[X] Opt-out of CPP [ ] Opt-in to CPP

Whether or not the Canada Pension Plan is in place when I retire, I decided long ago to contribute to my own retirement savings plan. If I can prove to the Government of Canada and my employer that I am actively contributing to a retirement savings plan and that I won’t be a draw on the Canada Pension Plan in the future, I should be able to opt-out of CPP altogether. This would allow my employer to save a certain amount of money that it would normally have to spend on me and allow me to redirect what I would be putting towards CPP to my retirement plan. For any who wish to remain a part of the Canada Pension Plan, that’s entirely their choice to do so, but the government may want to tinker with the employee’s contribution amount (say 10% of their annual salary which is in line with what many retirement planning books advise) so as to not run into any sort of issues around seniors living in poverty. While I’ll admit I haven’t fully worked through all the details, it’s an idea worth considering.

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