Belonging to an employer-sponsored pension plan can help boost returns on workers’ outside investments, according to new research by Statistics Canada. Although previous research examined how membership in a pension can affect how much employees save, Statistics Canada sought to understand the potential effects on generated returns. To that end, it analyzed the relationship between pension coverage […]
As the traditional workforce evolves and the era of the 25-year career with a single company comes to an end, the contract employee is likely here to stay. While it’s a worldwide phenomenon, gig workers now comprise a good portion of Canada’s working population. Some 2.2 million Canadians were categorized as temporary employees in September […]
The Canada Revenue Agency has announced that the maximum pensionable earnings under the Canada Pension Plan for 2019 will be $57,400, up from $55,900 in 2018. Contributors who earn more than $57,400 won’t be permitted to make additional contributions to the CPP. The basic exemption amount for 2019 remains $3,500. The registered retirement savings plan […]
Niagara Casinos’ multi-pronged approach and leveraging of company resources to promote financial literacy among employees contributed to its award for financial wellness at Benefits Canada’s 2018 Workplace Benefits Awards in Toronto on Oct. 11. The organization’s financial wellness program includes an employee intranet, which is available at work and from employee’s home computers. The network features graphics […]
Seven major pension stakeholders are urging the federal government to make longevity risk-pooling arrangements available to Canadians. The group includes the Association of Canadian Pension Management, the Canadian Life and Health Insurance Association, the Canadian Institute of Actuaries, the Canadian Association of Retired Persons, Common Wealth, the National Institute of Aging and the Pension Investment Association […]
The Common Good Retirement Initiative is seeking feedback on the design of a collective retirement plan for Canadian employees in the non-profit and charitable sector. The initiative, which was announced at the end of May 2018 by retirement firm Common Wealth, was initially described as nationally portable, affordable and flexible. Common Wealth intends to have 50 employers committed to the […]
Plan sponsors often say they’re quite happy with their retirement savings plans. But is that position good enough to ensure an organization’s plan is competitive and benefits its plan members? Some of the trends across Canada, as evident from employee requests, reflect the changing needs of the workplace. They include: Group RRSPs or TFSAs with a […]
Visitors to BenefitsCanada.com who type in a web address for a broken link will find a page with a lighthearted reply that reads: “Like a newly launched defined benefit plan, this page also does not exist.” It doesn’t seem like a wild claim to make, but one employee at a pension plan did, at one […]
Compared to the Canada Pension Plan, private plans are more complex in their structure: Fraser Institute
In comparing the Canada Pension Plan to private pensions, a new study finds the latter face more regulatory hurdles, are more complex and face higher costs as a result. The study by the Fraser Institute reviewed the different regulations governing the CPP in comparison to other plans, including private and public sector pensions, registered retirement […]