“When my colleagues from across the country met in Prince Edward Island last summer, we agreed that too many Canadians do not have an adequate pension income,” said Minister Sheridan. “In response, we were asked to develop innovative ways to strengthen Canada's retirement income system. We need to see some real movement on this issue, which I feel is as important as any facing Canadians today.”

At their summer meeting, Ministers tasked their officials with developing concrete ideas to increase pension innovation, financial literacy and a modest, fully funded, phased-in approach to increase the coverage and adequacy of the Canada Pension Plan. Ministers will discuss the findings at the meeting on Monday.

“I want Islanders to know that I will be a strong voice at the table for strengthening our retirement income system,” said Minister Sheridan. “There is room for real action on these issues. I am tremendously grateful that our labour groups have been such vocal advocates for retirement with dignity.”

The finance ministers will hear from the Bank of Canada Governor, Mark Carney, on the latest news on the global economy and Canadian monetary policy. They will also discuss upcoming budgets and transfer payments.

The meetings will take place on Monday in Kananaskis, Alberta.