Canadians should not have to worry about their retirement.
But actions taken by the federal government raise questions about its commitment to enhancing retirement security for Canadians – a key promise in the last federal election.
Over a year ago, the Minister of Finance introduced Bill C-27, a dangerous piece of legislation that could end up in added risks and reduced benefits for retirees. This isn’t progress and it isn’t what people voted for in 2015.
Current bankruptcy laws (notably the Companies' Creditor Arrangement Act, or CCAA) see Canadians exposed to similar risks. Retirees are in a particularly vulnerable position and federal policy makers are responsible for protecting them.
This is why the Institute supports Member of Parliament (MP) Scott Duvall’s newly-introduced private Member’s Bill C-384 to protect the rights of retirees when a company goes bankrupt. It’s completely unacceptable for retirees to have to scramble to adjust to reduced - or no - benefit payments because employers are allowed to push them to the back of the line under current bankruptcy laws. The recent example of Sears Canada readily comes to mind in that regard.
When workers devote decades to a company and actively contribute to the prosperity of the Canadian economy, it’s only fair that their employer and their government have their backs when they retire.
The proposed changes contained in Bill C-384 are important because they will provide retirees with added protection and peace of mind at a crucial time in their lives. This is progress, a step in the right direction.
I encourage you to write to your Member of Parliament asking them to actively support this Bill, and to sign the petition sponsored by MP Duvall calling for changes to Canada’s bankruptcy laws. It can be found online at:
Together we can make a difference in the lives of millions of current and future Canadian retirees.
Better Together !