Canada Pension Plan Overview Citizens for Public Justice April 2012

Size: px
Start display at page:

Download "Canada Pension Plan Overview Citizens for Public Justice April 2012"

Transcription

1 Canada Pension Plan Overview Citizens for Public Justice April 2012 Chris Roberts Canadian Labour Congress

2 Three Pillars of Canada s Retirement Income System Basic pension Old Age Security and Guaranteed Income Supplement Earnings-related pension Canada Pension Plan/Quebec Pension Plan Private savings Workplace pension plans and Registered Retirement Savings Plans

3 Some Significant Problems 12 million workers have no workplace pension plan 30% of Canadian families have no pension beyond CPP and OAS Half of baby boomers with career earnings of $35,000 - $80,000 can expect at least a 25% drop in living standards at retirement

4 Income Replacement or Poverty Reduction? Gross Income Replacement Rates from Publicly Administered Pension Programs, Canada and OECD, x 1 x 1.5 x Average Average Average Wage Wage Wage Canada s rank in OECD Canada s replacement rate (%) OECD average replacement rate (%) OECD highest replacement rate (%) OECD lowest replacement rate (%) Source: Baldwin 2010

5 Canada Pension Plan Compulsory earnings-based pension plan Contributions made on earnings between Year s Basic Exemption ($3,500) and Yearly Maximum Pensionable Earnings ($50,100 in 2012)

6 CPP: Contributions Workers and employers: 4.95% of employment earnings up to YMPE, in excess of YBE Maximum contribution in 2012: $2, Self-employed: 9.9% of pensionable earnings QPP: Workers and employers: 5.025% of pensionable earnings (maximum contribution in 2012: $2,341.65) Self-employed: 10.05% of pensionable earnings

7 Contributions Federal non-refundable tax credit of 15% of contribution to a maximum of $ in 2012 Provincial and territorial non-refundable tax credits (except Quebec) Range from $92 in Nunavut to $254 in Saskatchewan

8 Benefits Defined-benefit pension designed to replace 25% of average pensionable earnings Retirement pension monthly benefit available to contributors from age 60 New post-retirement benefit Disability benefit Disabled Contributor Child s benefit Survivor benefits Death benefit Survivor s benefit Surviving Child s benefit

9 Canada Pension Plan Maximum monthly retirement benefit (2012): $ Average benefit (Jan 2012): CPP $ QPP - $ Average new benefit at age 65 (Dec 2011): Men: $ Women: $476.87

10 Amendments to the CPP 1. Additional year of low earnings excluded from benefit calculation. Drop out years: Periods of CPP disability Periods over age 65 Child-rearing for children up to age 7 15% of lowest earning years in the contributory period (calculated on remaining years) 2012: 16% 2014: 17%

11 Amendments to the CPP 2. Work cessation test eliminated January Actuarial adjustment factors for retirement pension taken before and after 65 Current factors: Age 60: reduced by 30% Age 70: increased by 30% New factors: Age 60: reduced by 36% (2016) Age 70: increased by 42% (2012)

12 Amendments to the CPP 4. CPP contributions mandatory where worker is under 65 and receiving CPP retirement benefits Voluntary from 65 to 70

13 Limitations of the Canada Pension Plan Benefit levels too low YBE frozen at $3,500 Doesn t work for older immigrants CPP benefits included in income for purposes of calculating GIS GIS benefits reduced 50 cents for every dollar of additional income

14 Recommendation: Doubling CPP Benefits Fully-funded doubling of future CPP/QPP retirement benefits Employer and employee contribution rate would rise from 4.95% to 7.95% (15.9% combined) Phased-in evenly over seven years 0.43% increase per year All age groups would benefit, with young workers benefiting most

15 Increase in CPP Contributions Increase in CPP contributions, each year for seven years Salary % increase $ increase cost/week cost/hour $47, % $ $ $41, % $ $ $30, % $ $ $20, % $78.57 $ $10, % $ Source: CLC

16 CPP Expansion and Low- Income Workers Options for GIS clawback: Increase the $3,500 basic exemption on additional income for GIS Lower the 50% GIS clawback to 35% Combination of higher exemption and lower clawback rate Exclude CPP earnings from income for GIS purposes

17 CPP Expansion and Low- Income Workers Options for CPP contribution rate increase: Increase the $3,500 YBE Increase federal/provincial/territorial non-refundable tax credits

18 CPP Expansion and Low- Income Workers Options for enriching CPP: YBE to half of YMPE: 25% replacement rate Half of YMPE to YMPE: 40-50% replacement rate YMPE to 2x YMPE: 25-40% replacement rate

19 Summary Expand CPP benefits to counteract likely future increase in old-age poverty Increase CPP disability and survivor s benefits in the process CR:ah:cope225

Your contributory period ends at the earliest of the following:

Your contributory period ends at the earliest of the following: Canada Pension Plan and Old Age Security A. CPP Overview Canada Pension Plan is a contributory, earnings-related insurance program. This means that you must have contributed to the program in order to

More information

Province of Nova Scotia Department of Finance MECHANISMS FOR ENHANCING THE RETIREMENT INCOME SYSTEM IN CANADA

Province of Nova Scotia Department of Finance MECHANISMS FOR ENHANCING THE RETIREMENT INCOME SYSTEM IN CANADA Province of Nova Scotia Department of Finance MECHANISMS FOR ENHANCING THE RETIREMENT INCOME SYSTEM IN CANADA The Government of Nova Scotia is working with other provinces and territories, and the Government

More information

PROPOSED CHANGES TO THE CANADA PENSION PLAN

PROPOSED CHANGES TO THE CANADA PENSION PLAN PROPOSED CHANGES TO THE CANADA PENSION PLAN Proposed by Federal, Provincial and Territorial Ministers of Finance Ottawa, May 25, 2009 For further information go to the Department of Finance Canada web

More information

Canada Pension Plan and Old Age Security benefit rates effective January 1, 2015

Canada Pension Plan and Old Age Security benefit rates effective January 1, 2015 1 of 6 27/02/2015 1:08 PM Home News News Releases Canada Pension Plan and Old Age Security benefit rates effective January 1, 2015 News Release Share this page Canada Pension Plan and Old Age Security

More information

Old Age Security Benefits and Canada Pension Plan

Old Age Security Benefits and Canada Pension Plan Old Age Security Benefits and Canada Pension Plan Service Canada Service Canada was created in 2005 to improve the delivery of government programs and services to Canadians, by making access to them faster,

More information

Public Consultation Package

Public Consultation Package Public Consultation Package Request for Comments Retirement Income Adequacy in Canada Yukon Finance March 2010 Whitehorse, Yukon March 2010 Message from the Premier and Minister of Finance The Yukon Government

More information

WORKING PAPER 5: HOW TO PROVIDE RETIREMENT BENEFITS *

WORKING PAPER 5: HOW TO PROVIDE RETIREMENT BENEFITS * WORKING PAPER 5: HOW TO PROVIDE RETIREMENT BENEFITS * 1. Key challenge & overview People in precarious employment are less likely to have access to benefits, including retirement benefits. Retirement income

More information

Little known facts about the Canada/Quebec Pension Plan (cpp/qpp)

Little known facts about the Canada/Quebec Pension Plan (cpp/qpp) Little known facts about the Canada/Quebec Pension Plan (cpp/qpp) TAX MANAGED STRATEGY 8 For Canadians at or nearing retirement, the Canada/Quebec Pension Plan (CPP/QPP) remains a bit of a mystery. Many

More information

Canadian Retirement System

Canadian Retirement System Canadian Retirement System Instructor: Karen Chen Actuary, PBI Actuarial Consultants John 55 years old Lived in Canada his whole life Worked since age 25 Current employer offers a pension plan With current

More information

Negative Effects of the Canadian GIS Clawback and Possible Mitigating Alternatives

Negative Effects of the Canadian GIS Clawback and Possible Mitigating Alternatives Negative Effects of the Canadian GIS Clawback and Possible Mitigating Alternatives Diana Chisholm and Rob Brown Department of Statistics and Actuarial Science University of Waterloo Abstract In Canada,

More information

Changes to the Canada Pension Plan

Changes to the Canada Pension Plan CANADA PENSION PLAN Changes to the Canada Pension Plan The Canada Pension Plan (CPP) is changing to better reflect how Canadians choose to live, work, and retire. The Government of Canada is adapting the

More information

The Canada Pension Plan Retirement Pension

The Canada Pension Plan Retirement Pension CANADA PENSION PLAN The Canada Pension Plan Retirement Pension Contents The Canada Pension Plan...1 Changes to the CPP you should know about...2 Understanding the CPP...3 Deciding when to apply for your

More information

June 2015. The Canada Pension Plan Retirement Pension

June 2015. The Canada Pension Plan Retirement Pension June 2015 The Canada Pension Plan Retirement Pension Service Canada delivers the Canada Pension Plan (CPP) program on behalf of the Department of Employment and Social Development Canada. This publication

More information

Measuring the Financial Sustainability of the Canada Pension Plan

Measuring the Financial Sustainability of the Canada Pension Plan Measuring the Financial Sustainability of the Canada Pension Plan Actuarial Study No. 10 January 2012 Office of the Chief Actuary Office of the Chief Actuary Office of the Superintendent of Financial Institutions

More information

Canadian Labour Congress Background Information for Individual Responses

Canadian Labour Congress Background Information for Individual Responses 1 Canadian Labour Congress Background for Individual Responses Questions from the Ministry of Finance Ontario Consulting with Ontarians on Canada s Retirement Income System How much income do you think

More information

The Employee Benefits Landscape in Canada

The Employee Benefits Landscape in Canada The Employee Benefits Landscape in Canada Canadians are living longer and facing increased responsibility to save for their retirement. Because life expectancies are on the rise, retirement savings will

More information

CFUW Ontario Council Response To the. Consultations on the Ontario Retirement Pension Plan

CFUW Ontario Council Response To the. Consultations on the Ontario Retirement Pension Plan CFUW Ontario Council Response To the Consultations on the Ontario Retirement Pension Plan February 2015 Submitted by Brenda Robertson President, Ontario Council Canadian Federation of University Women

More information

Office of the Chief Actuary

Office of the Chief Actuary Office of the Superintendent of Financial Institutions Canada Office of the Chief Actuary Bureau du surintendant des institutions financières Canada Bureau de l actuaire en chef Office of the Chief Actuary

More information

Issue Brief. Lessons for Private Sector Retirement Security from Australia, Canada, and the Netherlands

Issue Brief. Lessons for Private Sector Retirement Security from Australia, Canada, and the Netherlands Issue Brief Lessons for Private Sector Retirement Security from Australia, Canada, and the Netherlands By John A. Turner, PhD and Nari Rhee, PhD August 2013 about the authors John A. Turner, PhD, is Director

More information

Revised December 19, 2014

Revised December 19, 2014 BENEFITS LEGISLATION IN CANADA 2015 This document summarizes Canadian legislation affecting benefits plans (except Nunavut and Northwest Territories). Canadian legislation covers a broad range of social

More information

Accessing and Optimizing Pensions and Public Benefits

Accessing and Optimizing Pensions and Public Benefits financial literacy series for older adults Federal Public Benefits for Seniors Accessing and Optimizing Pensions and Public Benefits Ontario edition Both Canada and Ontario have several programs in place

More information

Canada Pension Plan. Canada Pension Plan Disability Benefits

Canada Pension Plan. Canada Pension Plan Disability Benefits Canada Pension Plan Canada Pension Plan Disability Benefits Contents Introduction... 1 CPP disability... 2 Applying for CPP disability benefits... 4 Receiving CPP disability benefits... 7 Children s benefits...

More information

Securing Our Retirement Future

Securing Our Retirement Future Securing Our Retirement Future Consulting with Ontarians on Canada s Retirement Income System ISBN 978-1-4435-5029-1 (Print) ISBN 978-1-4435-4868-7 (HTML) ISBN 978-1-4435-4869-4 (PDF) Ministry of Finance

More information

CANADA PENSION PLAN. Canada Pension Plan Survivor Benefits. Death Benefit Survivor s Pension Children s Benefit

CANADA PENSION PLAN. Canada Pension Plan Survivor Benefits. Death Benefit Survivor s Pension Children s Benefit CANADA PENSION PLAN Canada Pension Plan Survivor Benefits Death Benefit Survivor s Pension Children s Benefit Contents Introduction...1 Information for contributors about CPP survivor benefits...1 Information

More information

Canada Pension Plan and Quebec Pension Plan

Canada Pension Plan and Quebec Pension Plan CANADA PENSION PLAN AND QUEBEC PENSION PLAN TABS. PAGE1 ( -.' i C1 Canada Pension Plan and Quebec Pension Plan I I () CANADA PENSION PLAN AND QUEBEC PENSION PLAN TAB8.PAGE2 Canada Pension Plan and Quebec

More information

Ill. Sources of Retirement Income Security. 3.2 Government-Sponsored Retirement Income Security. 3.1 Introduction. 3.2.1 Background and History

Ill. Sources of Retirement Income Security. 3.2 Government-Sponsored Retirement Income Security. 3.1 Introduction. 3.2.1 Background and History Ill Sources of Retirement Income Security 3.1 Introduction In Better Pensions for Canadians (Health and Welfare Canada 1982), the government identified three principles as the basis for improvements to

More information

Preparing for retirement

Preparing for retirement What s in this fact sheet? This fact sheet explains the basics of retirement planning. For more information, contact the Human Resources Service, Pension Sector: Telephone: (613) 562-5800 ext. 1747 E-mail:

More information

THE CANADA PENSION PLAN (CPP) came into

THE CANADA PENSION PLAN (CPP) came into Raj K. Chawla and Ted Wannell THE CANADA PENSION PLAN (CPP) came into effect in January 1966 to supplement the retirement incomes of working Canadians and provide survivor benefits in the event of their

More information

BENEFITS LEGISLATION IN CANADA 2013

BENEFITS LEGISLATION IN CANADA 2013 BENEFITS LEGISLATION IN CANADA 2013 This document summarizes Canadian legislation affecting benefits plans (except Nunavut and Northwest Territories). Canadian legislation covers a broad range of social

More information

The Financial Advisor Guide to Retirement Benefits Self-Study Course # 2

The Financial Advisor Guide to Retirement Benefits Self-Study Course # 2 The Financial Advisor Guide to Retirement Benefits Self-Study Course # 2 RETIREMENT BENEFITS & THE NEED FOR PLANNING INTRODUCTION The most important factor at play is Canada's baby boom phenomenon. Currently,

More information

Ontario Trends in Occupational Defined Benefit and Defined Contribution Pension Coverage

Ontario Trends in Occupational Defined Benefit and Defined Contribution Pension Coverage Ontario Trends in Occupational Defined Benefit and Defined Contribution Pension Coverage richard@shillington.ca www.shillington.ca Informetrica Limited Ontario Trends in Occupational Defined Benefit and

More information

Issues Related to Increasing the Retirement Age

Issues Related to Increasing the Retirement Age Report Issues Related to Increasing the Retirement Age CIA Task Force on Retirement Age May 2013 Document 213038 Ce document est disponible en français 2013 Canadian Institute of Actuaries CONTENTS I Executive

More information

Survivor s Benefits. If your spouse, common-law partner, parent, or guardian dies, you may be entitled to survivor s benefits.

Survivor s Benefits. If your spouse, common-law partner, parent, or guardian dies, you may be entitled to survivor s benefits. CPP benefits: Are you entitled? Survivor s Benefits If your spouse, common-law partner, parent, or guardian dies, you may be entitled to survivor s benefits. What is the Canada Pension Plan? The Canada

More information

Canada Pension Plan benefits should be enhanced, and here is why EXECUTIVE SUMMARY. S.M. (Muktar) Homam 1 York University Schulich School of Business

Canada Pension Plan benefits should be enhanced, and here is why EXECUTIVE SUMMARY. S.M. (Muktar) Homam 1 York University Schulich School of Business Canada Pension Plan benefits should be enhanced, and here is why S.M. (Muktar) Homam 1 York University Schulich School of Business EXECUTIVE SUMMARY The Canadian three-tier pension system consists of the

More information

CANADA PENSION PLAN. October 2005. Disability Benefits ISPB 153-10-05E

CANADA PENSION PLAN. October 2005. Disability Benefits ISPB 153-10-05E CANADA PENSION PLAN October 2005 Disability Benefits ISPB 153-10-05E This booklet on Canada Pension Plan disability benefits contains general information only. When questions arise, the wording and provisions

More information

Income Security Programs and Retirement in Canada

Income Security Programs and Retirement in Canada Income Security Programs and Retirement in Canada Michael Baker, University of Toronto and NBER Jonathan Gruber, MIT and NBER Kevin Milligan, University of Toronto November 2001 C Prepared for Project

More information

TAX, RETIREMENT & ESTATE PLANNING SERVICES. Clawback calculator user guide

TAX, RETIREMENT & ESTATE PLANNING SERVICES. Clawback calculator user guide TAX, RETIREMENT & ESTATE PLANNING SERVICES Clawback calculator user guide Table of contents Introduction... 3 Fully taxable and investment income Fully taxable income... 4 Investment income... 5 Deductions

More information

Canada Pension Plan Disability Benefits

Canada Pension Plan Disability Benefits CANADA PENSION PLAN Canada Pension Plan Disability Benefits March 2013 Service Canada delivers the Canada Pension Plan (CPP) program on behalf of the Department of Human Resources and Skills Development

More information

Your 2012 Guide to Benefits for Employees in Canada

Your 2012 Guide to Benefits for Employees in Canada Your 2012 Guide to Benefits for Employees in Canada Table of Contents Introduction... 3 Canada s Demogrphic... 5 Retirement Benefits... 6 Social Security... 6 Social Security... 8 Personal Savings... 8

More information

REVISED 2015 When I m 64: Benefits for Seniors

REVISED 2015 When I m 64: Benefits for Seniors REVISED 2015 When I m 64: Benefits for Seniors This publication tells you about the government benefits you may be entitled to if you are a senior in British Columbia. It covers Old Age Security, the Canada

More information

Employees Retirement Plan University of Windsor Pre-Retirement Seminar

Employees Retirement Plan University of Windsor Pre-Retirement Seminar Employees Retirement Plan University of Windsor Pre-Retirement Seminar Welcome! April 22, 2014 Presentation Overview Preparing for Retirement Sources of Retirement Income Types of Pension Plans Plan Definitions

More information

Easy Guide to Retirement Income Options

Easy Guide to Retirement Income Options Easy Guide to Retirement Income Options Contents PAGE 1: Your retirement income choices... 2 1. Convert your RSP into an annuity... 2 a. Life Annuity... 2 b. Term Certain Annuity to Age 90... 2 2. Convert

More information

Economic Security in an. Aging Canadian Population. Robert L. Brown. Department or Statistics & Actuarial Science. University of Waterloo.

Economic Security in an. Aging Canadian Population. Robert L. Brown. Department or Statistics & Actuarial Science. University of Waterloo. Economic Security in an Aging Canadian Population Robert L. Brown Department or Statistics & Actuarial Science University of Waterloo (Retired) Abstract This paper has been written to bring up to date

More information

pensions backgrounder #2

pensions backgrounder #2 pensions backgrounder #2 A Brief History of Pensions in Canada Part 2 in a Series The full series of pension backgrounders are contained in the National Union s Pensions Manual, Fourth Edition available

More information

REDUCING POVERTY 1952-1967

REDUCING POVERTY 1952-1967 Summary REDUCING POVERTY Old Age Security (OAS), the first universal pension for Canadians, was introduced in 1952: The maximum pension was $40 per month or $480 per year. The pension was available to

More information

Do you already receive. Old Age Security? Then these changes don t affect you. ISSD-095-04-12-E

Do you already receive. Old Age Security? Then these changes don t affect you. ISSD-095-04-12-E Do you already receive Old Age Security? Then these changes don t affect you. ISSD-095-04-12-E Ensuring a sustainable Old Age Security program (OAS): What it means for you Why are changes to the OAS program

More information

a workplace for all Bargaining Equality Wage Discrimination / Pay Equity

a workplace for all Bargaining Equality Wage Discrimination / Pay Equity a workplace for all Bargaining Equality J Wage Discrimination / Pay Equity Employers don t give fair value to women s work and jobs done by other designated groups. Unions can change that at the bargaining

More information

FOR YOU AND YOUR CHILDREN: GUARANTEEING THE FUTURE OF THE QUÉBEC PENSION PLAN

FOR YOU AND YOUR CHILDREN: GUARANTEEING THE FUTURE OF THE QUÉBEC PENSION PLAN FOR YOU AND YOUR CHILDREN: GUARANTEEING THE FUTURE OF THE QUÉBEC PENSION PLAN A Reform of the Québec Pension Plan Working Paper Québec II You can obtain additional copies of this document at the following

More information

Research Study on the Canadian Retirement Income System

Research Study on the Canadian Retirement Income System Research Study on the Canadian Retirement Income System Prepared for the Ministry of Finance, Government of Ontario By Bob Baldwin November 2009 Table of Contents Acronyms... i Acknowledgements...ii Executive

More information

LAKEHEAD UNIVERSITY EMPLOYEE PENSION PLAN MEMBER BOOKLET

LAKEHEAD UNIVERSITY EMPLOYEE PENSION PLAN MEMBER BOOKLET LAKEHEAD UNIVERSITY EMPLOYEE PENSION PLAN MEMBER BOOKLET 2011 1 TABLE OF CONTENTS Introduction... 3 Eligibility... 4 Contributions... 5 Individual Account... 8 Short Term Account... 8 Retirement Dates...

More information

2015 Gen Canadian Known Tax Rates / Credits / Limits Update. Functional Change Specification. Present ed by Advicent Solut ions

2015 Gen Canadian Known Tax Rates / Credits / Limits Update. Functional Change Specification. Present ed by Advicent Solut ions 2015 Gen Canadian Known s / Credits / Limits Update Present ed by Advicent Solut ions Revision 1.4 Created: January 30, 2015 Revision Hist ory Date Revision Author(s) Description January 30, 2015 1.0 Advicent:

More information

ONTARIO RETIREMENT PENSION PLAN

ONTARIO RETIREMENT PENSION PLAN THE ONTARIO RETIREMENT PENSION PLAN DISCUSSING A MADE-IN-ONTARIO SOLUTION ASSOCIATE MINISTER S MESSAGE Ask a child what they want to be when they grow up and they ll tell you. A doctor. An astronaut.

More information

Colombia. Old Age, Disability, and Survivors. Regulatory Framework. Qualifying Conditions. Coverage. Source of Funds. Colombia

Colombia. Old Age, Disability, and Survivors. Regulatory Framework. Qualifying Conditions. Coverage. Source of Funds. Colombia Colombia Exchange rate: US$1.00 equals 2,338.14 pesos. Old Age, Disability, and Survivors First law: 1946, implemented in 1965. Current law: 1993 (social insurance), implemented in 1994, with 2003 amendments.

More information

Retirement Income Coalition

Retirement Income Coalition 2005 Pre-Budget Submission STRENGTHENING THE VOLUNTARY PILLAR OF CANADA'S RETIREMENT INCOME SYSTEM SEPTEMBER 2004 TABLE OF CONTENTS Page Introduction 1 Unfinished Business 2 Middle Income Canadians Affected

More information

Dominican Republic. Qualifying conditions. Benefit calculation. Defined benefit. Targeted. Key indicators. Dominican Republic: Pension system 2010

Dominican Republic. Qualifying conditions. Benefit calculation. Defined benefit. Targeted. Key indicators. Dominican Republic: Pension system 2010 Dominican Republic Dominican Republic: Pension system 21 The pension system is a contributory scheme, based on individual capitalisation accounts. All workers, both public and private, and their employers

More information

ONTARIO HOME BUILDERS ASSOCIATION SUBMISSION ON THE ONTARIO RETIREMENT PENSION PLAN ---FEBRUARY 2015---

ONTARIO HOME BUILDERS ASSOCIATION SUBMISSION ON THE ONTARIO RETIREMENT PENSION PLAN ---FEBRUARY 2015--- ONTARIO HOME BUILDERS ASSOCIATION SUBMISSION ON THE ONTARIO RETIREMENT PENSION PLAN ---FEBRUARY 2015--- ABOUT OHBA The Ontario Home Builders Association (OHBA) is the voice of the new housing, land development

More information

A guide to Government of Canada services for seniors and their families

A guide to Government of Canada services for seniors and their families A guide to Government of Canada services for seniors and their families Services for Seniors Guide About this guide Who should use this guide? You will find the information in this guide useful if you

More information

Improving Retirement Income Coverage in Canada The ACPM Five-Point Plan

Improving Retirement Income Coverage in Canada The ACPM Five-Point Plan Improving Retirement Income Coverage in Canada Month 00, 2012 ACPM CONTACT INFORMATION Mr. Bryan Hocking Chief Executive Officer Association of Canadian Pension Management 1255 Bay Street, Suite 304 Toronto

More information

getting you ready / retirement planning For members within five years of retiring

getting you ready / retirement planning For members within five years of retiring getting you ready / retirement planning For members within five years of retiring Contents 2 / Introduction 3 / HOOPP: More for your money 4 / The pension you ll receive 6 / When you can retire 12 / Survivor

More information

Australia. Old Age, Disability, and Survivors. Australia. Exchange rate: US$1.00 equals 1.32 Australian dollars (A$). Qualifying Conditions

Australia. Old Age, Disability, and Survivors. Australia. Exchange rate: US$1.00 equals 1.32 Australian dollars (A$). Qualifying Conditions Australia Exchange rate: US$1.00 equals 1.32 Australian dollars (A$). Old Age, Disability, and Survivors First laws: 1908 (old-age and disability) and 1942 (widows). Current laws: 1991 (social security),

More information

Economic Security in an Aging Canadian Population

Economic Security in an Aging Canadian Population WaterlooResearchInstituteinInsurance,SecuritiesandQuantitativeFinance(WatRISQ) UniversityofWaterloo,200UniversityAvenueWestWaterloo,Ontario,Canada,N2L3G1 519 888 4567,ext.31043 Fax:519 746 5036 www.watrisq.uwaterloo.ca

More information

Canada Pension Plan. Disability Benefits

Canada Pension Plan. Disability Benefits Canada Pension Plan Disability Benefits March 2008 This booklet on Canada Pension Plan disability benefits contains general information only. When questions arise, the wording and provisions of the Canada

More information

Preparing for Retirement. A Guide for Employees. Human Resources

Preparing for Retirement. A Guide for Employees. Human Resources Preparing for Retirement A Guide for Employees 010 Human Resources Contents Introduction... 3 Canada Pension Plan Retirement Benefits... 4 Old Age Security... 6 Employment Insurance Benefits at Retirement...

More information

THE PENSION PLAN FOR PROFESSIONAL STAFF OF THE UNIVERSITY OF GUELPH. For the Year Ended September 30, 2005

THE PENSION PLAN FOR PROFESSIONAL STAFF OF THE UNIVERSITY OF GUELPH. For the Year Ended September 30, 2005 THE PENSION PLAN FOR PROFESSIONAL STAFF OF THE UNIVERSITY OF GUELPH December 9, 2005 PricewaterhouseCoopers LLP Chartered Accountants 55 King Street West, Suite 900 Kitchener, Ontario Canada N2G 4W1 Telephone

More information

Canadian Women And Pensions

Canadian Women And Pensions Myths About Canadian Women And Pensions Retirement income for women has improved over the last several decades. However, not all women working today will experience financial security in their senior years.

More information

Canada Pension Plan Retirement, Survivor and Disability Beneficiaries Mortality Study

Canada Pension Plan Retirement, Survivor and Disability Beneficiaries Mortality Study f Canada Pension Plan Retirement, Survivor and Disability Beneficiaries Mortality Study Actuarial Study No. 16 June 2015 Office of the Chief Actuary Office of the Chief Actuary Office of the Superintendent

More information

Read the Fine Print! caledon commentary ISBN # 1-894598-58-X. April 2001

Read the Fine Print! caledon commentary ISBN # 1-894598-58-X. April 2001 caledon commentary April 2001 ISBN # 1-894598-58-X Read the Fine Print! There is good reason why the Canadian Life and Health Insurance Association uses bold typeface to advise potential buyers of private

More information

Your 2014 Guide to Benefits For Employees in Canada

Your 2014 Guide to Benefits For Employees in Canada Your 2014 Guide to Benefits For Employees in Canada 2014 Xerox Corporation and Buck Consultants, LLC. All rights reserved. Xerox and Xerox and Design are trademarks of Xerox Corporation in the United States

More information

Ryerson Retirement Pension Plan Summary

Ryerson Retirement Pension Plan Summary Ryerson Retirement Pension Plan Summary ABOUT THIS DOCUMENT This summary document has been prepared to provide a convenient and understandable source of information about the Ryerson Retirement Pension

More information

Canadian Centre for Policy Alternatives December 2011. Pension Breakdown. How The Finance Ministers Bungled Pension Reform.

Canadian Centre for Policy Alternatives December 2011. Pension Breakdown. How The Finance Ministers Bungled Pension Reform. Canadian Centre for Policy Alternatives December 2011 Pension Breakdown How The Finance Ministers Bungled Pension Reform Monica Townson www.policyalternatives.ca RESEARCH ANALYSIS SOLUTIONS About the author

More information

Whether we like to admit it or not, none of us are getting any younger. And eventually

Whether we like to admit it or not, none of us are getting any younger. And eventually The Need for Good Pensions Whether we like to admit it or not, none of us are getting any younger. And eventually we all have to retire. For some, retirement represents a blessed relief signaling an end

More information

PENSION INNOVATION FOR CANADIANS: THE TARGET BENEFIT PENSION PLAN

PENSION INNOVATION FOR CANADIANS: THE TARGET BENEFIT PENSION PLAN PENSION INNOVATION FOR CANADIANS: THE TARGET BENEFIT PENSION PLAN SUBMISSION TO THE DEPARTMENT OF FINANCE, CANADA, FROM THE CONGRESS OF UNION RETIREES OF CANADA, JUNE 23, 2014. The Congress of Union Retirees

More information

Oliver Continuing Education Series. Retirement Planning 2

Oliver Continuing Education Series. Retirement Planning 2 Oliver Continuing Education Series Retirement Planning 2 Copyright 2009 Oliver Publishing Inc. All rights reserved. No part of this publication may be reproduced, stored in a retrieval system, or transmitted

More information

Corporate taxation, CPP and EI 2015

Corporate taxation, CPP and EI 2015 Corporate taxation, CPP and EI 05 Table Business income eligible for SBD (05) Small business limit Federal $500,000.00 % Combined % Alberta 500,000.00.00 British Columbia 500,000.50.50 Manitoba 5,000 0.00.00

More information

Unlocking Pension Money

Unlocking Pension Money An information bulletin regarding the unlocking of pensions pursuant to The Pension Benefits Act, 1992. fcaa.gov.sk.ca Page 2 [This page was left blank intentionally] Introduction Section 29 of The Pension

More information

Canadian Medical Association submission to Finance Canada

Canadian Medical Association submission to Finance Canada Canadian Medical Association submission to Finance Canada Response to the Consultation Paper Pension Innovation for Canadians: The Target Benefit Plan A healthy population and a vibrant medical profession

More information

This reference tool provides comprehensive information on the main provisions of legislation affecting government and private benefits programs.

This reference tool provides comprehensive information on the main provisions of legislation affecting government and private benefits programs. Foreword It is our privilege to present you with the 39 th edition of our Canadian Benefits Guide. As Canada s leading integrated human capital consulting and outsourcing firm, Aon Hewitt partners with

More information

TIME FOR ACTION. CPP Expansion: A critical part of the solution. Prepared by the Pensions Committee FEI Canada Policy Forum May 1, 2014

TIME FOR ACTION. CPP Expansion: A critical part of the solution. Prepared by the Pensions Committee FEI Canada Policy Forum May 1, 2014 TIME FOR ACTION CPP Expansion: A critical part of the solution Prepared by the Pensions Committee FEI Canada Policy Forum May 1, 2014 Debate has intensified on how best to help Canadians plan for retirement

More information

An Analysis of the Economic Circumstances of Canadian Seniors

An Analysis of the Economic Circumstances of Canadian Seniors An Analysis of the Economic Circumstances of Canadian Seniors by Richard Shillington of Tristat Resources* February 2016 * The author would like to thank the following individuals for helpful suggestions

More information

Pre-retirement workshop March 2014. Shafique Pirani, BA, CRM, EPC, CFP Senior Education Consultant

Pre-retirement workshop March 2014. Shafique Pirani, BA, CRM, EPC, CFP Senior Education Consultant Pre-retirement workshop March 2014 Shafique Pirani, BA, CRM, EPC, CFP Senior Education Consultant Key Topics What retirement looks like today What does retirement mean to you? Next steps : how to prepare

More information

Social Security System for Retirement Protection in Selected Places

Social Security System for Retirement Protection in Selected Places RP09/04-05 Protection in Selected Places 15 July 2005 Prepared by Simon LI Research and Library Services Division Legislative Council Secretariat 5th Floor, Citibank Tower, 3 Garden Road, Central, Hong

More information

Retirement Income System

Retirement Income System ISPB-319-03-01E March 2001 Canada s Retirement Income System Old Age Security Canada Pension Plan Private Pensions and Savings What s in it for you? PRODUCED BY: Human Resources Development Canada Income

More information

Volume Title: Social Security and Retirement around the World. Volume Author/Editor: Jonathan Gruber and David A. Wise, editors

Volume Title: Social Security and Retirement around the World. Volume Author/Editor: Jonathan Gruber and David A. Wise, editors This PDF is a selection from an out-of-print volume from the National Bureau of Economic Research Volume Title: Social Security and Retirement around the World Volume Author/Editor: Jonathan Gruber and

More information

R. LITVINOV, PhD student in Law, Kharkiv National University of Internal Affairs,

R. LITVINOV, PhD student in Law, Kharkiv National University of Internal Affairs, R. LITVINOV, PhD student in Law, Kharkiv National University of Internal Affairs, SOCIAL SECURITY SYSTEM IN THE USA: GOOD OR BAD EXPERIENCE FOR UKRAINE? Analyzing the process of implementation of the pension

More information

First Quarter 2012 Returns The UAPP Fund experienced a return of 5.8% in the first quarter of 2012.

First Quarter 2012 Returns The UAPP Fund experienced a return of 5.8% in the first quarter of 2012. SUMMER 2011 First Quarter 2012 Returns The UAPP Fund experienced a return of 5.8% in the first quarter of 2012. Summary of Investments as at March 31, 2012 Total Market Value $2,769.3 million Market Value

More information

TAX & SUPERANNUATION:

TAX & SUPERANNUATION: SECURING RETIREMENT INCOMES TAX & SUPERANNUATION: BENCHMARKING AUSTRALIA AGAINST THE WORLD S BEST RETIREMENT SAVINGS SYSTEMS FEBRUARY 2013 CONTENTS 1 Executive Summary 2 Introduction 3 The variety of retirement

More information

taxation Current to June 20, 2013 What s Inside www.bdo.ca

taxation Current to June 20, 2013 What s Inside www.bdo.ca www.bdo.ca taxation Tax Facts 2013 Current to June 20, 2013 Tax Facts 2013 provides you with a summary of 2013 personal income tax rates and amounts, as well as corporate tax rates (as at July 1, 2013),

More information

Ensuring the Ongoing

Ensuring the Ongoing Ensuring the Ongoing Strength of Canada s Retirement Income System A Submission to the Federal-Provincial Relations and Social Policy Branch Department of Finance April 30, 2010 On behalf of the Canadian

More information

Social Security Programs Throughout the World: The Americas, 2007

Social Security Programs Throughout the World: The Americas, 2007 Social Security Programs Throughout the World: The Americas, 2007 Social Security Administration Office of Retirement and Disability Policy Office of Research, Evaluation, and Statistics 500 E Street,

More information

CANADIAN MERCHANT SERVICE GUILD

CANADIAN MERCHANT SERVICE GUILD CANADIAN MERCHANT SERVICE GUILD EASTERN BRANCH PENSION TRUST FUND 2015 2015 CANADIAN MERCHANT SERVICE GUILD EASTERN BRANCH PENSION TRUST FUND 1 Printed 2015 2 Eastern Branch Pension Trust Fund Table of

More information

RETIREMENT CHECKLIST MAKING THE MOST OF YOUR RETIREMENT

RETIREMENT CHECKLIST MAKING THE MOST OF YOUR RETIREMENT RETIREMENT CHECKLIST MAKING THE MOST OF YOUR RETIREMENT This document has been prepared for use by RBC Dominion Securities Inc.* and RBC DS Financial Services Inc., (collectively, the Companies ). The

More information

CANADIAN MERCHANT SERVICE GUILD

CANADIAN MERCHANT SERVICE GUILD 2012 CANADIAN MERCHANT SERVICE GUILD WESTERN BRANCH PENSION PLAN (Towboats) Printed February 2012 This booklet is not a legal document 2012 CANADIAN MERCHANT SERVICE GUILD WESTERN BRANCH PENSION PLAN (Towboats)

More information

UNLIKE ANYTHING ELSE on the market

UNLIKE ANYTHING ELSE on the market Retirement income LifeAnew A deferred life annuity that s 100% guaranteed for life UNLIKE ANYTHING ELSE on the market Overview of factors influencing retirement WHAT KIND OF RETIREMENT INCOME IS AVAILABLE?

More information

PENSION INSURANCE IN REPUBLIC OF CROATIA 2008, progress and improvements

PENSION INSURANCE IN REPUBLIC OF CROATIA 2008, progress and improvements PENSION INSURANCE IN REPUBLIC OF CROATIA 2008, progress and improvements Snježana Baloković Ministry of Economy, Labour and Entrepreneurship JIM Conference, Zagreb, 31 March 2009 1 PENSION REFORM Started

More information

Australia. Qualifying conditions. Benefit calculation. Defined contribution. Key indicators: Australia. Australia: Pension system in 2014

Australia. Qualifying conditions. Benefit calculation. Defined contribution. Key indicators: Australia. Australia: Pension system in 2014 11. PENSIONS AT A GLANCE 215: COUNTRY PROFILES AUSTRALIA Australia Australia: Pension system in 214 Australia s retirement income system has three components: a means-tested Age Pension funded through

More information

PENSIONS AT A GLANCE 2011: RETIREMENT-INCOME SYSTEMS IN OECD COUNTRIES PORTUGAL

PENSIONS AT A GLANCE 2011: RETIREMENT-INCOME SYSTEMS IN OECD COUNTRIES PORTUGAL PENSIONS AT A GLANCE 2011: RETIREMENT-INCOME SYSTEMS IN OECD COUNTRIES Online Country Profiles, including personal income tax and social security contributions PORTUGAL Portugal: pension system in 2008

More information

CPP Enhancement: The Debate Takes Centre Stage

CPP Enhancement: The Debate Takes Centre Stage Enhancement of the Canada Pension Plan (CPP) is expected to be a major issue in the upcoming federal election. This article provides an overview of likely features of a CPP enhancement proposal along with

More information

Portugal. Qualifying conditions. Benefit calculation. Earnings-related. Key indicators. Portugal: Pension system in 2012

Portugal. Qualifying conditions. Benefit calculation. Earnings-related. Key indicators. Portugal: Pension system in 2012 Portugal Portugal: Pension system in 212 Portugal has an earnings-related public pension scheme with a means-tested safety net. Key indicators Portugal OECD Average worker earnings (AW) EUR 15 7 32 4 USD

More information

Sample retirement plan prepared with. The Canadian Retirement Planner s Software. For information visit http://www.gobeil.ca/

Sample retirement plan prepared with. The Canadian Retirement Planner s Software. For information visit http://www.gobeil.ca/ RETIREMENT PLAN KAREN AND BILL SWIRE PROVINCE OF ONTARIO AS AT JANUARY 1, 2012 PREPARED BY DAVID GOBEIL, CA, CFP NOVEMBER 4, 2011 VERSION DRAFT Sample retirement plan prepared with The Canadian Retirement

More information