Canada’s Pension System and Aging Population: 2021 Census Insights

Bruce Choy, Managing Director, Global Risk Institute
Sally Shen, Research Associate, Global Risk Institute

Happy senior couple in autumn park

This paper discusses risk mitigation and reforms for consideration in Canada’s multi-pillar pension system as it faces the challenge of a fast-aging workforce. The pillars include (a) Pay-as-you-go Programs, (b) Canada and Quebec Pension Plans, and (c) Voluntary Retirement Saving Programs. Each pillar presents different challenges and opportunities to adapt.