Pension plan reform tops the agenda as Canada’s provincial and territorial finance ministers meet in Toronto today.

Premier Kathleen Wynne is pushing for improvements to the Canada Pension Plan, but she says Ontario is prepared to act on its own if there is no agreement. Wynne has met with Premiers Greg Sellinger of Manitoba and Allison Redford of Alberta to

Prince Edward Island wants to hike maximum CPP contributions to about $4,700, roughly double what they are now. The maximum benefit would also more than double to $23,400.

Ontario’s Finance Minister, Charles Sousa, acknowledges that a large increase in CPP premiums would be difficult on businesses still recovering from the recession. Sousa says he favours phasing in the increase gradually.