Ontario’s fall economic statement confirmed a number of previously announced frameworks for the province’s pension, health-care and employment programs, including a look at addressing decumulation. The statement, delivered by Ontario’s Finance Minister Charles Sousa on Tuesday, noted the government is exploring new approaches to help retirees draw down their savings in an efficient, cost-effective manner so their savings […]
Manitoba is a step closer to carrying out its plan to offer pooled registered pension plans. Yesterday, Finance Minister Cameron Friesen said enabling legislation and regulations came into effect Aug. 1. “Many employees and self-employed Manitobans do not have access to a workplace pension,” said Friesen. “These pooled registered pension plans are designed to help […]
The Office of the Superintendent of Financial Institutions has issued a guideline defining the eligible default investment options under pooled registered pension plans. The Pooled Registered Pension Plans Act specifies that if a member has the option to select investments from the variety provided by the administrator but fails to make a choice in the allotted time (60 days […]
The government of Manitoba has introduced legislation to bring pooled registered pension plans to the province, a move first referenced in the throne speech on Monday. The PRPP legislation will build on federal legislation in setting out rules and procedures for establishing the retirement plan, following other provinces that have made PRPPs a voluntary option […]
The Office of the Superintendent of Financial Institutions has published updated guides for the disclosure requirements of defined contribution and defined benefit plans. The new guides replace previous versions issued in March 1998, and incorporate changes set out in the Pension Benefits Standard Act and the Pension Benefits Standards Regulations. Read: New federal pension disclosure […]
Last week, the federal government announced it would amend the Canada Labour Code so federally regulated employees would have the right to request flexible working options. The announcement was the result of a consultation with stakeholders by the Ministry of Employment, Workforce Development and Labour, which also included a survey of 1,082 Canadians employees. It found 73 […]
It has been four years since the federal government passed legislation to enable pooled registered pension plans as a vehicle to boost retirement savings. In June 2012, Bill C-25 received royal assent and PRPPs became available to workers in federally regulated sectors. Have your say: Is it time for governments to make a push to […]
Canada’s Income Tax Act is generally not a place people turn to for easy answers, so figuring out whether benefits provided to employees are taxable or not can prove a challenge. Here’s a breakdown of the CRA’s take on some of the more common benefits offered by employers: Automobile allowances Payments made to employees who […]
Throughout 2012, Ted Menzies, then the federal minister of state for finance tasked with the development of pooled registered pension plans, consistently proclaimed they were “the right solution at the right time” to get Canadians saving for retirement. Unfortunately for Menzies, his enthusiasm never really rubbed off on the country’s provincial governments, whose help he […]
The Investment Funds Institute of Canada is getting a head start on the next federal budget by calling for changes to the treatment of group registered retirement savings plans. In submissions to the House of Commons standing committee on finance, institute president Paul Bourque proposes a few rule changes to boost the pension-like properties of […]