Despite a rise in total contributions to registered retirement savings plans in 2016, the total number of contributors was down slightly, according to the latest census data from Statistics Canada. In 2016, contributions in RRSPs totalled $40.4 billion, up 3.1 per cent from 2015. However, about 5.9 million tax filers contributed to an RRSP in 2016, […]
Fewer than half (41 per cent) of Canadians are putting money in an investment vehicle such as a registered retirement savings plan or a tax-free savings account, according to a new survey by BMO Financial Corp. The survey, which polled 1,500 Canadians, also found 59 per cent of respondents are simply putting money in their savings accounts and leaving it […]
Canadians have been contributing less to their registered retirement savings plans so far this year, according to a new survey by BMO Financial Corp. Its annual survey found that while 47 per cent of respondents have already contributed or plan to do so before the March 1 deadline, 36 per cent aren’t planning to make a […]
More than 60 per cent of Canadians are concerned they’ll outlive their retirement savings and 45 per cent don’t feel confident they’ll be able to afford the post-work lifestyle they want, according to a new survey by RBC Insurance Services Inc. The survey, which polled 1,000 Canadians aged 55 to 75, also found respondents use a […]
Should Canadians be able to dip into their registered retirement savings plans to help their children buy their first house? The Canadian Real Estate Association certainly thinks so. It recently made a submission to the House of Commons standing committee on finance recommending the idea for the 2018 federal budget, as an extension of the federal government’s […]
Employers in search of simpler retirement products for their workers are looking to group registered retirement savings plans and deferred profit-sharing plans as a solution, say experts at capital accumulation plan providers. Benefits Canada’s 2017 CAP Suppliers Report shows that the number of plan sponsors offering DPSPs has ballooned by 112 per cent over the past decade, from 3,539 […]
Decumulation is a clear and significant concern for the sponsors of capital accumulation plans, the results of Benefits Canada’s 2017 CAP Member Survey show. The annual survey found 61 per cent of plan sponsors would be likely to allow their members to leave their assets within their plans after they retire if regulations allowed. Of […]
A new report is recommending the immediate increase of the trigger age for drawing down registered retirement savings, suggesting it should continue to rise with longevity. The report, published by the C.D. Howe Institute, is targeting changes to age-sensitive programs, noting the expected budget crunch for Canadian governments as the workforce ages. It says the rules that dictate when Canadians can start receiving […]
While Allstate Insurance Co. of Canada provides several financial education and information sessions to employees throughout the year, it’s focusing on the importance of financial literacy this November to align its offerings with Canada’s Financial Literacy Month. “Financial wellness is actually a key component of our healthy workplace strategy at Allstate,” says Adrianne Sullivan-Campeau, the organization’s vice-president of human resources. Read: Just […]
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 — […]