ECONOMIC EVENTS

Canadian Pension Plan and Trans-Canada Highway

Canadian Pension Plan

The Canadian Pension Plan was created in 1966. The Canadian Pension Plan required contributions from both employers and employees for a publicly financed retirement saving plan. It was mandatory to contribute if you were over 18, working, and making more than the minimum wage of $3,500 per year. This plan is used to provide more security and replacement of earnings due to retirement, disability or death. During the 1960's there was a booming economy, many jobs, and rising wages, which made the idea of the Canadian Pension Plan easier to handle as there were more people eligible to contributing. The Canadian Pension Plan is a major component that contributes to Canada's retired income system and economy. This idea of the Canadian Pension plan is still in effect today and has helped secure many people over the years and allowed many Canadians to have more financial stability. This plan helps to bring economic benefits, by allowing people to have higher savings and higher incomes which eventually will lead to a better economy.


Trans-Canada Highway

The Trans-Canada Highway was opened in 1962, and is one of the world's longest national highway. This highway runs through the 10 provinces. The Trans-Canada Highway allowed getting from one point in Canada to another faster and efficient. This benefited Canada's economy by allowing for better trade and travel. This highway became an effective way to transport resources, such as timber, metal, coal, etc. The Trans-Canada Highway impacted Canada's economy for the better as nearly half of the provinces economic activity is directly related on transportation.


Opening of the Trans-Canada Highway July 30th 1962