Justin Trudeau is poised to receive over $8 million in government pensions

Justin Trudeau, who has served as Canada's Prime Minister since 2015, is reportedly set to earn more than $8 million in government pensions and severance following his departure from office. This information comes from the Canadian Taxpayers Federation (CTF), which calculated the payouts for the 110 Members of Parliament (MPs) who did not retain their seats in the recent federal election.

Trudeau, who is a member of the Liberal Party, won the election but lost his majority in the House of Commons. The CTF's calculations are based on the assumption that he will not return to the public sector or take on any other government positions that would affect his pension. The pension payouts for MPs are based on their years of service and the average salary of their last three years in office.

In addition to the pension, Trudeau will also receive a severance package equal to one year's salary, which is approximately $270,000. This is standard for MPs who have served at least six years in the House of Commons and do not hold a seat when they leave office. The severance is intended to help with the transition to life outside of politics and is taxable.

The CTF's numbers highlight the lucrative nature of Canadian parliamentary pensions, which have been a topic of debate in the past. Critics argue that the system is too generous and disproportionate to the contributions made by MPs. Supporters of the current system maintain that the pensions are fair compensation for the hard work and often unpredictable nature of political life, which can make it difficult to plan for retirement.

Trudeau's pension will continue to increase annually based on the cost of living, which means it could potentially grow to even larger sums over the course of his retirement. The CTF's report serves as a reminder of the financial benefits that come with serving in Canada's highest political office, and may fuel discussions about whether reforms to the pension system are necessary to ensure fairness and sustainability.

It's important to note that these figures are estimates and could change based on various factors, such as Trudeau's decision to take on additional government roles or changes to the pension system itself. However, they provide a significant insight into the financial rewards of a political career in Canada and the potential long-term costs to taxpayers.

The article does not specify whether the $8 million figure is in today's dollars or a projected amount over the course of Trudeau's lifetime, but it underscores the substantial pensions that former prime ministers and long-serving MPs can expect to receive from the government.

The CTF is a non-partisan advocacy group that focuses on issues of fiscal responsibility and government accountability. Their analysis is likely to stir up public debate about the compensation packages for elected officials and whether they are appropriate in light of the public service they provide.