Endnotes
1. National Post, “The Model That's Killing Pension Plans,” http://www.nationalpost.com/opinion/columnists/story.html?id=47d6e4ce-000b-4b0d-8d70-fcf74065fff1 (accessed July 5, 2011).
2. Canadian Federation of Independent Business (CFIB), Wage Watch, December 2008, http://www.cfib.ca/research/reports/rr3077.pdf (accessed July 22, 2011).
3. Ontario Teachers' Pension Plan, “Teachers at a Glance,” http://www.otpp.com/wps/wcm/connect/otpp_en/Home/Corporate+Info/Teachers+at+a+Glance/ (accessed July 22, 2011).
4. OMERS, http://www.omers.com/ (accessed July 22, 2011).
5. CPP Investment Board, http://www.cppib.ca/ (accessed July 22, 2011).
6. The Globe and Mail, “Smoothing Changes Save OTPP from a $35-billion Shortfall,” April 8, 2011, http://www.theglobeandmail.com/globe-investor/investment-ideas/streetwise/smoothing-changes-save-otpp-from-a-35-billion-shortfall/article1976211/ (accessed July 22, 2011).
7. OMERS Pension Site, Member Newsletter, “OMERS Funding Strategy Right on Course,” Member News, Number 91, Summer 2011, http://www.omers.com/pension/OMERS_Funding_Srategy_Right_on_Course.aspx (accessed July 22, 2011).
8. The City of Hamilton, Financial Report 2009, http://www.hamilton.ca/NR/rdonlyres/5D8DCD38-518C-4F51-83FC-06AFD2A83967/0/2009FinancialReport_rev8202010.pdf (accessed July 22, 2011).
9. Joey Coleman, “Ontario Universities Get Temporary Pension Relief,” GlobeCampus.ca, August 5, 2010, http://www.globecampus.ca/blogs/colemans-campus/2010/08/05/ontario-universities-get-temporary-pension-relief/ (accessed July 22, 2011).
10. The Economist, “World Debt Comparison, The Global Debt Clock,” http://www.economist.com/content/global_debt_clock (accessed July 22, 2011).
11. Ibid.
12. Most of our references in the book will be in Canadian dollars.
13. Ibid.
14. Ibid.
15. Reuters, “Nortel's Pension Deficit Helped Push It Over Edge,” January 19, 2009, http://in.reuters.com/article/2009/01/19/idINIndia-37522320090119 (accessed July 22, 2011).
16. The Toronto Sun, “Air Canada Unions Face Headwind on Defined Pension Benefits?” June 14, 2011, http://www.torontosun.com/2011/06/14/air-canada-unions-face-headwind-on-defined-pension-benefits (accessed July 22, 2011).
17. Google Finance, “The S&P/TSX Composite Index Had a Posted Rate of Return From January 1, 2008 to July 22, 2011 of -.75%,” http://www.google.ca/finance?q=TSE:OSPTX,CVE:OSPVX (accessed July 22, 2011).
18. James Pierlot, “A Pension in Every Pot: Better Pensions for More Canadians,” C.D. Howe Institute, 2008, http://cdhowe.org/a-pension-in-every-pot-better-pensions-for-more-canadians/4656 (accessed July 22, 2011).
1. The Canadian Taxpayers Federation, “MPs Cash in on $116 Million in Pension & Severance Bonanza,” May 3, 2011, http://taxpayer.com/node/14377 (accessed July 22, 2011).
2. Ibid.
3. The Vancouver Sun, “Double-dipping: Defeated MP Gets Severance Pay and a Senator's Paycheque,” May 2, 2011, http://www.vancouversun.com/news/Double+dipping+Defeated+gets+severance+senator+paycheque/4821793/story.html (accessed July 22, 2011).
4. The Canadian Taxpayers Federation, “MPs Cash in on $116 Million.”
5. Statistics Canada, “Public Sector Employment, Seasonally Adjusted, (Quarterly) (Canada),” May 27, 2011, http://www40.statcan.gc.ca/l01/cst01/govt65a-eng.htm (accessed July 5, 2011).
6. Alexandre Laurin and William B.P. Robson, “Supersized Superannuation: The Startling Fair-Value Cost of Federal Government Pensions: 2009,” The C.D. Howe Institute, http://cdhowe.org/supersized-superannuation-the-startling-fair-value-cost-of-federal-government-pensions/4551 (accessed July 22, 2011).
7. CBC News, “MPs' Pension Fund Grew Amid Recession: Report,” April 7, 2010, http://www.cbc.ca/news/canada/story/2010/04/07/mp-pension-fund.html (accessed July 22, 2011).
8. StatsCan reports that the total value of public sector pension funds in Canada, in 2007, was estimated at $606 billion in the regular public sector pensions and $199 billion in the GCRA (government consolidated revenue arrangements). This total of over $805 billion has not yet returned to this level because of poor stock market performance. The GRCA are described as “public sector retirement compensation arrangements. These supplementary employee retirement plans were set up to provide pension benefits to senior employees beyond the maximum permitted registered pension plan benefits as set out in the Income Tax Act.” Source: Statistics Canada, “Pensions Assets By Type of Plan at Market Value,” http://www.statcan.gc.ca/pub/13-605-x/2008002/t/5213171-eng.htm (accessed July 22, 2011).
9. Department of Finance Canada, “Fiscal Reference Tables October 2010,” October 12, 2010, http://www.fin.gc.ca/frt-trf/2010/frt-trf-10-eng.asp (accessed July 5, 2011). These tables show the federal gross debt at $883.3 billion and the total provincial debt at $388.3 billion.
10. We say 30 years because most of the accumulation in these funds has occurred in the past 30 years. StatsCan reports that the value of the two public sector pension accounts in 1990 was at $200 billion.
11. As of April 2011, Canada had an estimated population of 34,349,200. Divide the $1.2 trillion by this amount and it is $34,935.
12. Ted Mallet and Queenie Wong, “Wage Watch,” Canadian Federation of Independent Business, December 2008, http://www.cfib-fcei.ca/english/research/canada/112-labour_policy/32-wage_watch.html (accessed July 5, 2011).
13. Frontier Centre for Public Policy, “Public Administration Wage Growth, Comparing Rates of Wage Growth in Industries across the Canadian Economy (1998–2009),” Ben Eisen, Senior Policy Analyst, http://www.fcpp.org/publication.php/3626 (accessed July 22, 2011).
14. City of Toronto, “2009 Financial Report, 2009 Consolidated Financial Statements,” http://www.toronto.ca/finance/financial_reports.htm (accessed July 22, 2011).
15. Hydro One, “2010 Annual Report, 2010 MD&A and Consolidated Financial Statements,” http://www.hydroone.com/InvestorRelations/Pages/AnnualReports.aspx (accessed July 22, 2011).
16. Ben Eisen, “Public Administration Wage Growth,” Frontier Centre for Public Policy, February 16, 2011, http://www.fcpp.org/publication.php/3626 (accessed July 5, 2011).
17. Statistics Canada, “Pension Assets.”
18. Canadian Federation of Independent Business (CFIB), “Canada's Pension Predicament,” January 2007, http://www.cfib-fcei.ca/english/research/canada/114-social_policy/182-canada_s_pension_predicament.html (accessed July 22, 2011).
19. Government of Canada, “Your Public Service Pensions and Benefits Glossary,” July 4, 2011, http://www.pensionetavantages-pensionandbenefits.gc.ca/glssr-eng.html (accessed July 5, 2011).
20. This is based on the typical accrual rate for public sector pensions. This is 2 per cent for each year worked, so after 35 years this is 70 per cent of income (35 × 2 per cent). Another 15 years at 2 per cent is another 30 per cent of income.
21. Many protection services jobs (police, fire, etc.) come with an accelerated accrual rate of 2.33 per cent. Therefore, a 30-year employee times the 2.33 per cent accrual makes a 69.9 per cent pension.
22. Hernando DeSoto, “The Power of the Poor,” http://www.thepowerofthepoor.com/concepts/c2.php (accessed July 22, 2011).
1. Twenty-five per cent of earned income up to the Year's Maximum Pensionable Earnings limit (YMPE), which was $48,300 in 2011.
2. Service Canada, “Canada Pension Plan—Payment Rates, January–December 2011,” June 30, 2011, http://www.servicecanada.gc.ca/eng/isp/pub/factsheets/rates.shtml (accessed July 5, 2011).
3. The Montreal Gazette, “City Hall Is Right to Get Tough on Pension Funds”, July 4, 2011, http://www.montrealgazette.com/business/City+hall+right+tough+pension+funds/5044299/story.html (accessed July 22, 2011).
4. Service Canada, “Canada Pension Plan Statement of Contributions,” March 31, 2011, http://www.servicecanada.gc.ca/eng/isp/common/proceed/socinfo.shtml (accessed July 5, 2011).
5. CPP Investment Board, “2011 Annual Report, 2011 Annual Report Summary,” http://www.cppib.ca/Publications/annual_report.html (accessed July 22, 2011).
6. Google Finance, “S&P/TSX Composite Index September 1, 2000 to September 1, 2010, Total Rate of Return 7.99%,” http://www.google.ca/finance?q=TSE:OSPTX (accessed July 22, 2011).
7. University of British Columbia, “SPP Pension Fund, Net Rate of Return 2001 to 2010, 3.79%,” http://www.pensions.ubc.ca/staff/ror.html (accessed July 22, 2011).
8. Yahoo Finance, “Nikkei 225 Reached a High of over 38,000 and by July 2011 Had Fallen to 10,132,” July 22, 2011, http://finance.yahoo.com/echarts?s=^N225+Interactive#chart1:symbol=^n225;range=my;indicator=volume;charttype=line;crosshair=on;ohlcvalues=0;logscale=off;source=undefined (accessed July 22, 2011).
9. At the time of writing, the Government of Canada had just commenced a consultation process into the PRPP to determine its design alternatives.
10. CBC News, “RRSP Contributions Fell in 2008,” CBC.ca, November 16, 2009, http://www.cbc.ca/news/business/story/2009/11/16/rrsp-contribution-data-2008.html (accessed July 5, 2011).
11. Bill Tufts, “Fair Pensions for All,” http://fairpensionsforall.net/ (accessed July 5, 2011).
12. Statistics Canada, “Pension Plans in Canada,” May 9, 2011, http://www.statcan.gc.ca/daily-quotidien/110509/dq110509a-eng.htm (accessed July 5, 2011).
13. Nova Scotia Pension Agency, “Supplementary Employee Retirement Plan (SERP),” no date, http://www.novascotiapension.ca/publicserviceplan/members/supplementaryemployeeretirementplanserp (accessed July 5, 2011).
14. Statistics Canada, “Pension Assets.”
15. Ibid.
16. The B.C. Municipal Pension Plan had a 10-year rate of return in 2004 of 9.1 per cent; by 2009 it had dropped to 4.8 percent.
17. The QPP is identical in design to the CPP program. The recent budget recommended a significant hike in premiums to keep it viable. The changes implemented required premiums to rise from 9.9 per cent in 2011 (the same as CPP) to 10.8 per cent by 2017. Source: Province of Québec, “Budget 2011–2012: A Stronger Retirement Income System,” http://www.budget.finances.gouv.qc.ca/Budget/2011-2012/index_en.asp (accessed July 22, 2011).
18. Ibid. The new savings plan will be a voluntary workplace administered plan. Employers will be required to deduct contributions from employees. Like the PRPP, it is designed to mimic the actual details of the plan; it will not be available until late 2011.
19. Fred Vettese provides an excellent analysis. Source: Fred Vettese, “Saving for Retirement II,” Morneau Shepell, http://www.morneaushepell.com/index.aspx?m=publications&s=vision (accessed July 22, 2011).
20. Statistics Canada, “Distribution of Homeowners by Size of Mortgage Payment Relative to Disposable Income and Selected Characteristics,” April 27, 2011, http://www.statcan.gc.ca/pub/75-001-x/2011002/tables-tableaux/11429/tbl003-eng.htm (accessed July 5, 2011).
21. Statistics Canada, “Income of Retirement-age and Working-age Canadians: Accounting for Home Ownership,” July 2010, http://www.statcan.gc.ca/pub/11f0027m/2010064/part-partie1-eng.htm (accessed July 22, 2011).
22. Jack M. Mintz, “Summary Report on Retirement Income Adequacy Research,” Department of Finance Canada, December 16, 2009, http://www.fin.gc.ca/activty/pubs/pension/riar-narr-eng.asp (accessed July 5, 2011).
23. Fred Vettese, “Saving for Retirement II.”
24. Ontario Teachers' Pension Plan, “Getting Your Pension Outside Canada,” http://docs.otpp.com/NonResidentPenPaym.pdf (accessed July 22, 2011).
25. Jonathan Chevreau, “Six Things You Should Know about Pension Income Splitting,” National Post, November 21, 2007, http://network.nationalpost.com/np/blogs/wealthyboomer/archive/2007/11/21/six-things-you-should-know-about-pension-income-splitting.aspx (accessed July 5, 2011).
1. UFCW, “Facts about Unions,” http://www.ufcw.ca/index.php?option=com_content&view=article&id=29%3Aabout-our-union&catid=12%3Ajoin&Itemid=49&lang=en#link3 (accessed July 22, 2011).
2. The Economist, “(Government) Workers of the World Unite! Public-sector Unions Have Had a Good Few Decades. Has Their Luck Run Out?” January 6, 2011 http://www.economist.com/node/17849199 (accessed July 22, 2011).
3. Ibid.
4. Ontario Public Service Employee's Union (OPSEU), “History of OPSEU,” http://www.opseu.org/organizing/history_/1910.htm (accessed July 22, 2011).
5. The Economist, “(Government) Workers of the World Unite!”
6. Statistics Canada, “Public Sector Employment, Wages and Salaries, by Province and Territory,” http://www40.statcan.ca/l01/cst01/govt62d-eng.htm (accessed July 26, 2011).
7. Statistics Canada, “Public Sector Employment, Wages and Salaries,” May 27, 2011, http://www40.statcan.gc.ca/l01/cst01/govt54a-eng.htm (accessed July 5, 2011).
8. Statistics Canada, “Pension Plans in Canada, Table 1, Registered Pension Plan Membership by Sector and Type of Plan,” http://www.statcan.gc.ca/daily-quotidien/110509/t110509a1-eng.htm (accessed July 26, 2011).
9. Global News, “Canadians Brace for Summer of Discontent,” June 10, 2011, http://www.globalnews.ca/Canadians+brace+summer+discontent/4921121/story.html (accessed July 5, 2011).
10. Wikipedia, The Free Encyclopedia, “Canadian Union of Public Employees,” http://en.wikipedia.org/wiki/Canadian_Union_of_Public_Employees (accessed July 26, 2011).
11. Canadian Union of Public Employees (CUPE), “Topics,” http://cupe.ca/topics (accessed July 22, 2011).
12. Adrian Humphreys, “Ontario Teachers OK $60 Fee to Fight PCs' Tim Hudak,” National Post, April 6, 2011, http://www.nationalpost.com/news/Ontario+teachers+fight+Hudak/4565075/story.html (accessed July 22, 2011).
13. Frank Klees, “Can Working Families Buy Provincial Election,” Mpp.on.com, June 7, 2011, http://www.frank-klees.on.ca/Newsroom/familycoalition_000.htm (accessed July 22, 2011).
14. Ontariopc.com, “The Truth about Tim Hudak,” http://ontariopc.com/truth/2011/04/27/working-families%E2%80%99-members-are-fear-mongering-about-the-ontario-pcs%E2%80%99-education-plan/ (accessed July 22, 2011).
15. Ontario Teachers' Pension Plan, “Pension Benefits History,” http://www.otpp.com/wps/wcm/connect/otpp_en/home/plan+funding/history+and+reference/pension+benefits+history (accessed July 26, 2011).
16. Note: StatsCan shows that in 2010 the average wage was $22.28 per hour. Multiply this by a 40-hour work week then by 52 weeks to get the estimate. http://www40.statcan.gc.ca/l01/cst01/labr69a-eng.htm (accessed July 22, 2011).
17. James Pierlot, “A Pension in Every Pot,” C.D. Howe Institute, November 2008, http://www.cdhowe.org/pdf/Commentary_275.pdf (accessed July 22, 2011).
18. Ibid.
19. Currently the life expectancy is age 82; however, this is increasing at a rate of four months per year. This is a conservative estimate as StatsCan currently reports that “on average, a 65-year-old man could expect to live an additional 18.1 years in 2005–2007, an increase of 2.0 years from the previous decade. A 65-year-old woman could expect to live an additional 21.3 years, up by 1.3 years. Source: Statistics Canada, “Life Expectancy at Birth and at Age 65 by Sex, Canada,” http://www.statcan.gc.ca/daily-quotidien/100223/dq100223a-eng.htm (accessed July 22, 2011).
20. CBC News, “With 90 Teachers over 100 OTPP's Problem Is Clear,” April 5, 2011, http://www.cbc.ca/fp/story/2011/04/05/4562403.html#ixzz1TFYUxZnt (accessed July 22, 2011).
21. Calgary Board of Education, “Financial Statements and Statistical Information, Year Ended, August 31, 2009,” http://www.cbe.ab.ca/trustees/Budget/08-09Financials.pdf (accessed July 22, 2011).
22. Ontario Teachers' Pension Plan, “Plan, Funding Challenges,” http://www.otpp.com/wps/wcm/connect/otpp_en/home/plan+funding/funding+challenges (accessed July 22, 2011).
23. Ontario Teachers' Pension Plan, “Funding Update,” June 2011, http://docs.otpp.com/SRI/PDFs/TeacherAnnounce_EN_060311.pdf (accessed July 22, 2011).
24. Public Works and Government Services Canada, “Advantages,” http://www.tpsgc-pwgsc.gc.ca/pension/act/rachat-buyback/avantages-advantages-eng.html (accessed July 22, 2011).
25. Healthcare Of Ontario Pension Plan (HOOPP), http://www.hoopp.com/members/build/psp/ (accessed July 22, 2011).
26. OMERS, http://www.omers.com/ (accessed July 22, 2011).
27. City of Hamilton, “City of Hamilton Financial Report, 2009,” http://www.hamilton.ca/NR/rdonlyres/5D8DCD38-518C-4F51-83FC-06AFD2A83967/0/2009FinancialReport_rev8202010.pdf (accessed July 5, 2011).
28. Note: This estimate is that of the authors. It should be alarming that this third-rail issue has not been analyzed by anyone in government, including the auditors who are supposed to be protecting taxpayers' interests. Oh yeah, the auditors get DB pensions as well.
29. City of Toronto, “Financial Reports & Statements, 2009 Financial Report,” http://www.toronto.ca/finance/financial_reports.htm (accessed July 22, 2011).
30. Hydro One, “Annual Reports 2010 Annual Report,” http://www.hydroone.com/InvestorRelations/Pages/AnnualReports.aspx (accessed July 22, 2011).
31. Ontario Power Generation (OPG), “Annual Report 2010,” http://www.opg.com/news/reports/?path=Annual%20Reports (accessed July 22, 2011).
32. Alexandre Laurin and William Robson, C.D. Howe Institute, “The Public-Sector Pension Bubble: Time to Confront the Unmeasured Cost of Ottawa's Pensions,” http://www.cdhowe.org/pdf/ebrief_108.pdf (accessed July 22, 2011).
33. Heather McLaughlin, “Time to Reform Public-sector Pensions, City Told, Chamber Says City's Defined-benefit Plan Is No Longer Viable,” The Daily Gleaner, May 30, 2011, http://dailygleaner.canadaeast.com/news/article/1410630 (accessed July 22, 2011).
34. The City of Winnipeg, “Winnipeg Fire Paramedic Service Overtime and Sick Leave Audit,” May 2009, http://www.winnipeg.ca/audit/pdfs/reports/WFPSOvertime.pdf (accessed July 22, 2011).
35. International Association of Firefighters, “British Columbia Fire Fighters Achieve Breakthrough on Pensions,” http://www.iaff.org/canada/Updates/bc_233.htm (accessed July 22, 2011).
36. Note: Take the example of a protection services employee with 30 years of service. The lifetime pension contributions would have been based on a 2 per cent pension. At 30 years, the employees would get a pension of 60 per cent. As soon as the change takes place, they are eligible for a pension of 69.9 per cent. In 2011, the City of Montreal reported that an average pension for a police officer was $59,000 at age 53. Assume this is a 60 per cent pension and the pensions change to a 2.33 per cent accrual rates. The new pension would be worth $65,785. Assuming the employees lives for 30 years longer and the pension is indexed at 2 per cent, they would now collect $2.67 million. The old pension would pay out $2.39 million. Taxpayers are on the hook for the extra $280,000 in pension.
37. Larry Brown and Mike Waghorne, National Union of of Public and General Employees (NUPGE), “The Coming Demographic Shock,” April 2005, http://www.nupge.ca/files/publications/Pensions%20Documents/The_Coming_Demographic_Shock.pdf (accessed July 22, 2011).
38. Brian MacDonald, “Waiting for Defence Budget 2011/12,” The Conference of Defence Associations, http://cda-cdai.ca/cda/uploads/cda/defbudget2011.pdf (accessed July 22, 2011).
39. Steven Greenhut, Plunder, The Forum Press, 2009.
40. Colby Cosh, “Should Firefighters Be Able to Work Seven Shifts a Month?” MacLeans.ca, January 7, 2011, http://ca.news.yahoo.com/should-firefighters-be-able-to-work-seven-shifts-a-month-.html (accessed July 22, 2011).
1. CBC News, “$104K payout to City of Ottawa auditor upsets taxpayers,” January 27, 2010, http://www.cbc.ca/news/canada/ottawa/story/2010/01/27/ottawa-lalonde-pension-auditor.html (accessed August 31, 2011).
2. Kenyon Wallace, “Tax Staff to be paid $25M in Severance, Rehired—HST Changeover; Swap to Federal Jobs Will Cost Ontario $25M,” National Post, March 12, 2010.
3. Ibid.
4. The Cape Bretoner, “Feds Recover $350,000 Fee from Dingwall-led Lobby Firm,” March 29, 2010, http://www.thecapebretoner.ca/?p=2275 (accessed July 22, 2011).
5. CBC News, “Audit Backs Dingwall's Expense Claims,” October 26, 2005, http://www.cbc.ca/news/canada/story/2005/10/26/dingwall051026.html (accessed July 22, 2011).
6. Ibid.
7. The Ottawa Citizen, “Martin Unfairly ‘Sacrificed’ Mint Boss Dingwall, Report Says,” April 13, 2006, http://www.canada.com/ottawacitizen/news/story.html?id=a4876903-6551-4e32-8c76-eada1fea1bd7&k=49709 (accessed July 22, 2011).
8. Stephen Harper, “Statement on Dingwall Severance Package,” February 4, 2006, http://www.conservative.ca/EN/1091/40454 (accessed August 31, 2011).
9. CBC News, “Integrity Watchdog Left with $534,000,” March 4, 2011, http://www.cbc.ca/m/touch/news/story/2011/03/04/pol-integrity-commissioner.html, (accessed July 22, 2011).
10. Ibid.
11. Sonya Bell, “Fired After Scathing Report, Ex-integrity Commissioner Expected on Parliament Hill,” The Ottawa Citizen, March 10, 2011, http://www.ottawacitizen.com/story_print.html?id=4411906&sponsor= (accessed July 22, 2011).
12. The Canadian Taxpayers Federation, “Report on New Brunswick MLA Pensions, Salaries and Expenses,” Taxpayer.com, September 15, 2010, http://taxpayer.com/atlantic/report-new-brunswick-mla-pensions-salaries-and-expenses (accessed July 22, 2011).
13. The Canadian Taxpayers Federation, “Reform MLA Pensions,” Taxpayer.com, http://taxpayer.com/node/13055, (accessed July 22, 2011).
14. David Beers, “MLAs Sitting Pretty,” TheTycee.ca, May 1, 2007, http://thetyee.ca/Bigstory/2007/05/01/Raise/ (accessed July 5, 2011).
15. Will McMartin, “Huge Pay Raises, The Silent Issue,” TheTyee.ca, April 29, 2008, http://thetyee.ca/Views/2009/04/29/PayRaises/ (accessed July 5, 2011).
16. Will McMartin, “BC Health Spending Exploding? Don't Believe It,” TheTycee.ca, February 9, 2007, http://thetyee.ca/Views/2007/02/19/HealthSpending/ (accessed July 5, 2011).
17. The Globe and Mail, “Aide Paid to Cut Trees on Senator's Personal Property, Court Hears,” http://www.theglobeandmail.com/news/politics/aide-paid-to-cut-trees-on-senators-personal-property-court-hears/article1395107/ (accessed July 22, 2011).
18. The Globe and Mail, “Senator Raymond Lavigne Guilty of Fraud,” March 11, 2011, http://www.theglobeandmail.com/news/politics/senator-raymond-lavigne-found-guilty-of-fraud/article1938615/ (accessed July 22, 2011).
1. Canada Energy, “History of Ontario Hydro,” http://www.canadaenergy.ca/index.php?hydro=ontario&direct=hydro (accessed July 22, 2011).
2. Dominion Bond Rating Service Limited, “HYDRO ONE INC.,” September 6, 2000, http://www.regie-energie.qc.ca/audiences/3401-98/Req-revisee/Hqt-8/HQT8_document35.PDF (accessed July 22, 2011).
3. Ontario Power Authority, “About the Ontario Power Authority,” http://archive.powerauthority.on.ca/Page.asp?PageID=861&SiteNodeID=118 (accessed July 22, 2011).
4. The Globe and Mail, “Ontario Power Generation Workers Get Wage Hike Despite McGuinty's Restraint Plan,” March 15, 2011, http://m.theglobeandmail.com/news/politics/ontario-power-generation-workers-get-wage-hike-despite-mcguintys-restraint-plan/article1942064/?service=mobile (accessed July 22, 2011).
5. Hydro One, “Annual Reports, 2006–2010,” http://www.hydroone.com/InvestorRelations/Pages/AnnualReports.aspx (accessed July 22, 2011).
6. Jonathan Jenkins, “Power Utility Too Fat, Overpaid, Board Says,” Toronto Sun, March 11, 2011, http://www.torontosun.com/news/torontoandgta/2011/03/11/17585736.html (accessed July 5, 2011).
7. The Toronto Star, “Political Embarrassment behind Privatization Talk,” January 10, 2010, http://www.thestar.com/comment/article/748415 (accessed July 22, 2011).
8. The Hamilton Spectator, “Hydro Rates Rising to Cover Overcharging Fines Ontario Energy Board Poised to Rule on 6.2% Hike,” February 23, 2011, http://www.thespec.com/news/ontario/article/490868--hydro-rates-rising-to-cover-overcharging-fines (accessed July 22, 2011).
9. Parker Gallant, “Ontario's Power Trip: OPG Produces Report, Little Information,” Financial Post, March 9, 2010, http://network.nationalpost.com/NP/blogs/fpcomment/archive/2010/03/09/opg-produces-report-little-information.aspx (accessed July 22, 2011).
10. Parker Gallant, “Ontario's Power Trip: No Relief in Sight from Rising Costs,” Financial Post, March 8, 2011, http://opinion.financialpost.com/2011/03/08/no-relief-in-sight-from-rising-costs/ (accessed July 5, 2011).
11. Ibid.
12. Parker Gallant, “Ontario's Power Trip: OPG Produces Report, Little Information.”
13. The Society of Energy Professionals, “Arbitrator Critiques Govt Policy, Awards OPG Raises,” The Society of Energy Professionals Newscast, February 4, 2011, http://www.thesociety.ca/pdfs/Cast/Snc10–04.pdf (accessed July 5, 2011).
14. Ontario Ministry of Finance, “2010 Ontario Budget: FAQ: Public Sector Compensation Restraint to Protect Public Services Act, 2010,” January 10, 2011, http://www.fin.gov.on.ca/en/budget/ontariobudgets/2010/faq_march.html (accessed July 5, 2011).
15. Ontario Power Generation, “Statement of Executive Compensation, Form 51-102F6,” http://www.opg.com/investor/pdf/2009_ExecComp.pdf (accessed July 22, 2011).
16. Ibid.
17. Canadian Press, “Ontario Lowering Salaries for Energy Executives,” Toronto.ctv.ca, June 265, 2007, http://toronto.ctv.ca/servlet/an/local/CTVNews/20070626/ontario_hydro_salaries_070626?hub=TorontoHome (accessed July 5, 2011).
18. CBC News, “Former Hydro One CEO Disputes Allegations,” July 26, 2002, http://www.ctv.ca/servlet/ArticleNews/story/CTVNews/20020726/hydro_one_clitheroe_020726?s_name=t&no_ads= (accessed July 22, 2011).
19. CBC News, “Hydro One CEO Eleanor Clitheroe Fired,” July 22, 2002, http://www.cbc.ca/news/business/story/2002/07/19/hydroone_020719.html (accessed July 22, 2011).
20. CTV News, “Former CEO Sues Hydro One Over Pension,” June 13, 2010, http://toronto.ctv.ca/servlet/an/local/CTVNews/20100613/ceo-sues-pension-100613/20100613/?hub=TorontoNewHome (accessed July 22, 2011).
1. CTV Calgary, “$4.75 Million Retirement for U of C Pres,” September 21, 2009, http://calgary.ctv.ca/servlet/an/local/CTVNews/20090921/CGY_uofc_pension_090921/20090921/?hub=CalgaryHome (accessed July 5, 2011).
2. Gauntlet News, “President's Salary Details Angers Campus,” September 24, 2009, http://thegauntlet.ca/story/13819 (accessed July 22, 2011).
3. MacLeans.ca On Campus, “UCalgary to Cut 200 Jobs by the Fall,” July 16, 2009, http://oncampus.macleans.ca/education/2009/07/16/u-calgary-to-cut-200-jobs-by-the-fall/ (accessed July 22, 2011).
4. Canada MSN News, “ ‘Handshake’ behind U of C President's $4.5M Pension,” October 2, 2009, http://news.ca.msn.com/top-stories/cbc-article.aspx?cp-documentid=22037343 (accessed July 22, 2011).
5. Gauntlet News, “President's Salary Details Anger Campus.”
6. Ibid.
7. Ibid.
8. CBC News, “Faculty Calls President's Pension ‘Obscene,’” October 8, 2009, http://www.cbc.ca/news/canada/calgary/story/2009/10/08/calgary-president-pension-faculty-letter.html (accessed July 22, 2011).
9. Wade Hemsworth, “McMaster's George Highest-paid President,” The Hamilton Spectator, April 1, 2009, http://www.thespec.com/news/business/article/90540--mcmaster-s-george-highest-paid-president, (accessed July 22, 2011).
10. MacLeans.ca On Campus, “President's $1.4-million Golden Handshake,” June 26, 2008, http://oncampus.macleans.ca/education/2008/06/26/mcmaster-president-to-get-nearly-14-million-after-retirement/ (accessed July 22, 2011).
11. The Hamilton Spectator, “Secrecy Makes It All Worse,” January 10, 2011, http://www.thespec.com/opinion/editorial/article/319545--secrecy-makes-it-all-worse (accessed July 22, 2011).
12. MacLeans.ca On Campus, “Hey, Where Did My Tuition Money Go?” October 30, 2008, http://oncampus.macleans.ca/education/2008/10/30/hey-where-did-my-tuition-money-go/ (accessed July 22, 2011).
13. Ministry of Finance, “Public Sector Salary Disclosure 2011 (Disclosure for 2010),” http://www.fin.gov.on.ca/en/publications/salarydisclosure/2011/ (accessed July 22, 2011).
14. MacLeans.ca On Campus, “The Million Dollar President,” August 6, 2010, http://oncampus.macleans.ca/education/tag/university-salaries-2010/ (accessed July 22, 2011).
15. MacLeans.ca On Campus, “Knocking on the Glass Ceiling,” April 9, 2010, http://oncampus.macleans.ca/education/tag/university-salaries-2010/ (accessed July 22, 2011).
16. Ibid.
17. The National Post, “Civil Servants on Sunshine List Jump,” April 1, 2011, http://www.financialpost.com/related/topics/Civil+servants+sunshine+list+jump/4539777/story.html (accessed July 22, 2011).
18. McMaster University, “Annual Financial Report 2009/2010,” http://www.mcmaster.ca/bms/pdf/mac-2010fs.pdf (accessed July 22, 2011).
19. University of Guelph, “2011/2012 Integrated Pan and Preliminary MTCU Operating Budget,” http://www.fin.uoguelph.ca/sites/default/files/2011-2012%20Integrated%20Plan%20and%20Preliminary%20MTCU%20Operating%20Budget.pdf (accessed July 22, 2011).
20. The Globe and Mail Globe Campus, “Ontario Campus Employee Wages at Top of Class,” April 3, 2009, http://www.globecampus.ca/in-the-news/article/ontario-campus-employee-wages-at-top-of-class/ (accessed July 22, 2011).
21. Janet Steffenhagen, “Surrey School District Official Gets a Record $614,382 Compensation,” Vancouver Sun, December 28, 2010, http://www.canada.com/vancouversun/news/westcoastnews/story.html?id=960f3ab6-46f7-469a-8568-ee4f33bc50cb (accessed July 5, 2011).
22. Note: The introduction mentioned that the Teachers' Pension Plan was short $35.7 billion and it implemented an accounting change called “smoothing” to reduce the pension to $17.2 billion. There was no change in either the assets or the liabilities of the pension plan. Many question the transparency of using smoothing in pensions, but it sure reduced a political headache for politicians who would have to explain the shortfall. Where it was implemented in San Francisco the public defender stated, “It is like telling your spouse that you lost only $500 in Las Vegas instead of the $5,000 you actually lost, because you are spreading your losses over 10 years. Source: Boyd Erman, “Smoothing Changes Save OTPP from a $35-billion Shortfall,” The Globe and Mail, April 8, 2011, http://www.theglobeandmail.com/globe-investor/investment-ideas/streetwise/smoothing-changes-save-otpp-from-a-35-billion-shortfall/article1976211/ (accessed July 22, 2011).
23. CBC News, “Ont. Teachers' Fund Warns of Shortfall,” April 5, 2011, http://www.cbc.ca/news/business/story/2011/04/05/otpp-funding-shortfall.html (accessed Month day, year).
24. CBC News, “N.S. School Boards Face Budget Cuts, ‘Board Members Are in Shock,’” October 29, 2010, http://www.cbc.ca/news/canada/nova-scotia/story/2010/10/29/ns-school-boards-budget-cuts.html (accessed July 22, 2011).
25. Ibid.
26. CBC News, “N.S. School Board Warns of 100s of Jobs Lost,” January 14, 2011, http://www.cbc.ca/news/canada/ottawa/story/2011/01/14/ns-chignecto-school-board-cutbacks.html (accessed July 22, 2011).
27. Statistics Canada, “Tables,” April 29, 2011, http://www.statcan.gc.ca/pub/81-582-x/2011001/t-c-g-eng.htm (accessed July 5, 2011).
28. Statistics Canada, “Table C.2.1, Full-time Equivalent Enrolments in Public Elementary and Secondary Schools, Canada, provinces and territories, 2001/2002 to 2008/2009,” April 29, 2011, http://www.statcan.gc.ca/pub/81-582-x/2011001/tbl/tblc2.1-eng.htm (accessed July 5, 2011).
29. Statistics Canada, “Table C.2.2, Full-time Equivalent Educators in Public Elementary and Secondary Schools, Canada, Provinces and Territories, 2001/2002 to 2008/2009,” April 29, 2011, http://www.statcan.gc.ca/pub/81-582-x/2011001/tbl/tblc2.2-eng.htm (accessed July 5, 2011).
30. Government of Alberta, “Budget 2011: Total Government Support to the K-12 Education System,” http://education.alberta.ca/department/budget.aspx and http://budget2011.alberta.ca/newsroom/charts-graphs.pdf#page=7 (accessed July 5, 2011).
1. Ken Peters, “Halton Crime Way Down, but Police Budget Way Up,” The Hamilton Spectator, January 13, 2011, http://www.thespec.com/news/local/article/473289--halton-crime-way-down-but-police-budget-way-up (accessed July 5, 2011).
2. Benefitspro, “Job Mobility among Younger Workers Requires Different Benefits Model,” April 1, 2011, http://www.benefitspro.com/2011/04/01/job-mobility-among-younger-workers-requires-differ (accessed July 22, 2011).
3. The Toronto Star, “Board Ratifies 11.5% Pay Hike for Police,” June 9, 2011, http://www.thestar.com/news/crime/article/1006050--board-ratifies-11-5-pay-hike-for-police?bn=1 (accessed July 22, 2011).
4. In early 2010, OMERS was reporting a deficit on its pension of $9 billion. It has since been changed through the magic of smoothing to around $4.5 billion. Regarding the $9 billion, see source: The Ottawa Citizen, “Municipal Pension Shortfall Could Affect Property Taxes,” September 22, 2010, http://www.ottawaupdate.com/municipal-pension-shortfall-could-affect-property-taxes/ (accessed July 22, 2011). Regarding the $4.5 billion, see source: Tara Perkins, “OMERS Boosts Return, Funding Deficit Swells,” February 28, 2011, http://www.theglobeandmail.com/report-on-business/omers-boosts-return-funding-deficit-swells/article1923350/ (accessed July 22, 2011).
5. Joe Warmington, “T.O.'s Top Constable Gets $175Gs,” The Toronto Sun, March 31, 2011, http://www.torontosun.com/news/columnists/joe_warmington/2011/03/31/17829996.html (accessed July 22, 2011).
6. Toronto Police Service, “Salary and Benefits,” 2011, http://www.torontopolice.on.ca/careers/salaryandbenefits.php (accessed July 5, 2011).
7. Heather McLaughlin, “Pension Decision Angers Union Leaders, Overtime Won't Be Part of Pension Income Calculation, City Rules,” The Daily Gleaner, May 25, 2011, http://dailygleaner.canadaeast.com/ (accessed July 22, 2011).
8. CBC News, “Doug Ford Questions Scrutiny of Police Paid Duty,” May 10, 2011, http://www.cbc.ca/news/canada/toronto/story/2011/05/10/ford-del-grande-paid-duty432.html (accessed July 22, 2011).
9. BC Pensions, Municipal Pension Plan, “Retirement Age, When Can I Retire?” http://www.pensionsbc.ca/portal/page/portal/pen_corp_home/mpp_home_page/mpp_pt_near_retire/mpp_pt_nr_information/ (accessed July 25, 2011); Government of Ontario, “Ten New Justices Of The Peace Appointed,” October 12, 2010, http://news.ontario.ca/mag/en/2010/10/ten-new-justices-of-the-peace-appointed.html (accessed July 22, 2011).
10. Canada.com, “More Police Officers Earning $100,000, Salary Report Finds,” March 25, 2008, http://www.canada.com/cityguides/toronto/story.html?id=6a7c36ee-f86a-4ac7-bf58-e5142d13f956&k=2983 (accessed July 22, 2011).
11. Toronto Police Accountability Coalition, Bulletin No. 41, April 15, 2008.
12. Antonella Artuso, “Police Forced To Delay Hiring Officers,” Toronto Sun, March 9, 2010, http://www.torontosun.com/news/torontoandgta/2010/03/09/13174016.html (accessed July 22, 2011).
13. Ontario Ministry of Finance, “Salary Disclosure 2005 (Disclosure for 2004) Municipalities and Services,” October 7, 2009, http://www.fin.gov.on.ca/en/publications/salarydisclosure/2005/munic05.html (accessed July 5, 2011).
14. Wikipedia, “Julian Fantino,” http://en.wikipedia.org/wiki/Julian_Fantino (accessed July 22, 2011).
15. The National Post, “Civil Servants on Sunshine List Jump,” April 1, 2011, http://www.financialpost.com/related/topics/Civil+servants+sunshine+list+jump/4539777/story.html (accessed July 22, 2011).
16. Ontario Municipal Employee Retirement OMERS, “Past Annual Reports, Report to Members 2004,” http://69.46.127.69/Assets/about+omers+section/2004+RTM.pdf (accessed July 22, 2011).
17. Ontario Municipal Employee Retirement OMERS, “Annual Reports, Report to Members 2010,” http://www.omers.com/corporate/corporate_annual_report.aspx (accessed July 22, 2011).
18. Based on the authors' estimated trend from analyzing the past 10 years of annual reports.
19. Tara Perkins, “OMERS Boosts Return, Funding Deficit Swells,” Globe and Mail, April 6, 2011, http://www.theglobeandmail.com/report-on-business/omers-boosts-return-funding-deficit-swells/article1923350/ (accessed July 5, 2011).
20. Ontario Teachers Pension Plan, “Annual Report 2010,” http://www.otpp.com/wps/wcm/connect/otpp_en/Home/Annual+Reporting/Annual+Report/ (accessed July 22, 2011).
21. Google Finance, “S&P/TSX Composite Index,” July 28, 2011, http://www.google.ca/finance?q=TSE:OSPTX (accessed July 22, 2011).
22. The National Post, “Civil Servants on Sunshine List Jump.”
23. Katie Rook, “Deputy Police Chief to Leave the Force for Position at Magna,” The Globe and Mail, January 13, 2005.
1. Department of Finance Canada, “Federal Support to Provinces and Territories,” http://www.fin.gc.ca/fedprov/mtp-eng.asp (accessed July 27, 2011).
2. Department of Finance Canada, “Annual Financial Report of the Government of Canada Fiscal Year 2009–2010,” http://www.fin.gc.ca/afr-rfa/2010/report-rapport-eng.asp#a2 (accessed July 27, 2011).
3. Department of Finance Canada, “Fiscal Reference Tables, Table 15,” July 27, 2011, http://www.fin.gc.ca/frt-trf/2010/frt-trf-1003-eng.asp#tbl15 (accessed July 22, 2011).
4. Department of Finance Canada, “Fiscal Reference Tables.”
5. These numbers use the net debt which includes only the actual cash borrowed to pay ongoing government finance and not the “long-term liabilities.”
6. The Canadian Taxpayers Federation, “Debt History,” http://www.debtclock.ca/index.php?option=com_content&view=article&id=45&Itemid=42 (accessed July 22, 2011).
7. Interest is paid only on the net portion of the country's debt load.
8. Ibid. In 2009–10 the total gross debt of the federal government was reported at $883.3 billion with a little over 33 million Canadians.
9. Department of Finance Canada, “Table 7 Expenses.”
10. Of the total $388 billion, Quebec has $142.8 billion, Ontario has $193.6, and B.C. has $28.0 billion. Greece in 2011had $ 374.2 billion; Portugal had $177.5 billion; and Ireland had $157.0 billion. Source: Department of Finance Canada, “Fiscal Reference Tables.”
11. William Gairdner, The Trouble with Canada . . . Still! A Citizen Speaks Out, 2nd ed., Key Porter Books, 2010.
12. Ontario Ministry of Revenue, “Ontario Health Premium,” http://www.rev.gov.on.ca/en/tax/healthpremium/index.html (accessed July 22, 2011).
13. Statistics Canada, “Labour Force Surverys, January 2011 and December 1999,” http://www.statcan.gc.ca/daily-quotidien/000107/dq000107a-eng.htm, and http://www.statcan.gc.ca/daily-quotidien/110204/t110204a2-eng.htm (accessed July 22, 2011).
14. William Gairdner, The Trouble with Canada.
15. Stefania Moretti, “Canadian Consumer Debt Rises $1,000 Per Person,” The Toronto Sun, June 1, 2011, http://www.torontosun.com/2011/06/01/canadian-consumer-debt-rises-1000-per-person (accessed July 22, 2011).
16. Arnold Schwarzenegger, “Public Pensions and Our Fiscal Future,” Wall Street Journal, August 27, 2010.
17. CBC News, “Income Gaps Grow, as Canada's Have-Nots Get Left Behind,” May 1, 2008, http://www.cbc.ca/news/business/story/2008/05/01/censusfeature.html (accessed July 22, 2011).
18. Financial News, “Ireland Eyes Up Its National Pension Reserve,” November 25, 2010, http://www.efinancialnews.com/story/2010-11-25/ireland-eyes-up-its-national-pension-reserve (accessed July 22, 2011).
19. The Week, “Ireland's Exodus: By The Numbers,” http://theweek.com/article/index/212558/irelands-exodus-by-the-numbers (accessed July 22, 2011).
20. Economics Newspaper, “The Bank of Spain Lowers 2011 Growth Forecast to 0.8%,” no date, http://economicsnewspaper.com/policy/spain/the-bank-of-spain-lowers-2011-growth-forecast-to-0–8–7237.html (accessed July 22, 2011).
21. The Daily Mail, “500,000 Public Sector Jobs To Go: Danny Alexander Lets the Cat Out of the Bag on Spending Cuts,” October 19, 2010, http://www.dailymail.co.uk/news/article-1321842/SPENDING-REVIEW-500-000-public-sector-jobs-Danny-Alexander-lets-cat-bag.html (accessed July 22, 2011).
22. Business Roundtable and the United States Council Foundation, “How U.S. Multinational Companies Strengthen the U.S. Economy,” Spring 2009, http://www.uscib.org/docs/foundation_multinationals.pdf (accessed July 22, 2011).
23. The EUTimes, “Real U.S. Unemployment Rate May Be 22.1 percent for February,” March 6, 2011, http://www.eutimes.net/2011/03/real-us-unemployment-rate-may-be-22-percent-for-february/ (accessed July 22, 2011).
24. McLeans.ca, “PBO Projects $10-billion Structural Deficit Parliamentary Budget Office Cites Demographic Changes as Budgetary Drains,” February 15, 2011, http://www2.macleans.ca/2011/02/15/pbo-projects-10-billion-structural-deficit/ (accessed July 22, 2011).
1. Officially called the Independent Public Service Pensions Commission. HM Treasury, “Independent Public Service Pensions Commission,” http://www.hm-treasury.gov.uk/indreview_johnhutton_pensions.htm (accessed July 22, 2011).
2. Officially called the Public Pensions for Retirement Security (Report #204, February 2011), Little Hoover Commission. Source: HM Treasury, “Independent Public Service Pensions Commission.”
3. Rhode Island, Office of the General Treasurer, “TRUTH IN NUMBERS, The Security and Sustainability of Rhode Island's Retirement System,” June 1, 2011, http://www.treasury.ri.gov/secure-path-ri/ (accessed July 22, 2011).
4. The penalty for taking early CPP is 0.6% a month for each month before turning 65. Therefore a retiree at age 60 sees a reduction of 36%. It is not possible to take CPP before age 60. Source: Morningstar, “CPP stiffens penalties for early-bird applicants,” http://www.morningstar.ca/globalhome/industry/news.asp?articleid=381015 (accessed July 22, 2011)
5. Girard Miller, “Misplaced Pension Hysteria: The Real Monster is OPEB, Not Pensions,” GOVERNING, February 3, 2011, http://www.governing.com/columns/public-money/Misplaced-Pension-Hysteria.html (accessed July 22, 2011).
6. CBC News, “Fredericton approves pension reforms”, May 25, 2011, http://www.cbc.ca/news/canada/new-brunswick/story/2011/05/25/nbwooside-fredericton-pensions-1130.html (accessed July 22, 2011).
7. Nova Scotia Pension Plan, “Nova Scotia Public Service Superannuation Plan,” December 23, 2010, http://novascotiapension.ca/publicserviceplan (accessed July 22, 2011).
8. Nova Scotia Pension Agency, “Supplementary Employee Retirement Plan (SERP),” http://www.novascotiapension.ca/publicserviceplan/members/supplementaryemployeeretirementplanserp (accessed July 25, 2011).
9. McCarthy Tétrault, “How to Create a Better SERP: Part 1,” November 30, 2007, http://www.mccarthy.ca/article_detail.aspx?id=3784 (accessed July 22, 2011). Note: The plan is called different variations as shown here.
10. Illinois Retirement Security Initiative, “Bill Would Impose Pension Reforms on Existing Participants,” January 16, 2011, http://www.ilretirementsecurity.org/ (accessed July 22, 2011).
11. AJC, Atlanta News, “Pension overhaul allows Atlanta to reduce layoffs, restore services,” June 30, 2011, http://www.ajc.com/news/atlanta/pension-overhaulallows-atlanta-994079.html (accessed July 22, 2011).
12. HM Treasury, “Independent Public Service Pensions Commission: Terms of Reference,” http://www.hm-treasury.gov.uk/indreview_johnhutton_pensions_tor.htm (accessed July 22, 2011).
13. CFIB DanKelly, “No wonder . . .,” June 9, 2011, https://twitter.com/#!/CFIB/status/78768699099713536 (accessed July 22, 2011).
14. All figures are posted by the pensions either on their web site or in annual reports as of year end 2010. At the end of 2009, the Top 100 pensions in Canada had $660.9 billion in assets. The first private sector pension on the plan is for Canadian National Railways with $14.1 billion in assets. Of the top 100, 47 belong to the private sector.The largest private sector plan by membership is the Canadian Commercial Workers Industry Pension Plan with $1.4 billion in assets for 290,000 workers. Source: Benefits Canada, “Top 100 Pension Funds Report: Northward Bound,”June 23, 2010, http://www.benefitscanada.com/pensions/governance-law/top-100-pension-funds-report-northward-bound-6965 (accessed July 22, 2011).
15. Saskatchewan Teachers' Superannuation Commission, “Interesting Facts,” http://www.stsc.gov.sk.ca/ (accessed July 22, 2011).
16. Saskatchewan Teachers' Superannuation Commission, “09-10 Annual Report,” http://www.stsc.gov.sk.ca/publications/2009-10%20TSC%20Annual%20 Report.pdf (accessed July 22, 2011).
1. In linked 2002 dollars, to adjust for inflation. The market value of the expenditure-based GDP in Canada was $1.696 trillion in the first quarter of 2011. Source: Statistics Canada, “Gross Domestic Product, Expenditure-based (Quarterly),” http://www40.statcan.gc.ca/l01/cst01/gdps02a-eng.htm (accessed July 22, 2011).
2. Statistics Canada, “Gross Domestic Product at Basic Prices, by Industry (Chained 2002 Dollars),” http://www40.statcan.ca/l01/cst01/ECON41-eng.htm (accessed July 22, 2011).
3. Bruce Campion-Smith, “Auditor General Sheila Fraser's Swan Song: A Blunt Warning,” Toronto Star, http://www.thestar.com/news/canada/politics/article/997047--auditorgeneral-s-swan-song-a-blunt-warning (accessed July 22, 2011).
4. Government of Alberta, “Budget and Business Plan (2011–14),” http://education.alberta.ca/department/budget.aspx (accessed July 28, 2011).
5. OECD, “Education at a Glance 2010: OECD Indicators,” http://www.oecd.org/document/52/0,3746,en_2649_39263238_45897844_1_1_1_1,00.html (accessed August 31, 2011).
6. National Post editorial board, “Giving Better Teachers The Money They Deserve,” National Post, January 5, 2011, http://fullcomment.nationalpost.com/2011/01/05/national-post-editorial-board-giving-better-teachers-the-money-they-deserve/ (accessed August 31, 2011).
7. Brian Stewart, “$30B Fighter Jets Just The Start of Defence-Spending Boom,” CBC News, Apr 6, 2011, http://www.cbc.ca/news/canada/story/2011/04/06/f-vp-brian-stewart-navy.html (accessed August 31, 2011).
8. Canadian Institute for Health Information, “National Health Expenditure Trends 1975 to 2009,” http://secure.cihi.ca/cihiweb/products/National_health_expenditure_trends_1975_to_2009_en.pdf (accessed August 31, 2011).
9. David A. Dodge and Richard Dion, “Chronic Healthcare Spending Disease: A Macro Diagnosis and Prognosis,” C.D. Howe Institute Commentary, http://www.cdhowe.org/pdf/Commentary_327.pdf (accessed August 31, 2011).
10. Rob Ferguson, “Reform Commission to Look at Hospital Pay,” Toronto Star, April 1, 2011, http://www.thestar.com/news/canada/politics/article/967751-reform-commission-to-look-at-hospital-pay (accessed July 22, 2011).
11. Keith Leslie, “Former Ontario Deputy Made $762,000 One Year After Leaving,” The Globe and Mail, April 4, 2011, http://www.theglobeandmail.com/news/national/ontario/former-ontario-deputy-made-762000-one-year-after-leaving/article1970559/ (accessed July 22, 2011).
12. In 2008 Canadians had $631 billion in RRSP's. We suspect those numbers are higher as a result of the stock market “recovery” but maybe not. TSX returns were down 9% for the first 7 months of 2011. Source: Statistics Canada, “Data Source for Chart 18.2 Pension Assets of Canadians,” http://www.statcan.gc.ca/pub/11-402-x/2010000/chap/pensions/c-g/desc/desc02-eng.htm (accessed July 22, 2011).
13. Statistics Canada uses a figure of between $ 15,583 and $ 22,637 for 2010 depending on the community size of residency. Source: Statistics Canada, “Low Income Cut-offs (1992 Base) Before Tax,” http://www.statcan.gc.ca/pub/75f0002m/2011002/tbl/tbl02-eng.htm (accessed July 22, 2011).
14. Nishnawbe Aski Nation, “Government Partners for New Fibre Optics Network in Northern Ontario Communities,” http://www.nanbroadband.ca/upload/documents/media_11-19-2011.pdf (accessed July 22, 2011).
15. Green Party of Canada, “Removing Corporate Subsidies: Distorting the Market,” http://greenparty.ca/node/13303 (accessed July 22, 2011).
16. The Canadian Press, “NDP Wants Cut in Oilsands Subsidies,” CTV News, March 31, 2011, http://m.ctv.ca/topstories/20110331/ndp-layton-110331.html (accessed July 22, 2011).
17. Government of Canada, “Insured Mortgage Purchase Program,” http://actionplan.gc.ca/initiatives/eng/index.asp?initiativeID=39&mode=2 (accessed July 28, 2011).
18. Ontario Ministry of Finance, “Ontario Population Projections Update,” http://www.fin.gov.on.ca/en/economy/demographics/projections/ (accessed July 22, 2011).
19. Municipal Pension Plan, “Municipal Pension Plan 2009 Annual Report,” http://www.pensionsbc.ca/portal/page/portal/pencorpcontent/mpppage/publications/annualreports/mpp_ar_2009_print.pdf (accessed July 22, 2011).
20. NUPGE, “McGuinty Begins Biggest Wave of Layoffs in Ontario since the Mike Harris era,” http://www.nupge.ca/content/4408/mcguinty-begins-biggest-wave-layoffs-ontario-mike-harris-era (accessed July 22, 2011).
21. Rate Inflation, “Canada - Consumer Price Index (CPI) History,” http://www.rateinflation.com/consumer-price-index/canada-historical-cpi.php?form=cancpi (accessed July 22, 2011).
22. Frontier Centre for Public Policy, “Backgrounder No. 89,” January 2011, http://www.fcpp.org/files/1/FB089_PSWageGrowth_F3.pdf (accessed July 22, 2011).
23. The Economist, “World Debt Comparison, The Global Debt Clock,” http://www.economist.com/content/global_debt_clock (accessed July 22, 2011).