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Exiting the CPP is one of the ideas being studied by a panel set up by Alberta Premier Jason Kenney as he seeks a “fair deal” for the province.
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In a video recently shared on Facebook, Kenney says he understands Alberta’s $40-billion share of a CPP total of $400 billion could be pulled out and control given to the Alberta Investment Management Corporation (AIMCo), which already manages about $100 billion for Albertan taxpayers.
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A Fraser Institute study earlier this year found that Alberta workers represented 16.5 per cent of the total contributions to the CPP in 2017, while Alberta retirees consumed 10.6 per cent of CPP expenditures. Further, over the past decade, Albertans made a cumulative net contribution of $27.9 billion to the CPP, over and above what was required to pay Alberta seniors.
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The study also shows that should Alberta opt out, the CPP contribution rate would have to increase to 10.6 per cent from 9.9 per cent for the other provinces. But Alberta’s standalone contribution rate could be as low as 5.85 per cent. The calculations are based on the CPP pre-expansion and the Office of the Superintendent of Financial Institution’s definition of sustainability.
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The Alberta panel, with a budget of $650,000, will take public consultation from Nov. 16 to Jan. 20, 2020, then take the results to the provincial government in March. Other issues under review include opting out of the federal equalization program; creating a provincial constitution, a firearms office and a police force; and collecting its own taxes instead of Ottawa, much like Quebec already does.