The graph uses the data from Chair working paper 16-06, updated to account for the detailed reform proposal put forward by the Quebec government in December, 2016. It shows the annual effective internal rate of return of the different reforms and their components, by education level, for a male individual who has an interrupted 40-year career beginning after the reforms' full implementation.
The two earnings levels shown are average earnings over a career beginning at age 25 and ending at age 64. All values account for government transfers and inflation. The dashed line shows the return that would be earned by instead saving the same amount in a TFSA buying long-term federal bonds, and purchasing a life annuity with the balance at the time of retirement (see Boisclair et al., 2015, in French).
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