The current environment is simply too difficult for Canadians to save adequately for retirement, given increased longevity and the low yields on appropriate investments, according to a new report by the C.D. Howe Institute that suggests raising contribution limits to retirements savings plans to 30 per cent per year. “People are living longer and — […]
The New Democratic Party tabled a private member’s bill Monday to amend Canada’s insolvency laws so they protect pension plans and post-retirement benefits when a company is in financial trouble. The bill, tabled by the party’s pensions critic Scott Duvall, follows the NDP’s End Pension Theft campaign, which was launched in September. The campaign is aimed at fixing […]
Amid controversy over the cost of its two defined benefit plans for members of city council, a Calgary city councillor has voluntarily decided not to participate in them. “After consulting with my partner and family, I have declined the pension and transition allowance offered to me as a city councillor,” Coun. Jeromy Farkas wrote on […]
The Quebec government has announced a plan to expand the Quebec Pension Plan in line with reforms to the Canada Pension Plan. As part of the changes, the government will establish an additional component to the QPP, similar to the planned reforms to the CPP. There will be the basic plan, which has been in effect […]
CARP is the latest organization to call for legislative reforms to better protect pensioners working for private sector companies that file for insolvency. CARP, formerly the Canadian Association of Retired Persons, held discussions on the issue with members of Parliament, senators and other government staff on Parliament Hill on Wednesday. The organization is asking the federal government […]
Canada’s retirement system has maintained its B rating on the Melbourne Mercer Global Pension Index, as its overall score rose slightly from 66.4 in 2016 to 66.8 in 2017. However, Canada’s sustainability score dropped due to the recent move to maintain old-age eligibility at age 65. “Canada’s recent change to maintain the eligibility for old-age security at age 65, […]
One year since the federal government unveiled its target-benefit bill, the issue is still attracting divisive opinions from the industry. On one hand, there’s continued opposition from Canada’s labour unions, while many others in the industry believe the bill is heading in the right direction. Unifor, which has taken credit for forcing the government “to […]
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 […]
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 […]
The Netherlands has long had a reputation for having a strong two-pillar retirement system that provides retirees with an income replacement rate of at least 80 per cent from the country’s national and occupational pension schemes. And until relatively recently, Dutch workers were equally as confident about their occupational plans as they were about the […]