OTTAWA - Alberta's potential withdrawal from the Canada Pension Plan would be an"irreversible mistake" and put at risk the retirements of millions of Albertans, Canada's Finance Minister Chrystia Freeland said on Wednesday.
"While Alberta has a right to withdraw should it so choose, Albertans deserve to know that doing so would be an historic, costly, and irreversible mistake," Freeland said in a letter to Smith. Any province has the right to quit by giving written notice but the value of assets to be transferred must be negotiated.
"As some estimates have noted, if every province and territory used the same exit formula relied on by your government, Alberta, Ontario, and British Columbia would alone be entitled to an estimated 128 per cent of CPP assets," said Freeland in the letter.
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