OTTAWA — The push to swiftly conclude an agreement-in-principle to boost the Canada Pension Plan hit a snag Friday when British Columbia announced it would miss the deadline to ratify the deal.
The B.C. government said in a statement that it would like to engage more with stakeholders, such as business owners, before concluding the agreement-in-principle reached last month.
At the time, the signatories agreed to Friday's ratification deadline.
Every province except Quebec has backed the tentative deal to eventually increase contributions and retirement benefits through the CPP.
But without B.C.'s full support, the proposed changes to the CPP would not be able to move forward, because B.C. is the country's third-most populated province. A deal to reform the CPP needs the signatures of a minimum of seven provinces representing at least two-thirds of Canada's population.
Federal Finance Minister Bill Morneau insisted in a statement Friday that B.C.'s delay would not derail Ottawa's plan to table new CPP legislation this fall.
"While all other signatories will meet this target, the province of British Columbia has indicated that it needs more time to do so," Morneau said.
"Minister (Michael) de Jong of British Columbia played an important role throughout these negotiations and has reaffirmed his support of the agreement-in-principle."
CPP enhancement was championed by the federal Liberals and the Ontario government.
