Ok the budget isn't out yet but people are talking - somehow

[William Ashley]

http://www.nationalpost.com/news/canada/2011+will+increase+federal+taxes/4034699/story.html

So it seems taxes are going up.. and the culprit - apparently two programs I would like to turn into crown corporations - EI and CPP.

Personally I think it is great to have wonderful social insurance programs for people and paid into pensions and what not, but I think everyone should have a choice of their misery and when to take it.

It will be nice to see what creative measures Mr. Flaherty has in store for the budget to offset the tax increases everyone is facing. Since they plan on running a deficit - and are coming off of higher taxes for everyone...

oh hold on corporations right the rich, the rich are the only ones that matter because they control everything. Right right.

An election of higher taxes just in time for springtime. - Although I'm anxious to see what type of platform - budget the opposition has... I dread.

Edited December 29, 2010 by William Ashley

[Smallc]

http://www.nationalpost.com/news/canada/2011+will+increase+federal+taxes/4034699/story.html

So it seems taxes are going up.. and the culprit - apparently two programs I would like to turn into crown corporations - EI and CPP.

The Canada Pension Plan Investment Board IS a Crown Corporation,

[Topaz]

Today, there's a report that Canadians worker swill be hit harder by payroll taxes. The Tories don't get it that the tax payer needs a break, just like the break of 30% or more to corporate world. The only problem I see if they keep reducing taxes, then their revenues are down and how are they going to pay off the deficit? The following article is an interesting one and especially the comments at the bottom by Canadians. If this is an indication of how the voters feel, the Tories are in big trouble. http://www.theglobeandmail.com/news/national/tax-man-to-hit-canadian-workers-harder-in-2011/article1851480/

[William Ashley]

The Canada Pension Plan Investment Board IS a Crown Corporation,

Do they set the rates?

Also if CPP is put into the consolidated revenue fund -- how is it that they control their assets?

A crown corporation that has no control of its revenue - controlling its product offerings, nor has control of their revenue and assets, imo, is not representative of a "normative" or functional crown corp.

1. It needs to set its product offerings

2. It needs to directly intake their revenue.

3. It needs to have access and control of their revenue.

4. It needs to be bound by law to any offers it gives - such as pension plans or disability insurance offerings.

5. People should have the choice of subscribing to services.

6. It shouldn't alienate the poor. For instance people who are under the low-middle income line get nothing - but still by default pay into them. It is taking money from the poorest people. Likewise why would a rich person subscribe to a public pension with mediocre return when they have higher investment returns on their own profolio, or have sufficient retirement savings privately?

Edited December 29, 2010 by William Ashley

[Smallc]

A crown corporation that has no control of its revenue - controlling its product offerings, nor has control of their revenue and assets, imo, is not representative of a "normative" or functional crown corp.

It's a Crown Corporation. You were wrong.

[William Ashley]

It's a Crown Corporation. You were wrong.

CPP is not a crown corporation.

http://laws.justice.gc.ca/en/C-8/index.html

An Act to establish a comprehensive program of old age pensions and supplementary benefits in Canada payable to and in respect of contributors

The Minister has the control and direction of the administration of this Act other than Part I.

PART I

CONTRIBUTIONS

Definition of “Minister”

5. (1) In this Part, “Minister” means the Minister of National Revenue.

Delegation

(2) The Minister may authorize an officer or a class of officers to exercise powers or perform duties of the Minister under this Part.

R.S., 1985, c. C-8, s. 5; 1998, c. 19, s. 251.

Edited December 30, 2010 by William Ashley

[Smallc]

CPP is not a crown corporation.

Yes it is:

http://www.lois.justice.gc.ca/eng/C-8.3/page-1.html#anchorbo-ga:s_1

[M.Dancer]

CPP is not a crown corporation.

The difference between a moron and an idiot is this. A moron is too stupid not to make mistakes and is unaware when mistakes are made unless shown...an idiot makes mistakes and if shown, will deny the mistake and make further mistakes trying pointlessly to show that there was no mistake.

You sir are no moron....

http://www.tbs-sct.gc.ca/reports-rapports/cc-se/2010/cc-se04-eng.asp

The CPP Investment Board is a crown corporation created by an Act of Parliament

http://en.wikipedia.org/wiki/Canada_Pension_Plan

[William Ashley]

Yes it is:

http://www.lois.justice.gc.ca/eng/C-8.3/page-1.html#anchorbo-ga:s_1

No it isn't. The Investment corp is only part of the overall CPP program - and the board acts as investment brokers they don't hold the fund, they don't control the capital flows from the account.

Regulations

53. (1) The Governor in Council may make regulations

(a) specifying which provisions of the Pension Benefits Standards Act, 1985 and any regulations made under that Act apply to the Board and its subsidiaries and adapting those provisions in the manner that the Governor in Council considers appropriate for the purpose of applying them to the Board and its subsidiaries;

( respecting the investments the Board and its subsidiaries may make; and

© prescribing anything that this Act provides is to be prescribed or is to be determined by regulation.

Application

(2) A regulation made under subsection (1) has no force or effect until the appropriate provincial Minister of each of at least two thirds of the participating provinces having in total not less than two thirds of the population of all of the participating provinces has approved the regulation.

1997, c. 40, s. 53; 2009, c. 31, s. 45.

REGARDING THE BOARD....

Principal duties

8. (1) Subject to this Act, the board of directors shall manage or supervise the management of the business and affairs of the Board.

Specific duties

(2) Without limiting the generality of subsection (1), the board of directors shall

(a) establish written investment policies, standards and procedures in accordance with section 35;

( establish procedures for the identification of potential conflicts of interest and procedures to resolve those conflicts;

© establish a code of conduct for officers and employees of the Board; and

(d) designate a committee of the board of directors to monitor application of the conflict of interest procedures and the code of conduct.

(2) The board of directors may not delegate the power to

(a) adopt, amend or repeal by-laws;

( establish the Board’s investment policies, standards and procedures;

© fill a vacancy in a committee of directors or in the office of auditor of the Board;

(d) appoint officers to the Board or fix their remuneration; or

(e) approve the annual financial statements of the Board and any other financial statements issued by the Board

Appointment of directors

10. (1) Each director shall be appointed by the Governor in Council, on the recommendation of the Minister, to hold office during good behaviour for such term, not exceeding three years, as will ensure, as far as possible, the expiration in any one year of the terms of office of not more than one half of the directors

Consultation with participating provinces

(3) The Minister shall consult with the appropriate provincial Ministers of the participating provinces before making any recommendation to the Governor in Council with respect to the appointment of directors and before making an appointment under subsection (8).

Removal

(6) The Governor in Council may remove a director for cause.

CAPITAL AND SHARES

Capital

4. (1) The capital of the Board is $100. The Minister shall pay the capital of the Board out of the Consolidated Revenue Fund.

Shares

(2) The capital is divided into 10 shares having a par value of $10 each. The shares shall be issued to the Minister to be held on behalf of Her Majesty in right of Canada.

Registration

(3) The shares issued to the Minister shall be registered by the Board in the name of the Minister.

Objects

5. The objects of the Board are

(a) to assist the Canada Pension Plan in meeting its obligations to contributors and beneficiaries under the Canada Pension Plan;

(to manage any amounts transferred to it under section 108.1 of the Canada Pension Plan, and its right, title or interest in any designated securities, in the best interests of the contributors and beneficiaries under that Act; and

© to invest its assets with a view to achieving a maximum rate of return, without undue risk of loss, having regard to the factors that may affect the funding of the Canada Pension Plan and the ability of the Canada Pension Plan to meet its financial obligations on any given business day.

1997, c. 40, s. 5; 2003, c. 5, s. 13.

(The government holds the account the investment board is worth $100 - they invest money - they don't hold it...) It is only transfered to them like an unpaid investment broker... that is what the investment fund is..

an investment brokerage team --- NOT the CPP fund itself.

NOTE THIS SECTION APPLIES TO THE 1985 act and is "adminsitered by the minister and governor in council"

Canada Pension Plan Account

108. (1) There is hereby established in the accounts of Canada an account to be known as the Canada Pension Plan Account.

Amounts to be credited to Account

(2) There shall be paid into the Consolidated Revenue Fund and credited to the Canada Pension Plan Account

(a) all amounts received under this Act as or on account of contributions or otherwise;

( all amounts required to be credited to the Canada Pension Plan Account pursuant to any agreement entered into under subsection 39(1) or 80(1) or pursuant to any regulation made under paragraph 89(1)(j) or subsection 107(3);

39. (1) Notwithstanding anything in this Act, where an overpayment has been made by an employee on account of the employee’s contribution for a year under this Act, the Minister may, in accordance with any agreement that may be entered into by him with the approval of the Governor in Council with the appropriate authority of a province having the administration of the provincial pension plan referred to in subsection 8(2), if application in writing is made to the Minister by the employee not later than four years after the end of the year, refund to the employee the whole amount of the excess referred to in that subsection, in which case the whole of that amount shall be deemed to be an overpayment made by the employee on account of his contribution for that year under this Act.

---------

80. (1) Notwithstanding section 77, the Minister, with the approval of the Governor in Council, may on behalf of the Government of Canada enter into an agreement with the appropriate authority of a province providing a comprehensive pension plan to provide for the administration and coordination of this Act and the provincial pension plan in respect of persons who are contributors under this Act or the provincial plan or both, including, without limiting the generality of the foregoing,

(a) the determination and payment of any benefit, or portion thereof, payable under this Act or under the provincial pension plan;

( the determination, processing and approval of divisions of unadjusted pensionable earnings under this Act and under the provincial pension plan;

© the determination, processing and approval of applications for assignments, under this Act or under the provincial pension plan, of a retirement pension to the spouse or common-law partner of a contributor;

(d) the exchange of such information obtained under this Act or under the provincial pension plan as is necessary to give effect to the agreement; and

(e) the payment under this Act in accordance with the agreement of the whole amount of any benefit payable to or in respect of a contributor, calculated as provided in this Part without regard to section 77, in which case the whole amount of that benefit shall be deemed to be payable under this Act to or in respect of that contributor.

------------------

(j) providing, in any case or class of cases not covered by the provisions of an agreement under subsection 80(1), for the issue of cheques by the Government of Canada in the amount of any benefit payable under this Act to or in respect of a contributor and in the amount of any like benefit payable under a provincial pension plan to or in respect of the same contributor, or for the payment by other means by the Government of Canada of such an amount, if arrangements satisfactory to the Governor in Council have been made with the government of that province for the issue of cheques, or for the payment by other means, by that government on a reciprocal basis and for the making of any financial adjustments by that government required to be made by reason thereof, and providing for the making of any financial adjustments by the Government of Canada required to be made by reason of those arrangements and for the crediting or charging of the amount thereof to the Canada Pension Plan Account;

---------

107. (1) Where, under any law of a country other than Canada, provision is made for the payment of old age or other benefits including survivors’ or disability benefits, the Minister may, on behalf of the Government of Canada, on such terms and conditions as may be approved by the Governor in Council, enter into an agreement with the government of that country for the making of reciprocal arrangements relating to the administration or operation of that law and of this Act, including, without restricting the generality of the foregoing, arrangements relating to

(a) the exchange of such information obtained under that law or this Act as may be necessary to give effect to any such arrangements,

( the administration of benefits payable under this Act to persons resident in that country, the extension of benefits to and in respect of persons under that law or this Act and the increase or decrease in the amount of the benefits payable under that law or this Act to and in respect of persons employed in or resident in that country, and

© the administration of benefits payable under that law to persons resident in Canada, the extension of benefits to and in respect of persons under that law or this Act and the increase or decrease in the amount of the benefits payable under that law or this Act to and in respect of persons employed in or resident in Canada,

© all interest on securities purchased by the Minister of Finance under section 110 and all interest credited to the Canada Pension Plan Account under that section;

110. (1) [Repealed, 2003, c. 5, s. 5]

(d) any amount of money received under section 107.1 and any proceeds from the disposition of any securities or other property received under that section;

(e) all amounts charged for the use of resources that are associated with the administration of this Act;

(f) any interest or administrative charge collected in relation to money payable under this Act; and

(g) all amounts received pursuant to section 56 of the Canada Pension Plan Investment Board Act.

Costs of appeals related to Old Age Security Act

There is a long way to go before CPP could be made into an actual "safe" crown corp that protects assets from "dipping into by the government when they want to. The CPP isn't any more secure than Nortel's pensions.. the difference.. Canada is running a higher debt than Nortel.

Edited December 30, 2010 by William Ashley