The Canada Revenue Agency has announced that the maximum pensionable earnings under the Canada Pension Plan for 2019 will be $57,400, up from $55,900 in 2018. Contributors who earn more than $57,400 won’t be permitted to make additional contributions to the CPP. The basic exemption amount for 2019 remains $3,500. The registered retirement savings plan […]
Niagara Casinos’ multi-pronged approach and leveraging of company resources to promote financial literacy among employees contributed to its award for financial wellness at Benefits Canada’s 2018 Workplace Benefits Awards in Toronto on Oct. 11. The organization’s financial wellness program includes an employee intranet, which is available at work and from employee’s home computers. The network features graphics […]
Seven major pension stakeholders are urging the federal government to make longevity risk-pooling arrangements available to Canadians. The group includes the Association of Canadian Pension Management, the Canadian Life and Health Insurance Association, the Canadian Institute of Actuaries, the Canadian Association of Retired Persons, Common Wealth, the National Institute of Aging and the Pension Investment Association […]
The Common Good Retirement Initiative is seeking feedback on the design of a collective retirement plan for Canadian employees in the non-profit and charitable sector. The initiative, which was announced at the end of May 2018 by retirement firm Common Wealth, was initially described as nationally portable, affordable and flexible. Common Wealth intends to have 50 employers committed to the […]
Only 40 per cent of Canadians who are classified as precarious workers have access to pension plans or registered retirement savings plans, compared to 85 per cent of those who are identified as secure professionals, according to a new report by the Canadian Centre for Policy Alternatives. The report, which surveyed 1,000 Canadians, found 78 per cent are secure professionals, while […]
Pharmacare and flexible annuity options top the Canadian Life and Health Insurance Association’s list of recommendations for the upcoming 2019 federal budget. In its submission, the association stated it’s supportive of the work being done through the federal government’s advisory council on the implementation of pharmacare, introduced in last year’s budget. However, it also said it’s important to […]
Benefits like employer-paid registered retirement savings plan contributions are among payroll components to be subject to British Columbia’s new employer health tax. The B.C. government will begin levying the new health tax in January 2019 as it moves to eliminate the province’s medical services plan premiums. In a news release, the government said the transition […]
Plan sponsors often say they’re quite happy with their retirement savings plans. But is that position good enough to ensure an organization’s plan is competitive and benefits its plan members? Some of the trends across Canada, as evident from employee requests, reflect the changing needs of the workplace. They include: Group RRSPs or TFSAs with a […]
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 […]