The idea of taxing employee discounts appears to be on hold for now, but the government may reintroduce it at a later date. If it does, the Canada Revenue Agency may want to consider the implications a little more carefully. Employee discounts are already taxable when they’re substantial in nature. If an automobile company employee gets […]
The total number of active members in registered pension plans rose steadily between 2005 and 2015, from 5.7 million to 6.3 million, an increase of 10 per cent, according to new data from the Office of the Superintendent of Financial Institutions. However, the proportion of employees covered by a registered pension plan has declined very […]
The overall solvency position improved slightly for federally registered pension plans in 2016 compared to 2015, but the majority of funds remained slightly underfunded on a termination basis, according to the Office of the Superintendent of Financial Institutions’ 2016/17 annual report. The report found that, at Dec. 31, 2016, 80 per cent of the defined […]
Sears Canada Inc.’s announcement on Tuesday that it will seek a liquidation order from the Ontario Superior Court of Justice appears to vindicate the earlier decision of the company’s employees and retirees to seek a windup of the company’s defined benefit pension plan at the earliest opportunity. “While you might not want to seek a […]
One year after the federal government unveiled legislation that would allow federally regulated employers to offer target-benefit pension plans, the proposal has stalled in the House of Commons but it’s apparently still very much alive. “The gist of Bill C-27 is to permit target-benefit plans to operate as a design option alongside defined benefit plans […]
Employees at the Canadian Electrolytic Zinc Ltd. refinery outside of Montreal have voted to reject the final contract offer from the their parent company after nearly eight months on strike. Among the issues at stake for the 371 workers, who are members of the United Steelworkers union, is their defined benefit pension plan. The union suggested […]
Nova Scotia’s auditor general is sounding the alarm about the financial status of the province’s teachers’ pension plan, calling for action to address its “serious financial condition.” In a report released Wednesday, Michael Pickup said the plan, currently funded at almost 78 per cent, is facing significant difficulties. “It is troubling that while there is a […]
The Global Risk Institute in Financial Services is creating a national pension hub that will be a Canadian centre for pension knowledge and research. It will provide research into pensions and income security that it hopes will lead the way to new solutions to plan design, governance and investment challenges, according to a release. “The […]
The median solvency ratio of Canadian defined benefit pension plans reached 99.3 per cent in the third quarter of 2017, bolstered by two interest rate increases and rising bond yields, according to Aon’s latest quarterly median solvency ratio survey. This is an increase on the 94.8 per cent median solvency ratio reported by Aon for […]
Rules around funding and asset allocation for multijurisdictional pension plans should adhere to those set out by the majority regulator, according to stakeholder submissions to the Canadian Association of Pension Supervisory Authorities’ latest proposal on the topic. CAPSA’s consultation paper, which was published in July, aims to build an agreement that would clarify how each […]