Latest news with #TreasuryBoard
Hamilton Spectator
2 days ago
- Business
- Hamilton Spectator
Bank of Canada, Crown corporations set to align with Liberal cost-cutting plans
OTTAWA - The Bank of Canada and most other federal Crown corporations will be looking to trim their budgets over the coming years alongside a wider government effort to cut costs. A spokesperson said in a statement on Thursday that the central bank 'intends to align with the spirit and objectives' of the Liberal government's cost-cutting plans. Ministers are being asked to carve out savings of 7.5 per cent from their departments' operational spending starting in fiscal 2026. Cuts are expected to rise to 15 per cent over the next three years. The Department of National Defence, Canada Border Services Agency and the RCMP all have lower savings targets of two per cent set over that timeframe. The Bank of Canada is a Crown corporation responsible for monetary policy in Canada but it operates independently and is funded through its own operations — not directly from taxpayer dollars. An internal email obtained by The Canadian Press shows Bank of Canada staff were informed Tuesday that the central bank's intends to follow Ottawa's lead in cutting costs. 'The approach for applying these reductions will be determined over the coming months,' read the email, signed by Bank of Canada's governor and senior deputy governor. 'We recognize that this news will raise questions and concerns. We will approach this process thoughtfully and with care,' the email said. The Bank of Canada's spokesperson said that decisions about how the central bank will conduct the review have yet to be made. A Treasury Board spokesperson confirmed in an email that most Crown corporations and other federally funded institutions are also subject to the Liberals' cost-cutting exercise. The Toronto Star first reported Wednesday that Crown corporations such as the CBC and Via Rail also will be expected to find their own savings. The Treasury Board spokesperson said agencies that don't fall under a minister's portfolio, those that are independent of the government and organizations that fund their own operations will not be explicitly included in the savings regime. During the spring federal election, the Liberals campaigned on a pledge of 'capping, not cutting, public service employment.' Prime Minister Mark Carney also promised during the campaign to balance the government's operating budget in three years' time while continuing to increase capital spending. David Macdonald, senior economist with the Canadian Centre for Policy Alternatives, said in a report last month that even the savings goals outlined in the campaign would require 'across-the-board job losses and major service reductions.' That analysis was published before the government announced the more aggressive savings targets last week. Carney, who committed to rapidly expanding Canada's defence spending last month, has continued to tout a plan to 'spend less' and 'invest more' ahead of a planned fall federal budget. Interim NDP leader Don Davies called on the Liberals to reverse the planned cuts, which he said are 'damaging and wrong.' He argued in a statement Thursday that the cuts will harm Crown corporations at a time when 'they should be strengthened and expanded.' 'Taking away jobs and services Canadians rely on is wrong. Cutting people's livelihoods is wrong. Instead of cuts, Mr. Carney should focus on reducing expensive outside contractors and investing in the development of our public service,' Davies said. Davies compared Carney's approach to former prime minister Stephen Harper's Deficit Reduction Action Plan. That plan, unveiled in the 2012 federal budget, called for 19,200 job cuts over three years as part of a bid to eliminate the annual deficit. This report by The Canadian Press was first published July 17, 2025.
Yahoo
2 days ago
- Business
- Yahoo
Bank of Canada, Crown corporations set to align with Liberal cost-cutting plans
OTTAWA — The Bank of Canada and most other federal Crown corporations will be looking to trim their budgets alongside a wider government effort to cut costs. A spokesperson for the Bank of Canada confirms the central bank will "align" with the Liberal government's plans to carve out savings of 15 per cent in departments' operational spending over the next three years. The Bank of Canada is a Crown corporation responsible for monetary policy in Canada but operates independently and its budget is managed by its own board of directors. An internal email obtained by The Canadian Press shows Bank of Canada staff were informed Tuesday of the central bank's plans trim costs. A Treasury Board spokesperson confirms that most Crown corporations and other federally funded institutions are also subject to the Liberals' cost-cutting exercise, as first reported by the Toronto Star. Prime Minister Mark Carney has touted plans to "spend less" and "invest more" ahead of his plan to publish a new budget in the fall. This report by The Canadian Press was first published July 17, 2025. Craig Lord, The Canadian Press Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
11-07-2025
- Business
- Yahoo
MP pensions have increased 11.4% over past two years, according to new Treasury Board report
New numbers from the federal Treasury Board indicate that annual MP pensions averaged $81,140 last year. That's up 11.4 per cent, compounded over the last two years due to inflation indexing, according to Blacklock's Reporter. The indexation covers retirement allowances, survivor benefits, and disability pensions based on cost-of-living increases. There are 1,193 MPs, retirees and family members enrolled in the benefits plan. Payments last year included benefits to 192 widows and orphans. 'A plan member's benefits are based on the number of years of pensionable service at retirement, where that service was accrued, the age at which they start receiving benefits and whether they retire because of a disability,' says the Treasury Board report. To qualify for a pension, MPs must serve for at least six years. Six MPs fell short of that after losing in April's federal election. They are former Liberals Han Dong (Don Valley North, Ont.) and Irek Kusmierczyk (Windsor—Tecumseh, Ont.), and New Democrats Taylor Bachrach (Skeena—Bulkley Valley, B.C.), Laurel Collins (Victoria), Matthew Green (Hamilton Centre, Ont.) and Lyndsay Mathyssen (London—Fanshawe, Ont.). In 2000, Parliament mandated all MPs to enroll in the pension plan. Then in 2005, Parliament passed An Act To Amend The Parliament Of Canada Act mandating automatic annual pay hikes for MPs based on inflation and a labour department index of wage settlements in the unionized private sector. Cabinet has waived the automatic April 1 raises only once, for three years following the 2008 financial crisis. Here are the 80 MPs set to qualify for a pension with the help of a Liberal rule change Justin Trudeau set to earn more than $8 million in government pensions and severance Our website is the place for the latest breaking news, exclusive scoops, longreads and provocative commentary. Please bookmark and sign up for our daily newsletter, Posted, here.
Vancouver Sun
10-07-2025
- Business
- Vancouver Sun
MP pensions have increased 11.4% over last two years, according to new Treasury Board report
New numbers from the federal Treasury Board indicate that annual MP pensions averaged $81,140 last year. That's up 11.4 per cent, compounded over the last two years due to inflation indexing, according to Blacklock's Reporter . The indexation covers retirement allowances, survivor benefits, and disability pensions based on cost-of-living increases. 1,193 MPs, retirees and family members are enrolled in the benefits plan. Payments last year included benefits to 192 widows and orphans. Start your day with a roundup of B.C.-focused news and opinion. By signing up you consent to receive the above newsletter from Postmedia Network Inc. A welcome email is on its way. If you don't see it, please check your junk folder. The next issue of Sunrise will soon be in your inbox. Please try again Interested in more newsletters? Browse here. 'A plan member's benefits are based on the number of years of pensionable service at retirement, where that service was accrued, the age at which they start receiving benefits and whether they retire because of a disability,' states the Treasury Board report. To get a pension, MPs must serve for at least six years. Six MPs fell short of that after losing in the recent federal election. That includes ex-Liberals Han Dong (Don Valley North, ON) and Irek Kusmierczyk (Windsor—Tecumseh, ON), and New Democrats Taylor Bachrach (Skeena—Bulkley Valley, BC), Laurel Collins (Victoria), Matthew Green (Hamilton Centre, ON) and Lyndsay Mathyssen (London—Fanshawe, ON). In 2000, parliament mandated all MPs to enroll in the pension plan . Then in 2005, parliament passed An Act To Amend The Parliament Of Canada Act mandating automatic annual pay hikes for MPs based on inflation and a labour department index of wage settlements in the unionized private sector. Cabinet has waived the automatic April 1 raises only once, for three years following the 2008 financial panic. Our website is the place for the latest breaking news, exclusive scoops, longreads and provocative commentary. Please bookmark and sign up for our daily newsletter, Posted, here .
Edmonton Journal
10-07-2025
- Business
- Edmonton Journal
MP pensions have increased 11.4% over last two years, according to new Treasury Board report
Article content New numbers from the federal Treasury Board indicate that annual MP pensions averaged $81,140 last year. Article content That's up 11.4 per cent, compounded over the last two years due to inflation indexing, according to Blacklock's Reporter. Article content Article content The indexation covers retirement allowances, survivor benefits, and disability pensions based on cost-of-living increases. Article content Article content 1,193 MPs, retirees and family members are enrolled in the benefits plan. Payments last year included benefits to 192 widows and orphans. Article content Article content To get a pension, MPs must serve for at least six years. Six MPs fell short of that after losing in the recent federal election. That includes ex-Liberals Han Dong (Don Valley North, ON) and Irek Kusmierczyk (Windsor—Tecumseh, ON), and New Democrats Taylor Bachrach (Skeena—Bulkley Valley, BC), Laurel Collins (Victoria), Matthew Green (Hamilton Centre, ON) and Lyndsay Mathyssen (London—Fanshawe, ON). Article content Article content Then in 2005, parliament passed An Act To Amend The Parliament Of Canada Act mandating automatic annual pay hikes for MPs based on inflation and a labour department index of wage settlements in the unionized private sector. Article content
