Skip to content

Canada's Business and Tech Newsroom

  • Professional Subscription
  • Partnerships & Advertising
  • Licensing & Syndication
Log In Subscribe
Welcome,
  • My Account
  • Log Out
  • Business
  • Tech
  • National
  • The Big Read
  • Briefings
  • Commentary
Search
Log In Subscribe
Welcome,
  • My Account
  • Log Out
Commentary: Quebec Ink

How the Caisse is riding out Quebec’s grey wave

MONTREAL — At some point in 2025, a Quebecer will retire and become one of the roughly 95,000 to claim pension benefits each year. This humdrum event will trigger an unprecedented change for the Caisse de dépôt et placement du Québec, the body charged with investing the collective bounty of more than six million people. In 2025, for the first time in what will be its 60-year history, the number of retirees drawing from the Caisse’s coffers will outnumber the number of workers contributing to them.

Commentary: Quebec Ink

How the Caisse is riding out Quebec’s grey wave

‘We’re in this for a long time’

By Martin Patriquin
Passers-by read a posted menu at a Quebec City restaurant in March 2013. Photo: Jeff Greenberg/Universal Images Group via Getty Images
Sep 11, 2023
A A
A Small A Medium A Large
Share

Gift

Share

MONTREAL — At some point in 2025, a Quebecer will retire and become one of the roughly 95,000 to claim pension benefits each year. This humdrum event will trigger an unprecedented change for the Caisse de dépôt et placement du Québec, the body charged with investing the collective bounty of more than six million people. In 2025, for the first time in what will be its 60-year history, the number of retirees drawing from the Caisse’s coffers will outnumber the number of workers contributing to them.

This fact, mentioned in passing by Caisse president Charles Emond last December, underscores the extent to which Quebec’s looming demographic problem is no longer looming. It is upon us, to a greater extent than in most of the rest of the country. 

Thanks to decades of low birthrates and stubborn governmental resistance to immigration, the province has the oldest population in the country outside the Atlantic provinces. This hard truth manifests itself, regularly and viscerally, in Quebec’s overcrowded hospitals and overburdened system of public retirement homes. For the Caisse, it is an economic question born of an existential quandary: as of 2025, there will be more takers outside the workforce than givers within it. I dropped by the Caisse’s Montreal mothership to gauge the level of panic within its art-laden halls.

The answer? Not panicked in the least. Sanguine, even.

“It’s the same elsewhere,” shrugged Jacques Demers, who as the Caisse’s senior vice-president for deposits oversees the torrent of cash flowing into the fund. “In developed countries in North America, there’s an aging population, so with that comes more retirees in proportion to employees and contributors. We’re in that situation now.”

Related Articles

AgeTech Capital bets big on the grey area

By Martin Patriquin

What was behind the Caisse’s high-risk crypto bet?

By Martin Patriquin

On immigration, the CAQ government is listening to tech entrepreneurs

By Martin Patriquin

When I ask him how the Caisse compensates for this, Demers likens Caisse’s lot to that of many other 58-year-old Quebecers: decently capitalized, edging closer to 65, and therefore allergic to risk: “As you get closer to 65, you’ll start withdrawing from your savings. And you won’t tell yourself, ‘Shit, I’m withdrawing from my savings now, I need more risk and more returns.’ No, you’ve planned your things so that there’ll be enough. And there’ll be enough because you’ll continue generating returns.”

Fruits of the Caisse’s planning are now reaching season in a big way. In 1993, when Passe Partout was still freaking out children and the Quebec Nordiques remained a going concern, the Quebec government launched “Retirement Plans Sinking Fund,” which it envisioned as a way to pay public and parapublic employee benefits without having to draw on general government revenues or borrow money on the open markets. Clunky name aside (it’s no less clunky in French) this fund is now worth $107.5 billion, and constitutes the biggest of the Caisse’s 48 institutional depositors who entrust their lucre to the $424-billion monolith. According to La Presse, the government plans on availing itself of the fund for the first time … in 2025. 

It probably helps that the Caisse was born smack in the midst of Quebec’s Quiet Revolution, the decade-long societal upheaval that saw the province extract itself from the Catholic Church’s long shadow. The birth rate was already declining by 1965 and, with a few exceptions, has declined in the years since. 

Today, the province’s birth rate is less than half what it was 58 years ago. Translation: the Caisse has been forced to plan for the province’s greying years practically since its inception, and must continue to do so. “Maybe generations down the road, our retirees die and our younger population make families of eight. Or maybe immigration changes the reality of our demography,” Demers told me. “But we’re in this for a long time.” 

His comment is telling. Within the Caisse’s walls, the subject of immigration is academic to the point of bloodlessness—an economic force, not an eternally divisive buzzword. It is a different story in the political realm, where it tends to turn leaders into hypocrites. 

About a year ago, during the last provincial election campaign, Quebec Premier François Legault said an increase to current immigration levels in the province would be “suicidal” to the “Quebec nation.” Legault has also suggested immigrants are violent and deserve expulsion should they insufficiently master la langue de Céline. 

Yet immigration levels have actually increased under Legault, surpassing those of the previous Liberal government. And there is a plan to increase them further, to more than 60,000 a year by 2027. 

In this contradiction lies the essence of the current premier of Quebec: a rhetoric-spewing populist who must appeal to a base, and a successful businessman and former industry minister who must—like the Caisse itself—hew to demographic reality.

Gift the full article

“Nationwide, Quebec very much included, immigration is key to sustainability as far as pension plans are concerned,” Keith Ambachtsheer, a pension expert who is currently executive-in-residence at the University of Toronto’s Rotman School of Management, recently told me. It’s a simple question of having enough warm, working bodies to replace those Quebecers themselves aren’t producing.

Martin Patriquin is The Logic’s Quebec correspondent. He joined in 2019 after 10 years as Quebec bureau chief for Maclean’s. A National Magazine Award and SABEW winner, he has written for The New York Times, The Guardian, The Walrus, Vice, BuzzFeed and The Globe and Mail, among others. He is also a panelist on CBC’s “Power & Politics.”

#Caisse de dépôt et placement du Québec #pensions #population aging #Quebec Ink

Loading...

Thanks for sharing!

You have shared 5 articles this month and reached the maximum amount of shares available.

Close
This account has reached its share limit.

If you would like to purchase a sharing license please contact The Logic support at [email protected].

Close
Want to share this article?

Upgrade to all-access now

Close
Gift the full article!

You have gifted 0 article(s) this month and have 5 remaining.

Copy link and gift
Copy Link
Email to a friend
Send Email
Gift on Social Media

Recipients will be able to read the full text of the article after submitting their email address. They will not have access to other articles or subscriber benefits.

Photo: Jeff Greenberg/Universal Images Group via Getty Images

Most Popular This Week

Andrew Forde, wearing a beige tweed blazer, black slacks and a white sweater, speaks on a stage at the Elevate conference in Toronto with three large blue screens in the backdrop. One screen displays the session topic, AI, another displays the logos for sponsors KPMG and Google, and a third screen depicts a photo of a stop sign covered in stickers. The stop-sign photo is labelled, “Stickers that beat supercomputers.”
News

KPMG’s AI whisperer says some Bay Street firms are falling into a productivity trap

By Anita Balakrishnan
The Big Read

ApplyBoard faces a reckoning as Canada’s immigration boom turns into a bust

By Claire Brownell and David Reevely
A shot of Anthony Hu in a semi-dark office, with his face illuminated by two computer screens.
The Big Read

Anthropic’s Mythos cracked software open like an egg. It’s just the beginning

By David Reevely
Susan Hawkins, chief executive officer of Payments Canada gestures with her hands as she speaks on stage in front of black screen at the Payments Canada Summit in Toronto.
Exclusive

Not all banks and fintechs will get access to the Real-Time Rail at launch

By Claire Brownell

In-depth, agenda-setting reporting

Great journalism delivered straight to your inbox.

News

Canada’s new AI strategy aims to boost firms selling overseas

By Murad Hemmadi

Briefing

Anthropic says world needs option to slow AI development, as models learn to self-improve

By Murad Hemmadi   |   Jun 5, 2026 | 3:37 PM ET

Ottawa taps the brakes on efforts to speed up project permitting

By Laura Osman   |   Jun 5, 2026 | 2:52 PM ET

Kevin O’Leary scales back Wonder Valley Utah plans after objections from a key state legislator

By David Reevely   |   Jun 5, 2026 | 1:42 PM ET

Best business newsletter in Canada

Get up to speed in minutes with insights and analysis on the most important stories of the day, every weekday.

Exclusive events

See the bigger picture with reporters and industry experts in subscriber-exclusive events.

Membership in The Logic Council

Membership provides access to our popular Slack channel, participation in subscriber surveys and invitations to exclusive events with our journalists and special guests.

Recent Popular Stories

News

Canada’s surprise plan to buy Saab command jets leaves competitors seeking answers

By David Reevely   |   May 29, 2026
A closeup of a scale model of a jet covered in pixellated camouflage, with sensor equipment attached to the top of its fuselage. There are civilians and uniformed military personnel milling in the background.
Exclusive

Canada awards Ford $464M to make F-Series trucks in Ontario

By Murad Hemmadi, Anita Balakrishnan and Joanna Smith   |   May 7, 2026
Blurred red, white and black cars zoom down a street in front of Ford’s Oakville, Ont., assembly plant on Friday April 5, 2024.
News

European and Asian firms want a stake in Canada’s photonics factory, Joly says

By Murad Hemmadi   |   May 7, 2026
The Big Read

ApplyBoard faces a reckoning as Canada’s immigration boom turns into a bust

By Claire Brownell and David Reevely   |   May 27, 2026
Exclusive

RBC Insurance chief to depart in shakeup of key strategic role

By Chaimae Chouiekh and Anita Balakrishnan   |   May 27, 2026
Low-angle view of an RBC logo sign in front of a tall glass-and-concrete office tower, with surrounding skyscrapers visible in the background.
Exclusive

Shopify makes cuts to its operations team in latest round of layoffs

By Aleksandra Sagan   |   May 4, 2026
Tobias Lutke in a black shirt and grey jeans sitting on a couch, gesturing with both hands pinching the air as he speaks

Canada's most influential executives and policymakers are reading The Logic

  • CPP Investments
  • Sun Life Financial
  • C100
  • Amazon
  • Telus
  • Mastercard
  • bdc
  • Shopify
  • Rogers
  • RBC
  • General Motors
  • MaRS
  • Government of Canada
  • Uber
  • Loblaw Companies Limited
logic-logo

Canada's Business and Tech Newsroom

100% human-crafted journalism

Newsroom

  • News Tips
  • AI Policy
  • Editorial Disclosures
  • Story Pitches

Company

  • About Us
  • Terms of Service
  • Privacy Statement
  • Corporate Information

Contact

  • Contact Us
  • Advertise
  • FAQs
  • Work at The Logic

© 2026 The Logic Inc. All Rights Reserved.

Trusted by leaders

Error

Account creation failed.

Please email us at [email protected].

Create Account

[wppb-register form_name=”cozmo-registration-form-for-modal”]

I do have an account
Login
or

[wppb-login]

I don’t have an account