Friday's letters: Carney needs to build a pipeline
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Re. 'Why is province hiding renewables survey?' Opinion, April 30
It was certainly perfect timing that we see Stephen Legault's piece the day after the pages were full of the premier's sales pitch about the importance of openness, transparency and the collective voice of Albertans (Bill 54).
It's extremely difficult to believe anything our current government puts forward. Action and reality seldom, if ever, live up to the rhetoric. Whether it's health care, orphan wells, an Alberta replacement for CPP, or the provincial police force that nobody asked for but is now being funded, the government seems to have adopted the advice of George Costanza: 'Remember, it's not a lie, if you believe it.'
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CBC
3 hours ago
- CBC
How could Canada's pension fund invest more at home? Finance committee chair wants to know
Social Sharing Canada Pension Plan managers face the prospect of hearings by the House of Commons finance committee after MPs learned that only a small fraction of the public pension plan's billions of dollars of assets are invested in Canada. Liberal MP Karina Gould, the newly elected chair of the committee, said it is important for the CPP to be managed effectively but she would like to know why the fund that provides retirement benefits for most Canadians isn't investing more in the domestic economy. "It is concerning," Gould said Thursday. She said she wants to understand why so little is invested in Canada and how the public pension fund could not only "bolster the Canadian economy, but also support Canadians and their pensions." Gould said the committee will be busy holding pre-budget consultations and examining Bill C-4, which includes a tax cut for Canadians. However, if committee members agree, she said hearings into the Canada Pension Plan could take place in the fall. "In this economic moment that we're in, it's really important that we have an understanding of, you know, where our pension funds are investing," Gould said in an interview. "It's definitely something that could be of interest to the committee." Gould said committee hearings could also look at the CPP's mandate and whether it should more closely resemble the double mission of the Caisse de dépôt et placement du Québec — the province's public pension manager that is charged with both making money and investing in Quebec's economic development. "It's an interesting question to explore," she said. Gould's comments come after the Canada Pension Plan Investment Board (CPPIB), also known as CPP Investments, revealed that just 12 per cent of the CPP's assets are invested in Canada — its lowest level ever. The largest chunk of its $714-billion fund, 47 per cent, is currently invested in the United States — its highest level ever. The revelation has raised questions about whether the CPPIB should be investing more in Canada while the country is in the midst of a trade war with the U.S. Those who support the high level of investment in the United States by the CPP, including the CPPIB itself, argue the plan's mandate is to make money. They argue U.S. investments offer more diversity and higher returns — which help ensure the plan will be able to pay out benefits for years to come. Others, however, question why the plan isn't doing more to invest in Canada to create Canadian jobs and infrastructure projects. They are also concerned about the plan's exposure to the U.S. at a time when President Donald Trump's administration has made the country a riskier place to invest. Like Gould, the NDP's interim leader leader and finance critic Don Davies was surprised to learn that the CPP's investment in Canada had dropped to 12 per cent. "I think it's alarming. I mean I think it's only 12 per cent of, you know, such an incredibly large fund of monies that are paid by Canadian employees and Canadian employers," he said. While Davies says the fund is well managed, he wants the government to review the CPPIB's mandate. "I personally think [the mandate] should be expanded to also include development of the Canadian economy," he said. "There's no shortage of projects that will strengthen our economy and also give good returns to workers and employers," Davies said. "I think Canadians would be surprised to learn that their own pension monies are being used to invest in other countries in such a vastly disproportionate way than in their own country." Davies said he would welcome hearings on the issue by the finance committee, of which he is not a member.
Global News
10 hours ago
- Global News
United Conservative Party releases CPP survey results 21 months late
It's taken nearly two years for the province to release results from a survey that asked Albertans if they wanted an Alberta Pension Plan (APP). The survey showed 63 per cent of respondents were opposed to an APP, while only 10 per cent were in support. More recent polling from Leger in February found 55 per cent of Albertan's opposed an Alberta Pension Plan. A May 2025 poll from Janet Brown found 55 per cent of Albertans were in support of the APP if there were more details. In May, Alberta Premier Danielle Smith said, 'I am seeing the results you are, I am not seeing that there is an appetite to put it to the people at the moment.' Duane Bratt, a political science professor at Mount Royal University, says the Janet Brown poll, commissioned by the government of Alberta, has interesting results with the number of people waiting for more information. Story continues below advertisement He adds people wanted answers to questions. 'Like, what is the amount that Alberta Pension Plan would start with? What would be the contribution rates? What would be the benefit rates? What would be the mobility between provinces? All of those sorts of questions haven't been answered,' said Bratt. 1:56 Alberta finance minister says he has not 'flip-flopped' on proposed pension change Bratt says the survey was not fair because it asked questions that assumed the respondent wanted an Alberta Pension Plan. 'The question itself was, would you want to leave the CPP if you had the exact same program. In the absence of any details, how do you know that that's the exact same program,' said Bratt. Get breaking National news For news impacting Canada and around the world, sign up for breaking news alerts delivered directly to you when they happen. Sign up for breaking National newsletter Sign Up By providing your email address, you have read and agree to Global News' Terms and Conditions and Privacy Policy He adds the survey results are no longer accurate but the delay of the release of the results shows a lack of transparency from the provincial government. 'The bigger story is how and why the government of Alberta refused to hand over public survey data that they encouraged Albertans to fill out. They went to extreme measures to block it, because they realized it was going to embarrass them. They believed that this was a neutral process to just explore the idea of leaving the Canadian pension plan, but it wasn't,' said Bratt. Story continues below advertisement The province says they will continue to talk with Albertans on this topic and says nothing will change unless Albertans approve a new pension plan in a referendum. Bratt says by itself, majority of Albertans are against the province pulling out of CPP and creating the APP. He adds that he expects to see several referendum questions about Alberta's independence. Those might include questions on the APP, an Alberta police force, and Alberta independence. 'I think what the government is hoping for is maybe people might not want to separate, but they still want to send a message to Ottawa,' said Bratt.
Calgary Herald
17 hours ago
- Calgary Herald
Alberta's promised income tax cut is coming in July — here's what you need to know
The Alberta legislature building on May 8, 2025. Photo by Shaughn Butts / Postmedia Albertans can expect to see the province's promised tax cut on their paycheques next month. THIS CONTENT IS RESERVED FOR SUBSCRIBERS ONLY Subscribe now to read the latest news in your city and across Canada. Unlimited online access to articles from across Canada with one account. Get exclusive access to the Calgary Herald ePaper, an electronic replica of the print edition that you can share, download and comment on. Enjoy insights and behind-the-scenes analysis from our award-winning journalists. Support local journalists and the next generation of journalists. Daily puzzles including the New York Times Crossword. SUBSCRIBE TO UNLOCK MORE ARTICLES Subscribe now to read the latest news in your city and across Canada. Unlimited online access to articles from across Canada with one account. Get exclusive access to the Calgary Herald ePaper, an electronic replica of the print edition that you can share, download and comment on. Enjoy insights and behind-the-scenes analysis from our award-winning journalists. Support local journalists and the next generation of journalists. Daily puzzles including the New York Times Crossword. REGISTER / SIGN IN TO UNLOCK MORE ARTICLES Create an account or sign in to continue with your reading experience. Access articles from across Canada with one account. Share your thoughts and join the conversation in the comments. Enjoy additional articles per month. Get email updates from your favourite authors. THIS ARTICLE IS FREE TO READ REGISTER TO UNLOCK. Create an account or sign in to continue with your reading experience. Access articles from across Canada with one account Share your thoughts and join the conversation in the comments Enjoy additional articles per month Get email updates from your favourite authors The United Conservative Party campaigned on the income tax cut during the spring 2023 election and after two years Albertans will finally see it reflected on their paycheques starting in July. The income tax cut was introduced in Budget 2025 amid a projected $5.2-billion deficit for the fiscal year, but the government defended its decision saying it was coming at a crucial time where many Albertans are struggling with the cost of living. In a statement to Postmedia, Finance Minister Nate Horner said more than two million Albertans will begin to see the effects of the new eight per cent personal income tax bracket for incomes up to $60,0000 directly reflected on their paycheques. He said the province is 'fast-tracking cuts' to personal income taxes and the cut is coming two years earlier than announced in Budget 2024. Your weekday lunchtime roundup of curated links, news highlights, analysis and features. By signing up you consent to receive the above newsletter from Postmedia Network Inc. Please try again 'It's not just a tax cut. It's a clear sign that we're standing with Alberta families, helping them manage rising costs and plan for the future. This is how we keep Alberta the most affordable place in Canada to live, work and raise a family,' Horner said. According to the province, the new cut will save Albertans up to $750 per person in 2025. Horner said the benefit would be retroactive to January 2025 and Albertans can expect larger returns come tax season. Albertans earning less than $60,000 will see their personal income taxes fall by 20 per cent, and those earning more will save on the first $60,000 earned, according to the province. It will cost the government $1.2 billion in 2025-2026. Trevor Tombe, the director of Fiscal and Economic Policy at the University of Calgary, said its important to keep in mind that governments cannot solve all issues, but deploy policies to address challenges, such as the income tax cut. 'Whether $750 for an individual — keep in mind there'd be more for families that have multiple earners — is significant or not would depend on an individual circumstance, but it's certainly a meaningful amount. I think many will notice,' Tombe said. Despite the projected budget deficit, Tombe said Alberta can 'absolutely manage' the lost revenue from the income tax cut, saying Alberta's provincial debt relative to the size of its economy is lower than any provincial government by a 'very wide margin.'
