I think it’s fair to say that retirement security is top of mind for the majority of Canadians. And politicians are listening: it was constructive to see all the major parties coming up with measures to deal with the issue during the most recent election campaign. In my last editorial, I summarized the various election […]
In the coming decade, the median retirement age could increase from 65 to 68, though the exact timing and extent of this rise can’t be predicted with complete confidence. However, Canadians are staying in the workforce longer, so if Canada continues to pay pension benefits at age 65, it’s certain that a significant and growing […]
As the pension industry faces shifting demographics and rising longevity, and both the former and current federal governments have taken opposite positions on changing the retirement age, the issue is still up for debate. Carly Wybrow, spokesperson for the Canadian Institute of Actuaries When the Canada Pension Plan and Quebec Pension Plan were established in […]
As the federal Conservative Party finally introduced its election platform last week, it included a number of provisions around pension plan solvency and retirement security. If elected, the party said it will mandate that all federally regulated companies report on the solvency of their pension funds. “This will give seniors the confidence that their hard-earned […]
With the federal election about a month away, Canada’s political parties are rolling out their election platforms, making a host of promises to improve health care, employment insurance, the minimum wage and pension legislation. If elected, the Liberal Party of Canada, New Democratic Party and Green Party of Canada are all promising to implement a national pharmacare program. […]
Inflation must be taken into account when designing both plan sponsor and government retirement programs because, over time, it will undermine purchasing power. In terms of recruiting and retaining employees, workplace retirement plans are important, but they also represent a significant cost for employers. Inflation-adjusted government pension programs can help lower these costs. But plan sponsors and […]
Defined contribution plan sponsors should consider Canada’s public pension system when designing their plans, according to a panel comparing the Canadian system to the ones in Denmark, the Netherlands and Sweden at Benefits Canada’s 2019 DC Plan Summit in Banff, Alta. in February. Canada’s three-pillar system is comprised of old-age security and the guaranteed income […]
Employers could play a role in encouraging low-income Canadians to save more for retirement by offering group tax-free savings accounts, according to a report by the Institute for Research on Public Policy. The report found that, since their introduction in 2009, TFSAs have become nearly as popular as registered retirement savings plans, and could even go […]
The federal government has increased the old-age security benefit by 1.2 per cent as of July 1. The change means a single senior receiving OAS and the guaranteed income supplement with no other income may receive $1,728.84 more today than in November 2015. The government also noted that restoring the age of eligibility for OAS and GIS […]
The upcoming enhancements to the Canada Pension Plan will increase Canadians’ total CPP benefits by about 44 per cent by 2070, according to a new report by the Canadian Institute of Actuaries and the Society of Actuaries. The study, authored by Bonnie-Jeanne MacDonald, senior research fellow at Ryerson University’s National Institute on Ageing and resident scholar at Eckler Ltd., used […]