Despite his death earlier this year, Ikea founder Ingvar Kamprad’s influence lives on at the international furniture behemoth. The notoriously frugal Kamprad reportedly flew economy class, whether for company or personal travel, and drove an old Volvo. The iconic Swedish retailer remains committed to operating within the guidelines set by his 1976 treatise, “The testament of […]
With studies showing high levels of employee stress about their finances that’s translating into lost productivity, absenteeism or health issues, the time is right for financial wellness programs in the workplace. There’s an opportunity for employers to step in and offer much-needed guidance, but they could (and should) be helping workers with far more than the basic advice about […]
With studies suggesting some gaps in financial literacy among millennials, a panel at the 2018 Benefits and Pension Summit will tackle ways of educating and reaching younger plan members. Shannon Lee Simmons, founder of the New School of Finance and a member of the panel at the April 17 event at the Ritz-Carlton Hotel in Toronto, says a lot of […]
Over the past 25 years, Canada’s retirement system has evolved significantly through new funding frameworks and federal and provincial reforms to facilitate innovation in plan design. And with Canadians living and working longer and investment returns predicted to soften, it’s no surprise the pension industry is calling for an update to the Income Tax Act […]
Ernst & Young has introduced an online retirement modelling tool to help employees prepare for life after work. Since its launch at the end of January, 25 per cent of the firm’s employees have logged in to register and use the tool, with about 55 per cent of that group under the age of 40. “I was pleasantly surprised. It’s […]
While 84 per cent of employers with capital accumulation plans didn’t intend to make any changes in 2017, many anticipated increasing their provision of financial advice services after a couple of years of decline in that area, according to a new report from Great-West Life Assurance Co. According to the 2017 Capital Accumulation Plan Benchmark report, very few […]
Expand the Canada Pension Plan replacement rate to 50 per cent of earnings. Cap annual contributions to registered retirement savings plans at $22,000. Establish a public agency to administer terminated pension plans. Create a single-payer pharmacare plan for all of Canada. These are just a few of the suggestions put forth by the Canadian Centre for Policy […]
Despite a rise in total contributions to registered retirement savings plans in 2016, the total number of contributors was down slightly, according to the latest census data from Statistics Canada. In 2016, contributions in RRSPs totalled $40.4 billion, up 3.1 per cent from 2015. However, about 5.9 million tax filers contributed to an RRSP in 2016, […]
Fewer than half (41 per cent) of Canadians are putting money in an investment vehicle such as a registered retirement savings plan or a tax-free savings account, according to a new survey by BMO Financial Corp. The survey, which polled 1,500 Canadians, also found 59 per cent of respondents are simply putting money in their savings accounts and leaving it […]
Canadians have been contributing less to their registered retirement savings plans so far this year, according to a new survey by BMO Financial Corp. Its annual survey found that while 47 per cent of respondents have already contributed or plan to do so before the March 1 deadline, 36 per cent aren’t planning to make a […]