19:56:37 EDT Sat 18 May 2024
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Telus Corp (2)
Symbol T
Shares Issued 1,454,438,203
Close 2023-09-26 C$ 22.43
Market Cap C$ 32,623,048,893
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Globe says Smith keen on Telus's fantasy accounting

2023-09-27 09:17 ET - In the News

The Globe and Mail reports in its Wednesday edition that Alberta Premier Danielle Smith, who made a point of not campaigning on taking her province out of the Canada Pension Plan and yet is now moving ahead with this, figures the province is entitled to 53 per cent of the CPP's assets, or $334-billion. Guest columnist Anthony Pizzino writes that the province came up with that figure with some strange accounting by Telus's LifeWorks consultancy. Now the Premier is telling Albertans that transferring the CPP assets to their province would make them all better off. Alberta wants $334-billion in assets from the current CPP Investment Board when the province is only responsible for 16 per cent of all contributions. Findings in the report on the potential Alberta Pension Plan are based on what it calls an "alternative interpretation" of the asset transfer provisions in the CPP Act. Ultimately, the legislation says the federal Finance Minister at the time will decide what a province is entitled to. Fortunately, Ms. Smith said she would hold a referendum before it applies to withdraw from the CPP. A Leger poll conducted prior to the May provincial election found that only 21 per cent of Albertans support this switch.

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