Canada Pension Plan and Ontario Pension Plan

Ontario Pension Plan: Ontario's real Gross Domestic Product will average 2.1 per cent growth between 2014 and 2035, compared with 2.2 per cent nationally, 2.4 per cent in the U.S. and 3.1 per cent globally, according to the long-term economic report released Wednesday by Finance Minister Charles Sousa. , according to CBC. It concludes that improving retirement income will be crucial to the economy in the future, supporting the Liberals' plan to introduce an Ontario Pension Plan if Ottawa keeps refusing to enhance the Canada Pension Plan, the province's preferred option. A new report warns a shrinking work force combined with an aging population will pose challenges for Ontario's economy, which is expected to grow at a slower rate than the national or U.S. average in the next two decades. The number of seniors in Ontario is expected to nearly double to 4.1 million by 2035, which the report says will increase the demand on public services, especially health care, social services and infrastructure. (www.immigrantscanada.com). As reported in the news.