The federal government is reforming the tribunal that handles appeals related to employment insurance, Canadian Pension Plan and old-age security payments. Currently, Canadians who disagree with decisions by Employment and Social Development Canada or the Canada Employment Insurance Commission relating to these payments, as well as CPP disability benefits, can appeal to the tribunal’s general division. […]
The complexities of income tax at retirement can come as a shock to pensioners, but most plan sponsors are providing limited assistance in helping their retiring employees deal with these issues. “In our experience, much of the communication and education provided by employers/sponsors or their plan record keeper focuses on basic retirement and investment knowledge, […]
The union hoping to represent Foodora Inc.’s Toronto couriers has filed an unfair labour practice complaint with the Ontario Labour Relations Board, alleging the company is attempting to scare couriers into voting against unionization. Couriers are set to vote on whether to join the Canadian Union of Postal Workers on Friday. In a press release, the […]
Inflation must be taken into account when designing both plan sponsor and government retirement programs because, over time, it will undermine purchasing power. In terms of recruiting and retaining employees, workplace retirement plans are important, but they also represent a significant cost for employers. Inflation-adjusted government pension programs can help lower these costs. But plan sponsors and […]
The Canada Pension Plan fund ended its fiscal year on March 31, 2019, with net assets of $392 billion, compared to $356.1 billion at the end of fiscal year 2018. The $35.9 billion increase was made up of $32 billion in net income and $3.9 billion in net CPP contributions. Overall, the fund’s return for the year […]
It may not happen this year, or next year, or even the year after that. But sometime between now and 2025, Canadian employers will almost certainly need to re-think their retirement policies in response to Canada Pension Plan expenses that began to go up in January. Canadian pension experts say higher mandatory contributions to the CPP and the […]
A New Democratic Party member of parliament is proposing to legislate responsible investing into the mandate of the Canadian Pension Plan Investment Board. Alistair MacGregor, the MP for the British Columbia riding of Cowichan-Malahat-Langford, has drafted a bill to amend section 35 of the CPPIB Act to prevent the board from investing in companies that have […]
A recent report highlighting that Albertans are currently paying more into the Canada Pension Plan than the province’s retirees are taking out demonstrated an example of a fundamental reality of defined benefit pension plans: not everyone gets the same thing. Within DB plans, if you subdivide cohorts of a member population, you will often find some groups subsidizing […]
Defined contribution plan sponsors should consider Canada’s public pension system when designing their plans, according to a panel comparing the Canadian system to the ones in Denmark, the Netherlands and Sweden at Benefits Canada’s 2019 DC Plan Summit in Banff, Alta. in February. Canada’s three-pillar system is comprised of old-age security and the guaranteed income […]
In its 2019 budget on Tuesday, the federal government announced a number of proposals regarding pension protections, off the back of recent high-profile corporate bankruptcies that have thrown the sustainability of some Canadians’ defined benefit plans into doubt during the past few years. Indeed, the federal government received 4,400 submissions in response to its request for comment on the […]