In a showdown between tax-free savings accounts and registered retirement savings plans, Canadians have a clear favourite: more than half said they prefer to put their money in a TFSA, according to a new survey by the Bank of Montreal (BMO). The problem is almost one-third (32 per cent) don’t know the difference between the two savings plans. Among millennials, […]
The Canadian Automobile Association Atlantic Ltd.’s vice-president of human resources talks employee wellness and education, tax-free savings accounts and learning how to code. Q. What are the top challenges you face in your role? A. I would say trying to balance programs that fit the needs of everyone. It’s difficult. We have fleet drivers out […]
Defined benefit pension plans aren’t just better for Canadian workers, but for the country’s economy in general, according to a new study by the Canadian Public Pension Leadership Council. Statistics Canada data from 2018 showed 37.5 per cent of Canadian workers have some type of pension or retirement savings plan through their workplace, and 25.2 per cent […]
The introduction of more flexible annuity options for capital accumulation plans and reform to prescription drug coverage are among the recommendations by the Canadian Life and Health Insurance Association for the 2019 federal budget. In a letter to the Ministry of Finance, the CLHIA highlighted the increasing need for Canadian retirees to convert some or all of […]
Belonging to an employer-sponsored pension plan can help boost returns on workers’ outside investments, according to new research by Statistics Canada. Although previous research examined how membership in a pension can affect how much employees save, Statistics Canada sought to understand the potential effects on generated returns. To that end, it analyzed the relationship between pension coverage […]
As the traditional workforce evolves and the era of the 25-year career with a single company comes to an end, the contract employee is likely here to stay. While it’s a worldwide phenomenon, gig workers now comprise a good portion of Canada’s working population. Some 2.2 million Canadians were categorized as temporary employees in September […]
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 […]