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 […]
Expand the Canada Pension Plan replacement rate to 50 per cent of earnings. Cap annual contributions to registered retirement savings plans at $22,000. Establish a public agency to administer terminated pension plans. Create a single-payer pharmacare plan for all of Canada. These are just a few of the suggestions put forth by the Canadian Centre for Policy […]
Life expectancy has risen continually since 2000 for both male and female old-age security beneficiaries, according to a new fact sheet from the Office of the Superintendent of Financial Institutions. Life expectancy has increased for male beneficiaries aged 65, 75 and 85 to 19.2 years, 12 years and 6.4 years in 2016 from 16.5 years, 10 […]
The government is introducing automatic enrolment for the guaranteed income supplement benefit beginning this month. The automatic enrolment means that, each month, up to 17,000 Canadian seniors who turn 64 on or after Dec. 1, 2017, will be selected to be automatically enrolled for the GIS benefit without having to complete an application, according to the […]
Do seniors actually experience price inflation differently than other age groups in Canada? A policy suggestion that was part of the Liberal campaign platform in the last federal election in 2015 assumes that’s the case. The proposal suggested it was time to link increases to senior-specific government benefits, such as old-age security, to a special […]
With the new year underway, recipients of Canada Pension Plan and old-age security benefits are getting a modest increase from the federal government. Effective Jan. 1, 2018, CPP payments will increase by 1.5 per cent for those already receiving benefits. For 2018, the maximum CPP retirement benefit for new recipients age 65 will be $1,134.17 per […]
In its sixth year of offering employees educational workshops during Financial Literacy Month, Western University has changed its approach this time by delivering information on a range of topics rather than just the organization’s pension plans. In the past, the university has used the financial literacy focus to communicate the details of its two defined contribution plans, […]
The large number of Canadians who fear the Canada Pension Plan won’t be around when they retire reflects a misplaced belief, said Canada Pension Plan Investment Board president and chief executive officer Mark Machin on Tuesday. Machin discussed the sustainability of the national pension plan during his keynote speech at a 2017 symposium held in Toronto by Advocis, the […]
Employees’ retirement plans are affected by how long they stay in the workforce. Whether or not they work past 65 often depends on government policy, which ultimately affects all Canadians no matter their ages. The previous Conservative government raised the eligibility age for the old-age security benefit to 67 from 65 to save on costs […]
The coming retirement of the baby-boomer generation will have a hefty impact on Canada’s old-age security program, according to the latest actuarial report by the Office of the Superintendent of Financial Institutions. The number of OAS beneficiaries is expected to increase by 61 per cent by 2030, from 5.8 million people in 2016 to 9.3 million, […]