Federal officials overseeing billions in benefit payments to millions of Canadians are hoping artificial intelligence can resolve ongoing snags in the system. The government is looking to “push the boundaries” of what artificial intelligence can do to improve a variety of services, including the pace of benefit decisions to Canadians applying for disability pensions, say […]
The majority of small business owners in Ontario want the government to scrap or delay the Canada Pension Plan enhancements, according to a new survey by the Canadian Federation of Independent Business. Its survey, which polled 2,065 business owners in the province, found 52 per cent would like to see the government delay the enhancements until a review […]
As the average income replacement rate for capital accumulation plans continues to trend downwards, can employers mitigate this movement with the Canada Pension Plan’s incoming enhancements? According to a new report by Eckler Ltd., CAP replacement rates fell to a new low at March 31, 2018, settling at 58 per cent for men and 56 per cent for women. These […]
A new report from the C.D. Howe Institute is recommending a longer deferral period for the Canada Pension Plan and the Quebec Pension Plan, suggesting that retirement savers would benefit from the greater flexibility and security. The report’s authors propose increasing the deferral period by five years, to age 75 from 70. They also suggest that deferring the […]
The upcoming enhancements to the Canada Pension Plan will increase Canadians’ total CPP benefits by about 44 per cent by 2070, according to a new report by the Canadian Institute of Actuaries and the Society of Actuaries. The study, authored by Bonnie-Jeanne MacDonald, senior research fellow at Ryerson University’s National Institute on Ageing and resident scholar at Eckler Ltd., used […]
The Canada Pension Plan (CPP) was designed in 1965 to replace 25 per cent of a person’s pensionable earnings in retirement, a figure that still holds true today. Enrolment is mandatory, with contributions made by both employees and employers, as well as self-employed workers. The program has evolved over time and receives mixed reviews in […]
Compared to the Canada Pension Plan, private plans are more complex in their structure: Fraser Institute
In comparing the Canada Pension Plan to private pensions, a new study finds the latter face more regulatory hurdles, are more complex and face higher costs as a result. The study by the Fraser Institute reviewed the different regulations governing the CPP in comparison to other plans, including private and public sector pensions, registered retirement […]
Almost a third (32 per cent) of Canadian millennials cited the lack of a pension plan as one of the concerns of working in the gig economy, according to a new survey by TD Insurance. The survey, which queried more than 6,000 Canadians over the age of 18, also found millennials are concerned about the gig economy’s […]
Almost half (45 per cent) of Canadians are confident they’ll be able to maintain their standard of living in retirement to a life expectancy of 85, according to a new study by market research firm Mathew Greenwald & Associates Inc. and Cannex Financial Exchanges Ltd. The survey, which questioned more than 1,000 Canadians aged 55 to 75 with […]