The expansion of the Canada and Quebec pension plan began in 2019 when both the contribution rate and benefits began to increase. The maximum pension payable will eventually be 50 per cent higher in real terms than it was in 2019, but the actual increase will be less if someone did not always contribute the maximum. It will take more than 40 years to gradually complete the expansion. Frederick Vettese is a former chief actuary at Morneau Shepell and an author Lifetime retirement income. If you have a question about retirement that you want answered, send us an e-mail. We can’t promise to answer everything, but we’ll take a look.
