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, […]
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 […]
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 […]
Employers could play a role in encouraging low-income Canadians to save more for retirement by offering group tax-free savings accounts, according to a report by the Institute for Research on Public Policy. The report found that, since their introduction in 2009, TFSAs have become nearly as popular as registered retirement savings plans, and could even go […]
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] […]
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 […]
The federal government has increased the old-age security benefit by 1.2 per cent as of July 1. The change means a single senior receiving OAS and the guaranteed income supplement with no other income may receive $1,728.84 more today than in November 2015. The government also noted that restoring the age of eligibility for OAS and GIS […]
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 […]