Touted as a practical solution for those who currently don’t have access to a workplace pension, the pooled registered pension plan (PRPP) also holds the potential to create a new revenue stream for the industry. Several of the large retirement service providers have already jumped at this opportunity and are ready to roll out PRPP […]
The Alberta government has introduced Bill 10, the Employment Pension Plans Act, in the provincial legislature. The bill aims to allow plan administrators to more easily develop pension plans that meet the needs of employers and employees.
Ontario finance minister Dwight Duncan publically announced yesterday that the province and The Healthcare of Ontario Pension Plan (HOOPP), The Ontario Public Service Employees Union (OPSEU) pension plan and The Colleges of Applied Arts and Technology (CAAT) pension plans have reached a deal that will keep the funds separate from any proposed superfund but also freeze employer contributions for five years.
Finance Minister Jim Flaherty put on his best poker face yesterday as he insisted the Conservative government’s next budget implementation bill wouldn’t contain any unexpected surprises. Flaherty’s second budget bill, to be introduced today, is believed to contain measures to reform MP and public sector pensions, as well as a host of tax changes. But that’s […]
Scott Perkin fondly recalls his appearance before the House of Commons Standing Committee on Finance in 2010. The Canadian pension landscape was being shaken by funding challenges, record-low interest rates and the protest in September of that year by Nortel pensioners angered by the windup of their $2.5-billion underfunded plan. As president of The Association of Canadian Pension Management (ACPM), Perkin expected he’d be asked to outline the association’s position on one or two topics. Instead, committee members peppered him with questions on a host of issues.
The federal government stepped back into the House of Commons yesterday, laying some not-so-conservative changes on the table.
Enrollments in public sector pension plans have been growing at twice the rate as growth for private sector employment levels, meaning Canadians could face higher taxes and reduced government services unless action is taken soon, finds a new report released by the Canadian Federation of Independent Business (CFIB).
Just two years ago, on July 12, 2010, the new GST/HST legislative regime that affects pension and other employee benefits plans was passed into law. The new rules are painfully complicated, and there are lessons to be learned from the trials and tribulations of achieving compliance with them.
New Brunswick could be paving the way for pension reform. The province’s new pension legislation, introduced in May of this year, became law earlier this week.
Bill C-25, the Pooled Registered Pension Plans Act, received Royal Assent yesterday, moving the legislation another step closer to becoming law. Federal tax legislation still needs to be passed, and regulations will soon be published to address provisions of the Act.