More than a third (36 per cent) of Canadians aged 18 to 25 have already begun planning and saving for retirement, according to a survey by online real estate investment marketplace Fundscraper Capital Inc. “It’s well documented that generation Z and younger millennials have had it much harder than previous generations when it comes to career […]
Despite the financial challenges experienced by Canadians over the course of the coronavirus pandemic, 40 per cent said they’ve continued to save for retirement, according to a new survey by life insurance provider PolicyMe Corp. More than half (54 per cent) of survey respondents said they’re adding to their emergency funds, while 48 per cent […]
It’s no secret there’s a looming retirement savings gap among Indigenous and racialized Canadian seniors and their white counterparts. Indeed, a June 2021 study by the Canadian Centre for Policy Alternatives found data from the 2016 census showed white seniors’ income from private pension sources — such as registered pension plans and registered retirement savings […]
As the coronavirus pandemic sent the global economy into a tailspin, many Canadians grew increasingly concerned about whether they’d amassed enough savings to weather the financial storm. “We’ve heard the narrative that Canadians are saving like they’ve never saved before,” says Elizabeth Mulholland, chief executive officer of Prosper Canada. “The reality is, when you look […]
The Association of Canadian Pension Management is once again calling on the Ontario government to modernize the Employment Standards Act and the Pension Benefits Act to allow for automatic enrolment and escalation features in capital accumulation plans. In a letter sent to the ministry of labour on Nov. 30, 2021, the ACPM noted the changes […]
While renovation shows on television tend to take a sledgehammer to every surface in a house for dramatic effect, there’s another way. Defined contribution pension plans don’t need to be completely gutted to stay current. Something akin to painting an accent wall, like tweaking contribution rates, can be just as impactful and way more cost-effective. […]
Canadian insurers paid out more than $97 billion in benefits from life and health insurance products in 2020, according to the Canadian Life and Health Insurance Association’s annual fact book. The period, which included the first nine months of the coronavirus pandemic, included $420 million paid out for psychology-related claims to support mental health, up 24 […]
The Canadian Life and Health Insurance Association is calling on the federal government to permit standalone variable payment life annuities to pool participants from all registered retirement plans. In its 2022 federal budget submission, the CLHIA said VPLAs, as enacted, will only be available to members of very large defined contribution pension plans, excluding Canadians […]
Two East coast companies are among the early adopters of a retirement savings platform for employers in the not-for-profit sector. Prince Edward Island Family Violence Prevention Services Inc. and Newfoundland-based Thrive previously offered their employees group registered retirement savings plans. Danya O’Malley, executive director of the PEI Family Violence Prevention Services, says lower fees was […]
While the rollout of vaccines has the world cautiously optimistic about an economic recovery, a Scotiabank survey shows the coronavirus pandemic has Canadians concerned about their retirement future. According to the survey, 72 per cent of Canadians said they’re worried they’re not saving enough for retirement, while one-third (32 per cent) said they won’t be able to […]