Throughout 2012, Ted Menzies, then the federal minister of state for finance tasked with the development of pooled registered pension plans, consistently proclaimed they were “the right solution at the right time” to get Canadians saving for retirement. Unfortunately for Menzies, his enthusiasm never really rubbed off on the country’s provincial governments, whose help he […]
The Investment Funds Institute of Canada is getting a head start on the next federal budget by calling for changes to the treatment of group registered retirement savings plans. In submissions to the House of Commons standing committee on finance, institute president Paul Bourque proposes a few rule changes to boost the pension-like properties of […]
Most financial professionals — not to mention the government — are still working through the changes announced in the 2016 federal budget, but the Investment Association of Canada has forged ahead with its 2017 budget recommendations. The industry group gave the House of Commons’ finance committee its broad 2017 recommendations today, which included the need […]
Canada, British Columbia, Nova Scotia, Quebec and Saskatchewan have signed a multilateral agreement on pooled registered pension plans and voluntary retirement savings plans which came into effect on June 15, 2016. The provinces have respective PRPP legislation that allows licensed administrators to offer pooled registered pension plans to eligible employees. Read: Ontario Budget: Province to […]
When the Ontario government announced its proposed new legislation enshrining the framework for the Ontario Retirement Pension Plan (ORPP) on April 14, it also shared some significant new aspects of the ORPP, including its compliance and enforcement mechanisms. Bill 186 moves the provincial government one step further in its stated commitment to proceed with the implementation of the ORPP […]
Ontario Finance Minister Charles Sousa announced the province’s 2016 budget on Thursday, outlining a range of developments of interest to employers and benefit plan sponsors, including: Additional information on the implementation of the Ontario Retirement Pension Plan. The government plans to outline further legislation for the ORPP to be introduced in the spring. This legislation will focus […]
Ontario is introducing changes to the Pooled Registered Pension Plans Act, 2015 as well as other legislative pension amendments as part of its 2016 budget, which was unveiled on Thursday, Feb. 25. The goal of the PRPP changes is to “further facilitate harmonization with other jurisdictions and ensure the efficient operation of PRPPs,” according to […]
The Canadian Life and Health Insurance Association (CLHIA) has called for a one-year delay of the ORPP. In its 2016 Ontario Budget Submission, written to Ontario Minister of Finance Charles Sousa, it said the implementation of the plan should be deferred by one year to address the significant uncertainties that remain with respect to plan design, administration and […]
As Finance Minister Bill Morneau meets with his provincial and territorial counterparts in Ottawa this weekend, it is expected that the Canada Pension Plan (CPP) will be one of the top items on the agenda, and industry organizations are weighing in on what might be coming down the pipeline. “We are unlikely to have a […]
Whether Prime Minister Justin Trudeau’s promise to enhance the CPP can shift from being a mere campaign pledge to becoming reality hinges on the provinces—and especially on Quebec. As the first province to approve the federal government’s pooled registered pension plan (PRPP) and set a deadline for implementation, Quebec is being watched closely by other […]