Open Up the CPP eh!

Letter to The Editor, published June 6th 2015, Toronto Star

Your May 28 editorial calls Finance Minister Joe Oliver’s proposal “half-hearted” on the basis that there are already financial vehicles in which Canadians can invest for their retirement.

The Star defends its criticism by saying: “Fewer than 6 in 10 Canadians contributed to a RSP and the average was a modest $3,700” and “just 1 in 10 contributed the maximum to their TFSA.” The piece concludes that, “If pension contributions aren’t mandatory, many won’t make them.”

Some Canadians don’t invest (fully) in their retirement because on one hand they lack the confidence in the existing investment providers and products and, on the other, do not feel qualified to manage investments themselves.

The voluntary CPP top-up option is a great idea. It could be a major step in helping Canadians prepare for retirement because the CPP is just one mean investment vehicle.

It is easy to access (the investor is already identified). It invests in stuff that no private fund let alone investor can. It has generated returns that are extremely attractive. It could offer a very competitive fee structure to manage the funds. It could be made available even after retirement until the RIF years begin. It just is a very strong brand.

The “fewer than 6 of 10” Canadians now investing in RSPs would have the confidence to invest more. And those who are not now investing voluntarily would have an easy-to-use and familiar vehicle to access.

The provision would be attractive to self-employed folks too. Helping more than half of Canadians at all ages and stages without any delta cost to the public purse would be good thing I’d guess.

Let’s forget the debate, implement this program and then argue out further incremental changes to the system over time. Brian Caldwell, Collingwood 

Things I Don't Know

I am continuously aware of how much I don't know. It's shocking on the one hand and perhaps just so very normal on the other.

The latest head-ringer was the discovery of a very, very good folk singer, author and activist whose songs resonate and whose experiences parallel  my own in many, many ways. His name is Bob Bossin! We were born the same year and raised in the same City. We attended the same University. He sang with some famous folkers (Seeger and Guthrie) with whom my uncle (Paul Bain) sang in New York in the 50's. Bob grew up watching the same baseball team in Toronto that I did. Better still, we shared a common hero, a centre fielder named Sam Jethroe. The Bossins were around the baseball players at the Barclay Hotel in Toronto. My father and I were around lots of the Argo and Leaf players for a time at the Isabella hotel.  Bob and his dad Dave used to go to the same Racetrack that my high school friends and I did. After school we'd make a mad dash to Greenwood to get there for the last 2 races. (Ed note: entry was free for the last 2).

All this to say: I am amazed by Bob's accomplishments, a bit embarrassed that I have not followed him all these years but, I am ecstatic that I have found a new "brother."

Which is to remind us all to keep looking and realize there is so much yet to discover and enjoy. Once again, the blog's message rings true; "Keep On eh!"