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 […]
The Office of the Superintendent of Financial Institutions has laid out its progress on a number of pension responsibilities in its 2016-17 report on plans and priorities, published Friday. One area of progress is pooled retirement pension plans, notes the report. Since OSFI acquired new responsibilities under the PRPP multilateral agreement, which came into effect in June 2016, […]
The New Democratic Party tabled a private member’s bill Monday to amend Canada’s insolvency laws so they protect pension plans and post-retirement benefits when a company is in financial trouble. The bill, tabled by the party’s pensions critic Scott Duvall, follows the NDP’s End Pension Theft campaign, which was launched in September. The campaign is aimed at fixing […]
The Quebec government has announced a plan to expand the Quebec Pension Plan in line with reforms to the Canada Pension Plan. As part of the changes, the government will establish an additional component to the QPP, similar to the planned reforms to the CPP. There will be the basic plan, which has been in effect […]
A new report on income security in Ontario is recommending that the provincial government expand the provision of essential health benefits to all low-income people and modernize income and asset rules to ensure people can save for the future, according to a new report by the income security reform working groups. A substantial component of Ontario’s […]
CARP is the latest organization to call for legislative reforms to better protect pensioners working for private sector companies that file for insolvency. CARP, formerly the Canadian Association of Retired Persons, held discussions on the issue with members of Parliament, senators and other government staff on Parliament Hill on Wednesday. The organization is asking the federal government […]
Canada’s retirement system has maintained its B rating on the Melbourne Mercer Global Pension Index, as its overall score rose slightly from 66.4 in 2016 to 66.8 in 2017. However, Canada’s sustainability score dropped due to the recent move to maintain old-age eligibility at age 65. “Canada’s recent change to maintain the eligibility for old-age security at age 65, […]
One year since the federal government unveiled its target-benefit bill, the issue is still attracting divisive opinions from the industry. On one hand, there’s continued opposition from Canada’s labour unions, while many others in the industry believe the bill is heading in the right direction. Unifor, which has taken credit for forcing the government “to […]
The idea of taxing employee discounts appears to be on hold for now, but the government may reintroduce it at a later date. If it does, the Canada Revenue Agency may want to consider the implications a little more carefully. Employee discounts are already taxable when they’re substantial in nature. If an automobile company employee gets […]
One year after the federal government unveiled legislation that would allow federally regulated employers to offer target-benefit pension plans, the proposal has stalled in the House of Commons but it’s apparently still very much alive. “The gist of Bill C-27 is to permit target-benefit plans to operate as a design option alongside defined benefit plans […]