The Globe and Mail is reporting today that the Tory government is planning a series of fiscal proposals in the fall, one of which is a plan to cut both employee and employer contributions to the Canada Pension Plan (CPP). Note that employees contribute 4.95% of earnings between $3,500 and $42,100 into the CPP. Employers are required to pay a matching amount into the fund.

The report mentions that the government is planning to use the annual budget surplus “to top up the CPP”, which would allow it to cut contribution rates in the next Federal budget. I like any proposal that leaves more money in my pocket but I am not counting my chickens just yet. The federal budget will be tabled next spring and six months is an eternity for a shaky minority government.