The Office of the Superintendent of Financial Institutions’ office of the chief actuary has appointed Assia Billig as chief actuary, effective April 15, 2019. She will succeed Jean-Claude Ménard, who will retire in mid-April after 20 years as chief actuary. Billig has worked in the office of the chief actuary for more than a decade, specializing in actuarial […]
When the Canada Pension Plan enhancement took effect on Jan. 1, 2019, did you feel the pinch in your first paycheque of the year? The answer is probably no. In the first stage of enhancement, employee and employer contribution rates will rise from 4.95 per cent each to 5.95 per cent each, for a total […]
While the Canadian retirement income system is performing well overall, it still requires some assessment to determine its primary goals and how changing one part of the system may affect the other parts, according to a new report by the Office of the Superintendent of Financial Institutions. “Basically, what we’re trying to say [in the report] […]
The Royal Canadian Mounted Police is charging a 60-year-old London, Ont., woman after an investigation revealed she benefited from her parents’ pension payments long after they passed away. Gladys O’Brien is facing three counts of fraud over $5,000, two counts of theft over $5,000 and possession of proceeds of crime. The RCMP began investigating O’Brien in October 2017 when it received […]
The federal government says it’s preparing to address one of the key tax issues that has caused massive headaches for government employees overpaid by its problem-plagued civil service pay system. The Finance Department has drafted legislation that would see overpaid employees, regardless of who they work for, required to repay only the amounts deposited into […]
As new, enhanced Canadian Pension Plan contributions come into effect this year, the Canada Pension Plan Investment Board will receive and invest the increased funds. “Over the past year, CPPIB has worked to ensure that both the base CPP and the additional CPP amounts will be managed efficiently and with a view to the opportunities that may be created […]
As 2018 draws to a close, professionals in the pension, investment, benefits and human resources industries have a number of dates to add to their calendars for the year ahead. Jan. 1: The Canada Pension Plan and Quebec Pension Plan enhancements take effect. In the first stage, employees and employers will see their CPP contribution rates climb from the current […]
Readers were focused on the Canada Pension Plan and old-age security in 2018, with the top three most read stories tackling those topics. Benefits Canada rounds up the industry’s favourite pension and retirement stories of the year: 1. New CPP, OAS benefit amounts take effect for 2018 2. Increase to OAS benefits takes effect July 1 3. Why aren’t Canada’s public […]
In 2016, the Government of Canada reached an agreement with the provinces that provides for significant enhancements to the Canada Pension Plan, with an announcement of similar changes to the Quebec Pension Plan following in 2017. When the changes were announced, employers took note of the pending increases in the target benefit and contribution rates under the […]
With just about a month to go until the federal government’s long-awaited Canada Pension Plan enhancements kick in on Jan. 1, 2019, Scott Perkin is relaxed about the prospect. Although the changes have been billed as one of the biggest shakeups to the CPP since its introduction in the mid-1960s, Perkin, the director of pension […]