum contribution rate about 70 basis points below the statutory 9.9% for the base plan. He noted the 33rd actuarial report reflects changes proposed in Bill C-30 and that the chief actuary uses a 4.05% real rate of return assumption, with an assumed inflation rate of about 2% over 75 years, but he could not detail the calculations, deferring to the Office of the Chief Actuary. He clarified that the chief actuary does not assess the Canada Pension Plan Investment Board's investment mix and that assumptions on projected asset growth and investment income are built into the reports.
Conservative members, including Tamara Kronis and Philip Lawrence, pressed Stuart on how nominal CPP asset figures could be converted into inflation-adjusted numbers to improve transparency for Canadians. Stuart explained that nominal figures do not account for inflation, while real values do, and that the actuarial reports list both nominal and real return assumptions. He could not provide further plain-language explanations beyond what is in the reports, leading to frustration from members who wanted more accessible information for the public.
During debate on subamendments to CPC-13, which would require the Minister of Finance to report on CPP impacts, Sandra Cobena moved a subamendment requiring the report to include representative examples of the annual impact of contribution rate reductions on employees, employers and self-employed persons at earnings levels of $50,000, $70,000 and the maximum pensionable earnings. She argued this would provide transparency and help Canadians understand the real-dollar effects, distinguishing it from red tape. Philip Lawrence supported the subamendment, emphasizing that it would build trust in CPP by showing how the reduction from 9.9% to 9.5% leaves a 0.3% buffer above the minimum contribution rate of 9.2%.
Ryan Turnbull opposed the subamendment, arguing that the chief actuary already produces detailed reports and that the Conservative amendments create redundant reporting requirements. He accused the Conservatives of filibustering to delay the bill, noting the committee had spent over 22 hours on amendment CPC-13 alone. Costas Menegakis countered that the modest $133 annual savings for a worker earning $70,000 does not offset years of rising costs, and that the reporting is needed to provide context and transparency for Canadians.
After extensive debate, including points of order about relevance and procedural motions, the committee adjourned the meeting on a motion from Ryan Turnbull, without reaching a vote on the subamendment.
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