Why millions of struggling Canadians are victims of what emerges as the biggest coverup in Canadian history

Based on nine years of research as a professor who taught The Mathematics of Finance, I have collected formidable evidence that indicates 99% of Canadians are victims of a coordinated, deliberate coverup—one that has deprived billions of deserved dollars from ordinary citizens so that Canada’s wealthiest 1% can become even wealthier. This coverup is so severe that it may even lead to Alberta separating from Canada.

Here is how—and why—it happened.

Canada’s CPP Surplus: The Largest Concealed Windfall in Our History

For 15 years, CPP Investments has been the top-performing pension investor in the world. Because of this unmatched investment success, our $781 billion Canada Pension Plan (CPP) fund now sits at least $500 billion above what is required to pay all CPP benefits for current and future retirees. Whose money did they use to accumulate this surplus - the 22 million contributors and pensioners who are members of the CPP.

In practical terms, 22 million Canadians have, on average, an extra $23,000 in their personal CPP account—money far beyond what is needed to fund their pensions.

The CPP’s $500 billion surplus is now an astonishing 200%. Standard pension practice is clear: At a 25% surplus, a distribution should occur.

This is exactly what happened at Ryerson University in 2000, when an 18% surplus prompted the CRA to order a surplus refund. Professors (myself included) received payments up to $20,000.

Yet the CPP—at 200% surplus—has distributed nothing.

Canadians Are Struggling While Their Money Sits Unused

• A recent study found that 43% of Canadians are within $200 of insolvency. This is not a statistic—it is a national emergency.

• Another study indicates “54% of Canadians currently have credit card debt, with 72% of Millennials (ages 29-44) carrying such debt.” The credit card interest rate is roughly 20%.

• Food bank usage has doubled since 2019.

Meanwhile, on December 5, 2025, in an article entitled “Higher profits pushed bankers bonuses higher in 2025”, the Globe and Mail reported that Canada’s Big Six banks alone awarded $27 billion in executive bonuses—an estimated $1.8 million, on average, for 15,000 executives.

The injustice is palpable. If the CPP’s surplus had been disclosed and distributed as required, the one million low-income seniors who have died since 2016 would have received a deserved $10,000 payment. Research shows that those in the bottom quintile of income live 13 years longer than those in the top quintile.These one million struggling seniors died earlier, poorer, and with less dignity than they deserved. And another 100,000 will die this year, never receiving their deserved $10,000.

A no-risk $200-billion surplus distribution today would give 20 million Canadians $10,000 each, on average, and dramatically improve Canada’s:

• GDP

• Productivity

• Business profits

• Employment

• Income inequality

• Poverty

• Charitable giving

• The mounting deficit

Every major economic indicator would improve. So why hasn’t this happened?

Because three powerful industries would lose billions if the truth became public.

1. The Financial Industry: Protecting Billions in Profit

If Canadians understood the magnitude of the CPP’s surplus—and the CPP’s future earning power—the financial industry would face an existential threat.

Because CPP Investments has many advantages over the average investor, they are recognized as the best pension fund investor in the world. For the last 15 years, they have averaged a 10% return when only a 6% return is needed to fund all pensions.

Here is the problem facing the financial industry.

If CPP Investments continues achieving a 10% return, which is likely, the CPP can give 25-year-olds a$100,000/year CPP pension in 2025 dollars.

If young Canadians knew this, they would:

• Stop investing the recommended 15% of their income towards retirement

• Stop contributing to other pension plans

• Stop buying life insurance, since the CPP pays a 60% survivor pension—worth ~$60,000 per year

• Demand voluntary contributions to CPP Investments, a policy that Finance Minister Flaherty investigated in 2011

• Enjoy as much as 15% more income and reduced financial anxiety regarding a retirement in poverty.

The industry’s lucrative business model will collapse if Canadians rely primarily on the CPP for retirement. The industry’s panic is understandable.

How wealthy is the industry? It currently captures 47% of all corporate profits in Canada but only contributes 7.5% to our anemic GDP. For comparison, in the US, the financial industry collects 25-30% of all corporate profit.

It is not just bank executives who are earning millions. Three individuals I knew from the 1970s, who joined the financial sector, now have a net worth estimated at $100 million each. Only one ever worked for a bank.

The industry is drowning in cash—and determined to protect it.

This explains why, in 2016, when Finance Minister Bill Morneau announced modest CPP changes, Janet Ecker of the Toronto Financial Services Alliance expressed relief. She feared significant CPP reforms like voluntary contributions could:

"Undermine a lot of successful, legitimate, (retirement savings) products in the investment industry."

But who should be “undermined”?

• Should it be an industry that captures 47% of all Canadian corporate profits, largely for its own benefit?

• Or should it be the millions of Canadians struggling to save for retirement?

2. The Actuarial Profession: Afraid of Obsolescence

If the CPP becomes the primary pension vehicle for Canadians—as it should—
the demand for other pension funds, and hence actuaries, will collapse.

Canadians have contributed roughly 10% of their lifetime earnings to the CPP (including our employer’s obligation to match on our behalf). That means, eventually, we will have each entrusted hundreds of thousands of our dollars to our Chief Actuary. Instead of being our watchdog, he has betrayed us.

Here is the entire problem in one example:

If, for example, by age 40, you had contributed $100,000 to the CPP 15 years ago, at the required 6% return, that $100,000 would be worth $218,000 today. At CPP Investments’ 10% return, that $100,000 is worth $418,000 today. That’s a $200,000 surplus in one person’s account. Actuaries should have shouted this from the rooftops. Instead, they buried it.

Of the ten top actuaries I consulted, they all denied a surplus existed—using arguments so weak they bordered on incoherent. One retired actuary, with a conscience, finally admitted:

“Our Chief Actuary has done what pension actuaries frequently do - invent measures that are easily manipulated so that actuaries can control the narrative and hide things at will...I must remain anonymous because I am not allowed to criticize my fellow actuaries.”

This is the profession tasked with safeguarding our nation’s retirement security.

3. The Mainstream Media: Silent, Complicit, Controlled

Is there a more important story in this country than:

CPP’s $500 billion surplus can help millions of struggling Canadians

Based on standard pension practice, the CPP’s $500 billion surplus should be distributed. A no-risk $200 billion surplus distribution would give 20 million Canadians $10,000 each, on average. It would also lead to considerable improvements in Canada’s GDP, productivity, employment, business profits, poverty, income inequality, charitable donations and deficit. A recent study indicates 43% of Canadians are within $200 of insolvency. A deserved $10,000 payment would be life-changing. 

Moreover, young Canadians no longer need to invest for retirement, buy life insurance or contribute to other pension plans. This is because the CPP will likely give them a $100,000 CPP pension, in 2025 dollars.

With as much as 15% more income available and news of a secure retirement, young Canadians can shed much of their current anxiety and improve their quality of life. However, the financial industry and actuarial profession would suffer.

Yet the entire mainstream media has refused to publish even the first paragraph of this reality. Two journalists who pushed the issue lost their jobs. In nine years, not once has the phrase “CPP surplus” appeared in mainstream media. Nor has it appeared in thousands of pages produced by our Chief Actuary.

Most Canadians think our CBC is our vigilant watchdog. If privately owned (by the wealthy) mainstream media won’t cover a crucial story, the CBC will. However, the CBC answers only to one man: Mark Carney, who has used the CBC to impose a total blackout on the surplus. 

Democracy denied

Democracy is non-existent on this pivotal issue. Any party could likely win a majority if they promised to give 20 million Canadians $10,000 each. However, almost all MPs and MPPs refuse to acknowledge the surplus, thanks to some very persuasive “influence” from our financial industry. On this crucial issue, the convincing evidence indicates that, instead of:

Government of the people by the people for the people,

Canadians are receiving

Government of the people by the financial industry for the financial industry.

Paid handsomely by the financial industry, think tank members and lobbyists have done their job. They have convinced naive politicians that revealing the CPP’s surplus and potential would lead to immense damage to the Canadian economy and individual Canadians’ overall well-being.

Just the reverse is true. Recall that a no-risk $200 billion CPP surplus distribution would give 99% of Canadians $10,000 each, relief from impending insolvency, increased employment, and roughly 10% more income (thanks to the news that the CPP will likely give them five time the CPP pension). That is not all. Economically, a $200 billion CPP surplus distribution would give Canada’s sputtering economy considerable improvements in GDP, productivity, deficit and business profits (excluding the greedy financial industry).

It was a giant red flag when the financial industry told politicians the CPP’s surplus should never be revealed to Canadians. On this crucial issue worth hundreds of billions to millions of struggling Canadians, Freedom of Press was vetoed. Moreover, even though Canadians trust our CBC to be our watchdog, they also refuse to publish the most newsworthy, most helpful story in Canada in years. And all federal politicians, even though any party could win a majority, agreed to this complete suppression of press freedom throughout Canada.

What is the sole cost of revealing the CPP’s surplus and potential—the financial industry’s profit share would descend from the current 47% to an estimated 40%, and 15,000 bank employees would no longer each enjoy a $1.9 million annual bonus.

Voluntary contributions to CPP Investments is probably the financial industry’s biggest threat. Investors would likely receive a 10% return. Meanwhile, history shows that Canadian investors have averaged a 5% return, even with the help of a financial planner or financial advisor. Over 40 years, $10,000 becomes $70,000 with a 5% return and $453,000 with a 10% return. CPP Investments would yield over seven times the profit.

If allowed, investors would stampede to voluntary contributions. With hundreds of billions of dollars added to the fund, CPP Investments would no longer be able to perform so admirably. It would be necessary, for example, to implement a $1,000 maximum contribution per Canadians per year.

A $1,000 contribution is roughly 12% of the CPP’s mandated maximum contribution. Yet, with voluntary contributions, even after accounting for inflation, a $1,000 annual contribution would give a 25-year-old a “pension” at age 65 that is 160% of what the CPP would give him.

The financial industry is understandably terrified of voluntary contributions. They know that, in 2011, when CPP Investments had only averaged a 6% return, Finance Minister Flaherty investigated voluntary contributions. Thanks to Access to Information, it can be determined that the financial industry complained that voluntary contributions would be “too complex” for the average investor. What could be simpler than contributing the suggested $1,000 maximum per year, using a payroll deduction system like the current CPP contribution system?

With voluntary contributions available, the financial industry would experience a decline in employment. Millions of Canadians have lost jobs in other industries - manufacturing, media, retail, and travel. Many more jobs have been of will soon be replaced with AI. Why should the financial industry be allowed to protect their at-risk industry especially when their protection tactics are depriving millions of Canadians of hundreds of billions in deserved benefits.

All three parties are concerned that almost half of Canadians are within $200 of insolvency. In early 2026, they unanimously passed a bill that gives an average low-income family $700 more per year in GST credits. Please compare $700 to a CPP surplus distribution that would give a typical family roughly $20,000 each, 29 times as much. Yet not one party, not one MP, will follow standard pension principles and propose a needed, deserved CPP surplus distribution.

Why This Coverup May Cause Alberta to Leave Canada

Premier Danielle Smith is the only senior politician refusing to participate in this deception. She has demanded Alberta’s fair share of the CPP: $140 billion, of which $70 billion is surplus. Using it, she plans to:

• Fully match all future CPP pension obligations

• Give Alberta seniors up to $10,000 each

• Reduce contributions by $1,425 per worker (and matching employer) annually

• Invest some of the remaining funds in Alberta’s economy.

In 2023, she hired Lifeworks to calculate Alberta’s share. They produced an absurd 53% figure—clearly designed to sabotage the case. The media then attacked her for Lifeworks’ inflated number, painting her as irrational and un-Canadian.

The above graphic is from CARP’s website. Even though CARP is seniors’ most influential advocate, CARP joined the attack, thereby depriving senior Canadians of the $60 billion that is rightfully theirs. Meanwhile two million of six million Canadian seniors barely exist near the poverty line.

Several other organizations with an admirable mandate have similarly abandoned those who they (allegedly) serve, probably because of “influence” from the wealthy financial industry. Just 1% of the industry’s annual profit is $1.6 billion, equivalent to 160 packets of $10 million of “influence” each.

Many Albertans have figured out the truth. And they are angry. Ottawa’s refusal to distribute a Canada-wide surplus or give Alberta their rightful $170 billion share of the fund may push Alberta toward separation.

Mr. Carney’s pipeline MOU does not matter when Albertans, most struggling, are each being denied their needed $10,000 surplus payment.

Capitalism - the good and the bad

Capitalism brings us good products and services at low cost. And the law of supply and demand keeps prices low. Walmart and Costco are good examples.

However, when an industry that collects 47% of all corporate profit but only contributes 7.5% to our GDP can use their billions of dollars to convince almost all politicians, our mainstream media, our CBC, the entire actuarial profession, and numerous otherwise benevolent organizations to bury the most impactful, beneficial news in years, capitalism has run amuck. When the CPP’s surplus can be used to markedly improve the lives of 99% of Canadians, and such a solution is never even discussed, politicians should be fired. Their function is to combat the selfish interests of our wealthiest 1%, not enable them.

Younger Canadians are already disadvantaged. Older Canadians have given them impossible house prices, inflated rents, high unemployment, big deficits, global warming, paying for seniors’ healthcare and OAS grants to seniors earning as much as $140,000. Moreover, in the 1970s, pensioners received 47 times their CPP contributions. Today, pensioners receive about 2.5 times their contributions.

Young Canadians now invest roughly 10% of their income towards retirement. To deceive younger Canadians into thinking they need to invest now or retire in poverty (which most believe)

of the CPP’s surplus and potential to likely give young Canadians a $100,000 CPP pension in 2026 dollars.that would lead to young Canadians ceasing to needlessly invest roughly 10% of their income towards retirement,

Progress against Goliath but more Davids are needed

With:

• The financial industry,

• The actuarial profession,

• Mainstream media and “our” CBC,

• Almost all politicians,

• Lobbyists and think tanks, all funded by the wealthy,

• Numerous organizations with admirable mandates,

all refusing to combat this cover-up, a great deal of advocacy and protest is needed to bring needed pension justice to millions of struggling Canadians.

By claiming Alberta deserves 53% of the fund and then attributing the claim to Premier Smith, the perpetrators of this cover-up are showing concern. They understand that, if Albertans receive these benefits, struggling Canadians in every other province will immediately demand their deserved $10,000 share. They also know that

• once young Canadians realize they no longer need invest 15% of their income towards retirement,

• once all Canadians realize voluntary contributions to CPP investments can give them 3.5 times the profit over 20 years,

the financial industry’s huge profit share will decline considerably.

On behalf of millions of struggling Canadians, I urge you to join the fight to overcome this disgraceful cover-up. You may want to:

• demand answers from your MP,

• email our Prime Minister,

• contact allegedly benevolent organizations like CARP and ask them why they are ignoring their mandate,

• ask our media why they are not covering the most consequential story in Canada in years,

• use your own initiative and resources to shame participants into abandoning their disgraceful stance.

The Reverse Order of Canada List: Exposing Those Most Responsible

For seven years, I have contacted thousands of influential Canadians—politicians, economists, executives, journalists—urging them to expose this injustice. Almost none responded. I am disgusted and astonished that so many Canadians would actively enable a cover-up that makes Canada’s greedy 1% much wealthier at the expense of the other 99%, half of whom can barely survive.

So I created TheReverse Order of Canada List. It is a list of those who have intentionally deprived millions of Canadians of billions of deserved dollars, and more.

Suddenly, doors opened. When told they belonged near the top of the list:

• Professor Trevor Tombe, a one-time writer for wealthy-funded think tanks, reversed his position after being informed he belonged near the top of the list. He now sits beside Premier Smith in Town Hall Meetings, publicly supporting an Alberta Pension Plan.

• CARP finally responded after ignoring ten emails. They claim they will talk to our Minister of Finance.

• CBC executives have begun investigating their blackout after being confronted and accused of denying Canadians their Charter Rights.

• Kristen Underwood, Director General of Seniors Policy, issued a feeble defence that only confirmed her office’s complicity.

The List is having an impact. I am considering calling it “Canada’s version of the Epstein list.” Ruining the lives of an estimated 30 young women is disgraceful. However, depriving millions of struggling Canadians of a deserved $200 billion, and deliberately shortening the lives of one million low-income seniors is even more disgraceful.

Why the Upcoming Book Will Matter

My upcoming book on the CPP may be a bestseller because it will:

1. Expose what may be the largest coverup in Canadian history

2. Mobilize millions of Canadians to demand the surplus owed to them

3. Explain why Alberta is moving toward separation

4. Include The Reverse Order of Canada List.

This issue will not go away. The truth is out.

A Summary: How and why Canada’s 99% are being deprived of billions of deserved dollars

Impact if Canadians learn the CPP will likely give a 25-year-old a $100,000 CPP pension in today’s dollars

Proof of the CPP’s surplus

For readers seeking direct proof of the CPP’s surplus, the following will make it unmistakable. First is the Chief Actuary’s 25th Actuarial Report from 2010. Beneath it is the CPP Investments website as of December 2025. The surplus began accumulating immediately after 2010, yet every actuarial report since has used increasingly opaque methods to bury—rather than reveal—the excess. As one senior actuary admitted, the Chief Actuary has “controlled the narrative and hidden things at will.”

Because CPP data changes every quarter, only the information shown above is fully up-to-date. Any menu items above should be viewed with caution, as their figures may no longer reflect current realities.

The power of compound interest is large. For example, investing $1,000 at our Chief Actuary’s specified 6.3% return yields $1,842 in 10 years. Investing $1,000 at CPP Investments’ 10.9% return yields $2,814 in 10 years, resulting in over two times the investment return.

Who owns this $400 billion surplus? Because CPP Investments used Canadians’ money to accumulate this return, based on standard pension practice, this surplus belongs to all contributors to the CPP.

How much would you receive from a surplus distribution? It depends on how much of your contributions were used to accumulate the surplus. For example, a younger Canadian, because he has contributed less, would receive less from the surplus. Conversely, a 55-year-old Canadian in 2010, when the surplus started accumulating, may have had $100,000 in the fund. He would receive much more.

CPP Investments is proud of their outstanding ability to invest our CPP contributions with success better than any other pension fund in the world. The following graph was recently published in various Canadian media, as a paid advertisement.

By leveraging a Tax-Free Savings Account (TFSA), the $50,000 annual retirement income would be tax-free. However, inflation would reduce its future buying power to roughly $23,000 in today’s dollars. Supplementary income sources, such as Old Age Security (OAS) of approximately $9,000 per year and up to $23,000 from the CPP, would bring his total tax-free income at age 65 to roughly $50,000 annually, in 2025 dollars.

The Stark Contrast

This comparison reveals a stark difference:

• Self-investing requires six times the contributions of investing through CPP Investments.

• Voluntary contributions could enable Canadians to achieve the same retirement income with far less effort and financial burden.

This explains why, in 2016, when Finance Minister Bill Morneau announced modest CPP changes, Janet Ecker of the Toronto Financial Services Alliance expressed relief. She feared significant CPP reforms like voluntary contributions could:

"Undermine a lot of successful, legitimate, (retirement savings) products in the investment industry."

But who should be “undermined”?

• Should it be an industry that captures 47% of all Canadian corporate profits, largely for its own benefit?

• Or should it be the millions of Canadians struggling to save for retirement?

A Personal Example

Consider three university associates who joined the financial industry after graduation. Their wealth is now estimated at $100 million each. Meanwhile, ordinary Canadians are left to navigate the financial industry’s high fees and subpar returns, coupled with a pathetic, deceptive Chief Actuary to watch over our CPP contributions, 10% of our earnings, lifetime.

Could CPP Investments handle Voluntary Contributions?

If Canadians could contribute up to $1,000 annually to CPP Investments, the program would not be overwhelmed. For example, if 10 million Canadians opted for the maximum contribution, the total investment would be $10 billion per year—a manageable figure for a fund now valued at roughly $700 billion.

Moreover, the CPP currently holds a $400 billion surplus, of which $200 billion should be distributed under standard pension practices. Allowing voluntary contributions would provide CPP Investments with additional capital to offset a deserved CPP surplus distribution.

Conclusion

The financial industry cannot compete with CPP Investments’ proven track record of 10% annual returns. Voluntary contributions would give Canadians six times the value compared to traditional investment options. If made available, voluntary contributions would likely become a transformative solution for Canada’s retirement system, empowering millions while challenging the dominance of the financial sector. It would also substantially reduce skyrocketing Guaranteed Income Supplement (GIS) payments.

Canadians Deserve Better: The Case for Voluntary Contributions to CPP Investments

By coincidence, our CPP gives us the same return on our contributions as self-investing does - 4.4%. With as much as $7,500 contributed in 2025, if our contributions directly received CPP Investments’ 10% return, a 25-year-old would have a $375,000 CPP pension in 40 years, equivalent to a $169,000 pension in 2025 dollars. If we transformed the CPP into a Defined Contribution (DC) plan instead of a Defined Benefit (DB) plan, Canadians would receive six times the CPP pension.‍ ‍

Because of our Chief Actuary’s failure to acknowledge the CPP’s $400 billion surplus, Canadians will continue to receive a 4.4% return on their contributions. Meanwhile, CPP Investments will continue to use their contributions to achieve a 10% return.

A Hybrid Model: The Best of Both Worlds

A compromise is possible:

• For example, half of contributions could be treated as DC, likely yielding a $85,000 pension (in 2025 dollars) in retirement for young Canadians.

• The other half of contributions would be more than enough to meet current pension promises. They could remain in the DB system.

Younger Canadians are now struggling with anxiety and depression. As they , watch their contributions grow exponentially, they would no longer feel pressured by the financial industry’s ominous warnings:

"Invest 15% of your income for retirement—or face poverty in old age."

Instead, they could enjoy as much as 15% more income today, with greater peace of mind, anticipating a likely $85,000 CPP pension (in 2025 dollars).

The actuarial deception is ongoing. In the Fall of 2024, our Chief Actuary was asked to report her version of Alberta’s share of the fund. She refused. To further delay Alberta receiving its share of the fund, she may eventually shortchange Alberta, resulting in Premier Smith forced to consult Canada’s Supreme Court. This could take many years.

Alberta should only leave the CPP if they can still invest their share of the fund with CPP Investments, the best pension fund investor in the world. For example, the OMERS pension fund invests for 1,000 employers. For CPP Investments, subdividing the fund to represent ten provinces would be simple. Then each province could use their surplus share to help their own province. For a province to start their own investment organization would be pension suicide, as history has shown.

A much better solution would involve our likely next Prime Minister, Mr. Poilievre, legislating a Canada-wide CPP surplus distribution.

On May 3, 2024, Mr. Poilievre, stated in an article published in The National Post, entitled, 

“Memo to Corporate Canada - fire your lobbyist. Ignore politicians. Go to the people.” 

“Obviously, my future government will do exactly the opposite of Trudeau on almost every issue. But that does not mean that businesses will get their way. In fact, they will get nothing from me unless they convince the people first. So here is a how-to guide for dealing with a Poilievre government.

If you do have a policy proposal, don’t tell me about it. Convince Canadians that it’s good for them. Communicate your policy’s benefits directly to workers, consumers and retirees…Your communications must reach truckers, waitresses, nurses, carpenters, - all the people who are to productive to tune into the above-mentioned platforms.” 

It appears the days of the lobbyist, in some cases, briber, will be over when Mr. Poilievre is elected. Time will tell. Meanwhile, encouraged by his guidance, I will send these details to common Canadians - the associations that represent workers, consumers, retirees, truckers, waitresses, nurses, carpenters and many more. 

Instead of providing Alberta workers with a $10,000 lump sum surplus payment, Alberta would give all employees and contribution-matching employers a $1,425 contribution reduction each, per year.

Possibly the biggest cover-up in Canadian history

The following content has been emailed to hundreds of influential Canadians, starting in November 2023.

The consequences of the following cover-up are profound, with widespread implications for millions of Canadians and the nation as a whole. On behalf of 99% of Canadians, most of whom are currently grappling with significant challenges, I strongly encourage you to continue reading. Millions of these deprived individuals now deserve huge benefits that are not reaching them, resulting in Canada's wealthiest 1% amassing even greater wealth. It will be demonstrated that this situation involves elements of genocide.

Numerous conspiracy theories abound in today's discourse, and most are grounded in mere speculation with scant evidence. However, the theory I present here is substantiated by a wealth of proof accumulated over my seven years of research as a professor emeritus in Business. ChatGPT lists six conditions needed to validate a conspiracy theory – Evidence, Plausibility, Motivation, Expert Opinion, Critical Thinking and Media Accuracy. You will find all six conditions have been met in the following exposé.

To bolster my credibility, it is worth noting that my research and advocacy efforts played a pivotal role in securing an additional $440 million annually in Guaranteed Income Supplement (GIS) payments for low-income seniors. This accomplishment, achieved through the removal of a 76% GIS calwback rate in the March 2019 federal budget, underscores the tangible impact of my work on the lives of vulnerable individuals.

Why the Canada Pension Plan has a huge surplus.

In the current landscape marked by the challenges of COVID, inflation, high interest rates, and more, there is substantial positive news for Canadians. CPP Investments, responsible for investing 10% of the lifetime earnings of most Canadians, has proven itself to be the premier pension fund investor globally. This distinction is evident in their graph provided below from their website, showcasing their exceptional performance.

Following standard pension practices, approximately $170 billion of this $224 billion surplus should be distributed, posing no risk to future CPP pensions. Such a distribution would translate to $10,000 for each of 17 million Canadians, a 20% surge in business profits, a 3% increase in GDP, heightened employment rates, augmented charitable donations, diminished poverty, reduced income inequality, a $50 billion deficit reduction, and numerous other positive outcomes.

Strikingly, no politician, economist, actuary, or journalist has presented a single reason against distributing the CPP's surplus.

The CPP's surplus arguably now stands at an unprecedented 300%. In 2000, when the Ryerson University Pension Plan held a mere 18% surplus, the Canada Revenue Agency (CRA) ordered a surplus distribution, resulting in professors receiving up to $20,000 each. In contrast, our current Chief Actuary operates without oversight, answering to neither the CRA, the Auditor General, nor a Board of Governors. Despite the undisputable surplus, he has asserted, "The CPP is not in surplus!" One prominent actuary has disgustedly stated,

“Our Chief Actuary has done what pension actuaries frequently do - invent measures that are easily manipulated so that actuaries can control the narrative and hide things at will...I must remain anonymous because I am not allowed to criticize my fellow actuaries.”

My seven years of research echo these sentiments.

Future Pensions will be Enormous.

Why, then, is a distribution of the CPP’s surplus not taking place despite these numerous benefits? The financial industry, currently raking in 47% of all corporate profits in Canada, stands to lose billions of dollars if Canadians become aware of the CPP’s substantial surplus and likely ongoing 10.9% return. The industry is very aware that, if CPP Investments maintains its impressive 10.9% return rate, a 25-year-old earning, for example, $50,000 today could likely enjoy a $200,000 CPP pensionin 2023 dollars, as the graph below shows.

Why the Financial Industry would Lose.

The financial industry recommends we all invest 15% of our income towards retirement. For example, Canadians now have $4 trillion invested in RRSPs and TFSAs alone. However, this practice would almost vanish if Canadians discovered the prospect of a likely $200,000 CPP pension. The financial industry would then lose billions of dollars in investment fees, annually.

The surge in mental health issues among Canada's youth is a growing concern. The revelation that a $200,000 CPP pension awaits them, coupled with 15% more income available to improve their current quality of life, could bring peace of mind to millions of young, struggling Canadians. For some, it could even pave the way for a down payment on a home.

Furthermore, this projected 15% increase in income stands to not only elevate income tax and HST collections but also bolster business profits. This collective impact could contribute significantly to alleviating our burgeoning deficit and revitalizing our sluggish GDP.

Currently, businesses in the private sector, to attract competent employees, are contributing as much as $10,000 per employee per year towards their pensions. The revelation of CPP Investments' capability to yield a $200,000 CPP pension in 2023 dollars could potentially render this considerable pension expense obsolete.

There is also financial industry concern that politicians would allow voluntary contributions to CPP Investments. Such a scenario could prompt an immediate shift of billions of investment dollars from the financial industry to CPP Investments, recognized as the world's premier pension fund investor. This prospect was explored by Finance Minister Flaherty in 2011. The financial industry has publicly stated CPP legislation could,

“Undermine a lot of successful, legitimate, (retirement savings) products in the investment industry.”

Who should be undermined? - Millions of struggling Canadians or an industry that now corners 47% of all corporate profits.

The financial industry manages an impressive $10 trillion in assets in Canada, with the big six Canadian banks overseeing a substantial 70% of this total, equivalent to $7 trillion. Despite projecting a pristine and caring image through annual donations of roughly $100 million per year to charities, compelling evidence suggests that behind the scenes, they endorsed this cover-up. Clearly, they possess the power and influence to put an end to it. If they don’t, is it plausible that irate Canadians might consider redirecting their banking needs to smaller banks or credit unions in the near future?

In addition to the escalating challenges in mental health, older Canadians have passed on to their children formidable issues such as soaring house prices, inflated rental costs, increasing income inequality, a demanding work environment, perilous climate change, and a global landscape marred by dictatorships, injustice, and frequent wars. We have a debt to repay to them. Appropriate CPP legislation would mark a substantial step forward. Continuing to allow this disgraceful cover-up to continue would be a substantial step backward.

Could the financial industry subtly be utilizing its substantial profits to suppress information about the CPP's surplus reaching the public? The industry possesses both the motivation and the resources to orchestrate such a cover-up. For instance, allocating just 0.8% of the industry's annual $125 billion profit amounts to a significant $1 billion, or $1,000 million. It raises the question: Why would the industry not invest $1 billion to safeguard a continued flow of billions of dollars in profit, per year? The evidence strongly suggests that they have bribed:

• Politicians to refrain from mentioning the CPP's surplus,

• The media to avoid discussing the CPP's surplus,

• Actuaries to steer clear of acknowledging the CPP's surplus.

Several Experts and Icons Recommend Suspicion and Vigilance

they can construct a convoluted web of deception capable of destroying democracy. To counteract this cover-up, the collective action of many thousands of Canadians is imperative. Only then, with the specter of exposure looming, will these three complicit industries backpedal and abandon their deceitful efforts.

Our CPP fund will continue to mushroom in size. In January 2019, The Economistwrote,

“The CPP fund’s portfolio size has more than tripled over the past decade and is going to become only more gigantic.”

And since this article was published, our CPP fund has increased by another $176 billion to $536 billion in 2023.

However, the evidence is overwhelming that three powerful industries have colluded to keep 99% of Canadians in the dark regarding the CPP’s gigantic surplus. The Actuarial industry, the Finance industry and the Media industry could lose billions of dollars if politicians legislated appropriate CPP reform, which 99% of Canadians would endorse. This means millions of Canadians and Canada are being deprived of billions of dollars of deserved benefits.

Based on standard pension protocol, the CPP should safely distribute $170 billion of its $224 billion surplus. This would probably inject $100 billion into our sputtering economy, thereby:

• giving $10,000, on average, to each of 17 million Canadians,

• increasing our GDP by 4%,

• creating 150,000 jobs,

• increasing business profits by 20%,

• reducing poverty,

• increasing charitable donations this year by an estimated 10%.

Moreover, a $170 billion CPP surplus distribution would decrease our deficit by roughly $50 billion through increased income tax, increased HST and decreased spending on social programs.

Also, the CPP could easily help solve mushrooming income inequality, if we invested every contributor’s first $2,000 in annual contributions directly with CPP Investments. Every working Canadian would then enjoy a likely 11% annual return on these contributions, instead of what the CPP now gives them, a 4.4% return.

With this policy, almost all 25-year-olds, for example, would have $1.2 million more in their personal CPP account by age 65. They could retire with a $60,000 pension increase,in 2023 dollars. This is 20 times what the CPP now promises them for their first $2,000 in contributions.

Young Canadians are told by the financial industry to invest 15% of their earnings for retirement. Many other young Canadians are scrimping and saving for a down payment on a home. In a recent poll, “three in ten (28%) currently working Canadians say they never expect to retire.” Knowing they would be $1.2 million wealthier at age 65, many might stop saving for both retirement and a home. This means their anxiety level would decrease and their lifestyle would increase with 10% more income available for day-to-day expenses.

However, such legislation would cost the financial industry many billions of dollars in lost investment fee revenue and mortgage revenue. This potential loss provides the financial considerable motivation to conceal the CPP’s surplus and potential.

Two million of six million seniors now live near the poverty line of $21,000 per year. With this policy, this tragedy could be mostly eliminated in 40 years.

Not just 25-year-old Canadians would benefit with this policy. Older Canadians would also benefit. For example, almost all 45-year-olds would have $100,000 more in their personal CPP account by age 65.

Almost all Canadians businesses would also benefit from a $170 billion CPP surplus distribution. If, for example, Canadian consumers spent $100 billion of their $170 billion windfall gain, business profits would increase by an estimated 20% . This is because initial revenue pays fixed expenses. After fixed expenses have been paid, the gross margin of all additional revenue is pure profit.

There would be near-zero risk with a surplus distribution. Firstly, a $54 billion surplus would remain in the fund. Secondly, because CPP Investments is probably the best pension fund investor in the world, this gigantic surplus will keep mushrooming. For example, CPP Investments’ private equity investments, 1/3 of their entire portfolio, recently had an unheard-of 33.2% return for one year.

Looking forward, consider 2023. Our Chief Actuary specified he needs a $20 billion return from CPP Investments for fund stability. Based on past results, the actual return will likely be $59 billion, adding another $39 billion to the $224 billion surplus.

In the history of Canada, has there ever been a policy that could bring so many huge benefits to Canadians and Canada? Curiously, no politician, journalist, economist, or actuary has provided one reason to NOT distribute the CPP’s surplus. Hundreds have been consulted.

Why? It is probably because our capitalist system is, under-the-radar, rigged to favour the super-rich. Below, you will find several statements from respected authorities who claim our capitalist system is seriously flawed such that low-income Canadians are being unfairly abused. For example, Chrystia Freeland, in her book, PLUTOCRATS, states:

“In an age of super-wealth, we need to be constantly alerted to efforts by the elite to get rich by using their political muscle to increase their share of the pre-existing pie, rather than by adding value to the economy and thus increasing the size of the pie overall.”

Mark Carney, at one time Governor of the Bank of Canada, in his book, VALUES states citizens are victims of:

“Twisted economics, an accompanying amoral culture, and degraded institutions whose lack of accountability and integrity accelerate the system’s dysfunction.”

For example, in the 1960’s, the top marginal tax rate was 81% for the wealthy, Now it is roughly 53%. Were politicians illegally paid by the wealthy to lower it, resulting in poorer Canadians paying more taxes?

David Meslin is arguably Canada’s foremost expert on democracy. In his book, TEARDOWN, he states:

“To put it more bluntly, our political system has evolved into a sophisticated enabler of mass institutionalized bribery.”

Duff Conacher, on his website, Democracywatch.ca, states:

“Canada’s biggest corporations spend $25 billion annually on their lobbying and promotion efforts.”

Jane Philpott, after viewing a half hour presentation on the CPP’s surplus, stated:

“This failure to legislate CPP reform for both Canadians and Canada is caused by disgraceful lobbyists.”

Pierre Poilievre, likely Canada’s next prime minister, has stated:

“Our system is broken.”

“Defund the CBC.”

“Fire the gatekeepers.”

Two of the gatekeepers that Mr. Poilievre is likely alluding to are:

1. Our deceptive Chief Actuary who has misled Canadians on the true status of the CPP to protect his at-risk actuarial industry.

2. Catherine Tait, President of the CBC, who refuses to tell Canadians about the CPP’s irrefutable $224 billion surplus, probably based on direction from Mr. Trudeau and/or the financial industry.

The email below shows that Mr. Poilievre is aware of the CPP’s surplus and may soon propose CPP legislation to bring these huge benefits to Canadians and Canada.

In 2000, when the Ryerson University Pension Plan had a mere 18% surplus, the CRA ordered a surplus distribution. Professors, including me, received as much as $20,000 each. The graph below shows how much bigger the CPP’s surplus is, compared to Ryerson’s surplus, on a percentage basis.

nancial industry earns a massive 47% of all Canadian corporate profits, $125 billion per year. However, they only contribute 7.5% to Canada’s GDP. Many millionaires in the financial industry would lose if the news of the CPP’s surplus became known. In the US, the financial industry only earns 14.8% of all corporate profits.

There are 40,000 Certified Financial Analysts (CFAs) and Certified Financial Planners (CFPs) in Canada. I personally know two who are probably now worth $100 million.

Why? In 2011, Finance Minister Flaherty investigated the possibility of voluntary contributions to CPP Investments. By voluntarily investing with CPP Investments, investors like you and I could probably earn three times the profit over ten years, at much lower risk. If voluntary contributions were allowed, millions of profit-seeking Canadians would quickly transfer billions of investment dollars from the financial industry to CPP Investments. Lucrative investment fee revenue for the financial industry would then plummet.

The industry’s representative, Janet Ecker stated that her industry is worried that revised CPP policy could

“undermine a lot of successful, legitimate (retirement savings) products in the investment industry”.

Who should be undermined? Should it be millions of struggling Canadians, or the already obscenely profitable financial industry?

Are the media and our politicians focussed on the wrong issue?

Grocery store prices have recently risen substantially, laregly because of COVID. In early 2023, the media covered this increase thoroughly with a tone alleging gouging by grocery store executives. In March 2023, politicians, hearing of Canadians struggling with increased food prices, decided to grill grocery store executives. The executives defended themselves adequately, claiming they were simply passing on increased prices from suppliers.

As the graph below shows, the financial industry earns over 12 times the profit of the grocery industry, roughly $125 billion per year versus $10 billion per year. Why has the Canadian media never published one word regarding an industry that corners almost half of all corporate profit in Canada?

The blue bars on the graph show each industry’s contribution to our GDP, which is now anemic compared to other OECD countries. A reasonable guideline suggests, if an industry contributes X% to our GDP, it should enjoy X% of total Canadian profits. The graph shows that the financial industry has defied this guideline by a factor of 6.4, leaving little profit for all other industries.

For perspective, the graph also shows that the financial industry in the US only earns 14.8% of all corporate profits in the US.

Summary:

• Any party could likely win a majority by promising to give 17 million Canadians $10,000 each, and much more. Only a substantial all-party bribe would keep all three parties silent.

• One expert on democracy in Canada claims “our political system has evolved into a sophisticated enabler of mass institutionalized bribery.” Another claims $25 billion per year is spent on lobbying and promotion.

• Just 0.1% of the financial industry’s $125 Billion annual profit is $125 Million. This is roughly double what all three political parties, combined, receive per year from legal contributions. A $125 million “incentive” would be very attractive if the only condition was “Never discuss the CPP’s surplus and potential”. Knowing that the actuarial industry and the media industry are complicit makes the bribe even more attractive and more undetectable.

• Political parties need money. The lucrative pay-per-vote subsidy was eliminated in 2015. It gave the three parties $25 million each, on average, per election. It is difficult to comprehend how political parties have survived, based on the funding they receive legally.

• Media experts maintain our Canadian media has sacrificed journalistic integrity for profit. For example, a second $125 million “donation” from the financial industry to never cover the CPP’s surplus would cost a mere 0.1% of their annual profit. Meanwhile, said $125 million would be very convincing if the only condition was “Do not cover certain topics, including the CPP’s surplus.”

• Companies typically spend well over 10% of their profit on marketing and promotion. For the financial industry, investing a mere 0.2% of profit to bribe politicians and the media to remain silent regarding the CPP’s surplus is an excellent investment – spend $250 million to preserve a profit that is 500 times that much.

• There is little danger of being detected. The bribes are probably well hidden. There is probably no written documentation that summarizes the bribe agreement. (Complicit think tank C. D. Howe Institute’s website boasts 90 clandestine meetings a year that are “off-the-record”.)  And no evidence would ever lead to the executives of the big Canadian banks. They oversee 70% of the $10 trillion financial industry and have the power and influence to stop this CPP surplus cover-up.

  Only a full-scale inquiry, with subpoenas demanding honest testimony or jail, might bring truth. And, because all three parties are complicit, which party would call for such an inquiry?

• Democracy in Canada is being denied. Probably 99% of Canadians would vote for the CPP reform and benefits described above. Meanwhile, in an ideal democracy, the wishes of 51% of the population become legislation. This denial is increasing the wealth of the super-rich while depriving the less fortunate of billions of deserved dollars.

• There are thousands of well-paid, secretive lobbyists in Canada. Why would politicians listen to lobbyists? Aside from cash, lobbyists have little power to sway politicians. Most politicians would reasonably respond, “If I do as you suggest to help your industry, I would be helping 1% of Canadians but hurting the other 99%. I would lose votes in the next election. Have you got anything more convincing than just suggestions?”

• What politician would blow the whistle? Ethical Cabinet Ministers Jane Philpott and Jodie Wilson-Raybould refused to “play the game” and endorse the Liberal Party’s unethical shortcomings. Their influence in Canadian politics has now plummeted to near-zero.

How can Canadians combat this cover-up?

If enough Canadians participate, we can make the perpetrators yield and bring the above benefits to Canadians and Canada. The following actions will help you gather further proof that a cover-up is ongoing. First, it will give all the culprits an opportunity to explain their actions. Then, if no explanation is forthcoming, we can soundly punish the participants with our collective actions.

For example, we can;

• Email our MP, asking him to explain why his party has not proposed a CPP surplus distribution. When none is supplied (as I have experienced several times), tell him you will vote for any party but his in the next election. Party leaders will take note. For a party to win an election, almost all incumbents must get re-elected.

• Email all six bank presidents, asking for an explanation of why they are not lobbying for a CPP surplus distribution. If none is supplied, tell your bank or all banks that you will be switching to a credit union.

• Email Rogers and Bell who control much of the Canadian media. Ask them for an explanation of why their media outlets are not covering the CPP’s surplus. If none is supplied, tell them you will be switching to Telus for your cellphone service.

• Email the Canadian Chamber of Commerce, asking them why they are not lobbying for CPP reform. It would give all their business members, except the financial industry, a 20% increase in profit. Remind them that their inaction is also costing you, an employee, $10,000. Copy your employer and suggest he cancel his membership to the Chamber.

• Email The Toronto Star, The Globe and Mail, and any other publication, asking why they are not covering the CPP’s surplus. Notify them that, if no explanation is forthcoming, you will cancel your subscription.

• Ask our Chief Actuary why he has denied a CPP surplus, thereby selfishly depriving Canadians of a deserved $170 billion. Also, ask why he is not governed by a Board of Governors. Without an explanation, tell him you will vote for Mr. Poilievre who wants to “Fire the gatekeepers.”

For your convenience, Demand Action contains all email addresses and sample emails for you to copy and paste into your email product. There is no danger. You are simply a citizen exercising your right to freedom of speech who is reasonably asking for an explanation. Then you are exercising your right to use the services of any politician or company that you feel is concerned about your welfare, not ignoring it.