Meetings between Federal, Provincial, and Territorial Finance Ministers yesterday yielded positive discussions on key policy issues and an agreement to move forward with improving the retirement income system in Canada, the Honourable Tom Marshall, Minister of Finance and President of Treasury Board, said today.

"We had good discussions on issues of interest to all Canadians," said Minister Marshall. "I was pleased to outline Newfoundland and Labrador�s fiscal and economic progress, and our government�s vision to continue to diversify the economy. It was an opportunity to highlight the significance of Muskrat Falls as a project that holds benefits for all of Canada."

Economic and fiscal conditions throughout the country were discussed at the meetings, which took place in Kananaskis, Alberta. The importance of fiscal prudence was stressed, as the country continues to emerge from the global downturn and given the considerable uncertainty that exists internationally.

A focus of attention at the meetings was the Canada Pension Plan (CPP) and the country�s retirement income system generally.

"The strength of Canada�s retirement income system is a priority for all jurisdictions," said Minister Marshall. "Different provinces and territories have different concerns and issues, such as the impact of additional contributions on workers and businesses. However, ministers agreed that more work is needed with respect to how the CPP can be enhanced in the future. Newfoundland and Labrador strongly expressed its support for changes to the CPP, and I am pleased that it remains high on the ministers� agenda. Provinces and territories, along with the Federal Government, will explore ways to advance this issue as we work towards the next meeting in June."

The minister added that the discussion also focused on the need to foster better financial literacy among Canadians so that they are more equipped to make informed decisions in saving for retirement, and on ways in which innovative pension products can help support Canadians� retirement.

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Media contact:
Mark King
Director of Communications
Department of Finance
709-729-6830, 699-3454
markking@gov.nl.ca