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Copyright_Romolo Tavani_123RF

The Association of Canadian Pension Management is calling on the federal government and capital accumulation plan sponsors to support members’ financial wellness by focusing on decumulation. In a new white paper, the ACPM proposed the creation of a “retirement dashboard” that informs retirees of their available sources of retirement income — including government retirement benefits, […]

  • By: Staff
  • November 30, 2022 November 30, 2022
  • 15:00

Capital accumulation plan member outcomes saw modest increases in the third quarter, due to high annuity rates that shielded members from modest investment market declines, according to a new report by Eckler Ltd. It found a typical male member retiring at the end of September achieved a gross income replacement ratio of 60.3 per cent […]

  • By: Staff
  • November 15, 2022 November 15, 2022
  • 09:00
Copyright_jakkapan_123RF

The maximum pensionable earnings under the Canada Pension Plan for 2023 is increasing to $66,600 from $64,900 in 2022. The new ceiling was calculated according to a CPP legislated formula that takes into account the growth in average weekly wages and salaries in Canada, according to a press release from the Canada Revenue Agency. Contributors who earn more than $66,600 in 2023 […]

  • By: Staff
  • November 3, 2022 November 2, 2022
  • 09:00
Copyright_rmarmion_123RF

While Canada’s pension system continues to rank well globally, the current economic environment poses particular risks for defined contribution pension plan sponsors and members, according to a new report by the CFA Institute and Mercer. “As DC pension plans continue to make up a greater part of Canadians’ retirement, turbulent markets, soaring inflation and a […]

  • By: Staff
  • October 13, 2022 October 12, 2022
  • 09:00
Copyright_aberheide_123RF

An article on Canada’s ranking in retiree well-being was the most-read story on BenefitsCanada.com over the last week. Here are the five most popular news stories of the week: 1. Canada drops to No. 15 in retiree well-being global rankings: report 2. Court rules employers must include electronic tips under pensionable earnings 3. Expert panel: How employers can support […]

  • By: Staff
  • September 16, 2022 September 15, 2022
  • 09:00

A gig worker by any other name would be a lot more expensive. In most jurisdictions, Uber Technology Inc. drivers and their app-based brethren are classified as independent contractors and not employees. As contractors in Canada, they’re not entitled to minimum wage, employer Canada Pension Plan and employment insurance contributions or to participate in tax-advantaged […]

Copyright_dolgachov_123RF

The Federal Court of Appeal has ruled that a Halifax restaurant must include a portion of the electronic gratuities intended for wait staff as “pensionable salary and wages” when calculating its liabilities under the Canada Pension Plan. This was despite the fact the restaurant had no obligation to include gratuities paid in cash directly to […]

While old-age security has permanently increased by 10 per cent for seniors aged 75 and older, employees can maximize this benefit, along with their Canada Pension Plan benefit, by delaying retirement as long as possible, says Bonnie-Jeanne MacDonald, director of financial security research for the National Institute on Ageing at Toronto Metropolitan University. “People need […]

Copyright_kantver_123RF

Whether they’re delivering takeout, chauffeuring passengers, or fixing leaky sinks, most gig workers in Canada don’t get benefits. Classified as independent contractors rather than employees, they’re excluded from employer contributions to Canada Pension Plan and Employment Insurance, they may not be protected under worker’s compensation and they can’t participate in tax-advantaged benefits programs like registered […]

Copyright_aevanstock_123RF

The office of the chief actuary is seeking an external peer review panel for its next actuarial report on the Canada Pension Plan. The external peer review is intended to ensure the report — to be released in December 2022 — meets high professional standards and is based on reasonable methods and assumptions, according to […]

  • By: Staff
  • May 20, 2022 May 18, 2022
  • 09:00