Currently a Canadian MP earns a base salary of $155,400.00. The Prime Minister earns an additional $155,400 (total of $310,800.00), a cabinet Minister earns an additional 74,400 as does the Leader of the Opposition and the Speaker of the House (total of $229,800.00). There are other allowances such as car and rent that are given as well. Members who occupy certain offices and positions are entitled to additional remuneration in accordance with the Parliament of Canada Act such as Parliamentary Secretary, Party whips, other party House Leaders, Deputy House Leaders, etc.
To qualify for a pension, you have to serve as a member of Parliament for a mere six years. A backbencher with six years on the job who retired at the end of this year would receive an annual pension of $27,213 once he or she turns 55…
… If the MP sticks around for another four years, his or her pension hits $43,355 a year.
… For you and me to receive and equivalent payout in retirement we would have to put $80,000 into our RRSPs each year for 10 years.
..The average MP who is eligible to collect a parliamentary pension takes in a very comfortable $49,985 a year. In fact, there are 70 ex-MPs who collect more than $70,000 a year.