PM Justin Trudeau's Canada

[W. K. Lis]

CPP Investments could include corporations you work at, or properties you work or live in.

From link.

Canada Pension Plan Investment Board (CPP Investments) ended its second quarter of fiscal 2023 on September 30, 2022, with net assets of $529 billion, compared to $523 billion at the end of the previous quarter.

The $6 billion increase in net assets for the quarter consisted of $1 billion in net income and $5 billion in net transfers from the Canada Pension Plan (CPP).

In the five-year period up to and including the second quarter of fiscal 2023, CPP Investments has contributed $169 billion in cumulative net income to the Fund, and over a 10-year period, it has contributed $303 billion to the Fund on a net basis.

The Fund, which includes the combination of the base CPP and additional CPP accounts, achieved five-year and 10-year annualized net returns of 8.5% and 10.1%, respectively. For the quarter, the Fund returned 0.2%, continuing to outperform leading global indices during this period.

For the six-month fiscal year-to-date period, the Fund decreased by $10 billion consisting of a net decline in value of $22 billion after all CPP Investments costs, plus $12 billion in net CPP contributions. For the period, the Fund’s net return was negative 4.0%.

“Our portfolio remains resilient despite inflationary pressures, increases in central bank rates and the continued impact of the war in Ukraine, which resulted in the continued decline in global financial markets during the quarter,” said John Graham, President & CEO. “While we expect these conditions to persist throughout the fiscal year, our diversified investment portfolio – across asset classes and geographies – continues to create long-term value for CPP contributors and beneficiaries. Our active management strategy, designed to deliver results over the long term, remains on track as demonstrated by our strong 10-year net return of 10.1%.”

The Fund’s quarterly results were adversely affected by broad declines in global public and private equity markets and in fixed income markets. However, the decline in value was more than offset by gains in U.S. dollar-denominated private equity, real estate and credit investments, which benefitted from foreign exchange gains, and by positive returns on investments in energy and infrastructure. Gains by external investment managers in fixed income, currencies and commodities also contributed positively to results.

Second-Quarter Performance:

• Net assets increase by $6 billion
• 10-year annualized net return of 10.1%
• Diversified portfolio resilient in the face of global headwinds

The base CPP account ended its second quarter of fiscal 2023 on September 30, 2022, with net assets of $512 billion, compared to $509 billion at the end of the previous quarter. The $4 billion increase in assets consisted of $1 billion in net income and $3 billion in net transfers from the CPP. The base CPP account achieved a 0.2% net return for the quarter, and a five-year annualized net return of 8.6%.

The additional CPP account ended its second quarter of fiscal 2023 on September 30, 2022, with net assets of $17 billion, compared to $14 billion at the end of the previous quarter. The $2 billion increase in assets consisted of $38 million in net income and $2 billion in net transfers from the CPP. The additional CPP account achieved a 0.4% net return for the quarter, and an annualized net return 5.0% since inception in 2019.

The additional CPP was designed with a different legislative funding profile and contribution rate compared to the base CPP. Given the differences in their design, the additional CPP has had a different market risk target and investment profile since its inception in 2019. As a result of these differences, we expect the performance of the additional CPP to generally differ from that of the base CPP.

Furthermore, due to the differences in their net contribution profiles, the assets in the additional CPP account are also expected to grow at a much faster rate than those in the base CPP account.

 

[Northern Light]

Yes, that was obvious, and no, I am not suggesting to vary eligibility based on occupation, I am saying the age at which you become eligible to the CPP/OAS should not be increased. The CPP is considered sustainable at this point......

The problem, from my perspective is that the CPP is only sustainable but it provide a very low pay-out which will not sustain most people in retirement.

What good is a pension that leaves you in poverty? If we don't bump the retirement age up, we would have to substantially raise contribution rates in order to bring benefits to a minimum reasonable level.

I'm not sure why you would advocate for a broad-based low retirement age which is below current global norms and which suggests ratio only 43 years work to 19 years retirement.

I think the latter is simply far too long.

I think we need more globally normative paid vacation mandates throughout people's working lives, certainly not below 4 weeks.

But the notion that people should sit on their hands for almost 2 decades is not reasonable to me.

Perhaps I'm also influenced by the fact my mother's health deteriorated rapidly in retirement.

Without the need to get up and go to work regularly, and get out at least 5 days per week, as a life-long smoker, she no longer got good cardio, and as a result COPD set in sooner and more severely than it would have otherwise.

That in turn reduced her circulatory function; and when combined with reduced intellectual stimuli left her suffering from moderate dementia, principally in the form of short-term memory impairment.

To me, one should enjoy one's entire life, and have good work life balance, and automation should be supporting us in a shift to shorter work week's as well.

But retirement should surely not last much more than 10 years on average.

 

[Bayer]

The problem, from my perspective is that the CPP is only sustainable but it provide a very low pay-out which will not sustain most people in retirement.

What good is a pension that leaves you in poverty? If we don't bump the retirement age up, we would have to substantially raise contribution rates in order to bring benefits to a minimum reasonable level.

I'm not sure why you would advocate for a broad-based low retirement age which is below current global norms and which suggests ratio only 43 years work to 19 years retirement.

I agree with you about the duration of retirement and the low CPP payout. I always say I'll retire when I'm dead because I love my work, I can do it while lounging on the couch, and I performed very well in the past through pneumonia, bronchitis, and post-surgery narcotic fumes, among other situations!

I am simply thinking of those who are not so privileged, and who don't need to be afflicted with a serious disease to be unemployable in their line of work. For example, at various points in his life, my husband was an infantry soldier, a Linotype operator, a trained radio announcer, and a computer store owner, but he lost those through prejudice (no gay soldiers in the US in the 1970s!), technology advancements, deafness, and industry consolidation, and in the end, with just a GED, he was a general labourer, required to be on his feet all day, which you cannot do with something as comparatively innocuous as plantar fasciitis. So he took his Social Security at age 62 (with a rather larger pension than someone with his income history would have in Canada). I am concerned that people who do not have a spouse or other supports would fall through the cracks and end up on social assistance, which has even lower benefits.

 

[Northern Light]

I agree with you about the duration of retirement and the low CPP payout. I always say I'll retire when I'm dead because I love my work, I can do it while lounging on the couch, and I performed very well in the past through pneumonia, bronchitis, and post-surgery narcotic fumes, among other situations!

I am simply thinking of those who are not so privileged, and who don't need to be afflicted with a serious disease to be unemployable in their line of work. For example, at various points in his life, my husband was an infantry soldier, a Linotype operator, a trained radio announcer, and a computer store owner, but he lost those through prejudice (no gay soldiers in the US in the 1970s!), technology advancements, deafness, and industry consolidation, and in the end, with just a GED, he was a general labourer, required to be on his feet all day, which you cannot do with something as comparatively innocuous as plantar fasciitis. So he took his Social Security at age 62 (with a rather larger pension than someone with his income history would have in Canada). I am concerned that people who do not have a spouse or other supports would fall through the cracks and end up on social assistance, which has even lower benefits.

I share you sympathy, but I think the two ways I would address that would be sectorally bargained union agreements that allow for the unique conditions of certain types of jobs; along with proper disability pensions.

I should add, because there will always be people who fall through proverbial cracks that OW/ODSP ought to be a good deal more generous and less punitive on those willing and able to work part-time.

 

[lenaitch]

There is such a vast range of jobs, particularly physically demanding ones, and such a wide range of employment conditions/employer-employee relationships, it's difficult to create systems that serve everyone. People that are completely self-employed, such as farmers, bush workers, etc. might have difficulty doing it into old age (although the guy we leased our fields to did it deep into his 70s). I know several ex-infantry types who became physically broken at a fairly young age. At least with the military they can change trades and keep gainfully employed.

I don't know enough about private sector bargaining units whether they offer or sponsor some kind of retirement planning packages, group RSPs, etc.

I'm not sure that having a 10-year pension goal is all that workable in many sectors. Given that, statistically, I'm in my last decade, there's not many people who can handle police work, firefighting, EMS, nursing, etc. or many private sector jobs, into their 70s. True that I did a couple of post-retirement jobs but, depending on the job, some have maximum age limits (most commercial flying) or are limited by their insurance company.

There's only so many Walmart greeter jobs to go around.

 

[Northern Light]

Given that, statistically, I'm in my last decade, there's not many people who can handle police work, firefighting, EMS, nursing, etc. or many private sector jobs, into their 70s.

I expect to be invited to your 100th b-day if I'm still around, LOL.

 

[Bayer]

I think the blow-back for Macron; and the lesser blowback for Harper when tried to bump the age to 67 occurred because the savings from the age bump were not reinvested to raise the benefit level.

They were perceived to be the rich taking back a benefit to fund tax reduction schemes.

In the case of France, the pension benefit is quite generous, and the retirement age too low (62) with the further aggravating factor, that their pension scheme isn't really sustainable in its current form.

Once in Paris, I did roll my eyes at a demonstration of unemployed people asking for vacation time (now, every year, they can take 5 weeks off from looking for a job and remain eligible to their benefits... which can last up to 3 years if you are 55+). I agree that a retirement age of 62 is unsustainable.

 

[picard102]

Once in Paris, I did roll my eyes at a demonstration of unemployed people asking for vacation time (now, every year, they can take 5 weeks off from looking for a job and remain eligible to their benefits... which can last up to 3 years if you are 55+). I agree that a retirement age of 62 is unsustainable.

So they made law what is done here by practice? OW requires you looking for work, but doesn't require proof of it.

 

[AlbertC]

Commentary by UT alumni writer, Stefan Novakovic on the new Canadian passport design:

Should Canadians Care About our Redesigned Passport?

A controversial new design for the Canadian passports reflects a crossroads for the country's national identity.

www.azuremagazine.com

 

[lenaitch]

Commentary by UT alumni writer, Stefan Novakovic on the new Canadian passport design:

Should Canadians Care About our Redesigned Passport?

A controversial new design for the Canadian passports reflects a crossroads for the country's national identity.

www.azuremagazine.com

Sigh. I am getting so tired of this. Perhaps the most accurate statement is:

"Perhaps the government has taken a page out of corporate communications, hoping to offend nobody while saying nothing in particular."

Well of course government and corporations do this; because everyone is is instantly and publicly outraged at everything.

Not as bad as this one:

Fake outrage over new passport keeps Canadians from the debate we really need

The current passport has images of a past that’s increasingly irrelevant; the new design shifts to imagery that’s meaningless. If we want history in it, we’ll have to talk honestly about our past and what we value from it, writes Taylor C. Noakes.

www.thestar.com

 

[Northern Light]

Sigh. I am getting so tired of this. Perhaps the most accurate statement is:

"Perhaps the government has taken a page out of corporate communications, hoping to offend nobody while saying nothing in particular."

Well of course government and corporations do this; because everyone is is instantly and publicly outraged at everything.

Not as bad as this one:

Fake outrage over new passport keeps Canadians from the debate we really need

The current passport has images of a past that’s increasingly irrelevant; the new design shifts to imagery that’s meaningless. If we want history in it, we’ll have to talk honestly about our past and what we value from it, writes Taylor C. Noakes.

www.thestar.com

I tend to concur.

While Polievre's nonsense is hard to stomach, I found Stefan's writing on this to be of the same quality, that is, something likely to produce an adverse reaction, though I imagine the author is blissfully unaware of this.

Stefan is essentially the guy offended by everything and is therefore Polievre's foil.

For my part, however, let me say........I have never really cared about the 'art' on my passport, today will be the first day, and I rather hope the last, that I spare it a few seconds thought.

This country has real challenges: Homelessness/cost-of-housing, climate change, national debt levels, poverty/inequality, disaster preparedness/mitigation, excessive commute times, work/life balance, inadequate pensions, strained healthcare etc etc etc.

Nowhere on that list is passport art; or the colour of the carpet in the PMO.

 

[Admiral Beez]

Once in Paris, I did roll my eyes at a demonstration of unemployed people asking for vacation time (now, every year, they can take 5 weeks off from looking for a job and remain eligible to their benefits... which can last up to 3 years if you are 55+). I agree that a retirement age of 62 is unsustainable.

I'll be 62 in ten years. I may very well retire then... but mostly on my own dime.

 

[yrt+viva=1system]

As Stellantis halted construction on its massive Windsor battery factory, Premier Doug Ford warns Ottawa has to “step up” to match subsidies given to Volkswagen in St. Thomas.

The Star revealed Friday the federal government is renegotiating with Stellantis — parent company of Chrysler, Jeep and Fiat — because the company is threatening to relocate its new electric-vehicle facility to the U.S. unless it receives the same payouts VW received.

Speaking to reporters Monday in Mississauga, Ford expressed concern after a statement from Stellantis.
“Effective immediately, all construction related to the battery module production on the Windsor site has stopped,” the automaker said.

https://www.thestar.com/politics/pr...-with-subsides-for-auto-giant-stellantis.html

 

[W. K. Lis]

https://www.thestar.com/politics/pr...-with-subsides-for-auto-giant-stellantis.html

While in the U.S., the Democratic Party is considered "left wing", and the Republication Party is considered "right wing", in the rest of the world, BOTH parties are considered "right wing". The Republicans are a more "far-right", while the Democrats are more "right of center", for most Canadians.

from link.

 

[Bayer]

Sigh. I am getting so tired of this. Perhaps the most accurate statement is:

"Perhaps the government has taken a page out of corporate communications, hoping to offend nobody while saying nothing in particular."

Well of course government and corporations do this; because everyone is is instantly and publicly outraged at everything.

Not as bad as this one:

Fake outrage over new passport keeps Canadians from the debate we really need

The current passport has images of a past that’s increasingly irrelevant; the new design shifts to imagery that’s meaningless. If we want history in it, we’ll have to talk honestly about our past and what we value from it, writes Taylor C. Noakes.

www.thestar.com

If I look at my old passport that expired in 2017 (I ordered a new one recently), I see nothing but maple leaves on every single page, and on the photo page, a few soldiers on horseback that I can barely make out, and then only if the light and angle are right. No monuments and no prominent Canadian anywhere.

Poilievre is such an intolerable person with his serial outrages. I am glad I have not had cable television, and therefore not watched TV news, for 17 years. If I have to read his nonsense, at least I don't have to hear him.