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

Size: px
Start display at page:

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

Transcription

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

2 ABOUT OHBA The Ontario Home Builders Association (OHBA) is the voice of the new housing, land development and professional renovation industry in Ontario. OHBA represents over 4,000 member companies, organized through a network of 31 local associations across the province. Our membership is made up of all disciplines involved in development and residential construction including: builders, land developers, professional renovators, trade contractors, manufacturers, consultants, services professionals and suppliers. The residential construction industry employed over 322,000 people and contributed over $44 billion to the province s economy in

3 The Ontario Home Builders Association is pleased to respond to this consultation package on the Ontario Retirement Pension Plan (ORPP). OHBA recognizes the important public policy objective the government is trying to address through this proposed plan in order to tackle the undersaving challenge in order to ensure additional income security for Ontarians when they retire from the workforce. We also recognize the ORPP was a main component of the 2014 Liberal election platform. However, OHBA members are concerned by the narrative of this consultation and message of the ORPP which implies that employers are solely responsible for the employee s retirement future. OHBA represents over 4,000 member companies from across Ontario, accounting for approximately $43 billion worth of economic activity. The companies our association represents vary from large and small home builders, along with professional renovation and trade contractors. In particular, this submission highlights the challenges that small businesses face from across the province if implemented incorrectly, the ORPP might be a new significant administrative cost on companies with limited ability to contribute and comply with an increasingly complicated regulatory framework. In addition to concerns by small business, there also might be unintended consequences to collective agreements as well as other payment structures to workers if this program is not implemented carefully. The new home construction and renovation industry has adapted to significant provincial regulatory and legislative changes over the past several years that have added new costs through increases in new neighbour taxes, the costliest workplace safety insurance regime in Canada, a new mandatory WSIB insurance system on small construction firms, new fees and bureaucracy through the Ontario College of Trades and new regulations from a variety of Ministries including Ministry of Environment and Ministry of Labour. Each new regulation and tax is an added cost and may also result in new administrative costs as small employers are forced to comply with added red tape from all three levels of government. The cumulative impact is significant. Unfortunately the proposed ORPP appears to be another significant cost through duplicative administration with other existing pension plans. Therefore, like the provincial government, OHBA s preference would be enhancements to the Canada Pension Plan so employers would not be forced to comply with duplicative mandatory government pension programs. Lastly, we are pleased to see that the government has recognized the unique status of self-employed individuals and OHBA recommends the government exempt the self-employed from an ORPP progam. Our submission responds to questions in the report where our members have raised key concerns. We would be pleased to continue dialogue in future conversations with government on other questions not addressed in this submission. 2

4 DISCUSSION QUESTIONS: Definition of Comparable Workplace Pension Plan 1. The government s preferred approach remains a CPP enhancement. Therefore, the definition of comparable should be determined with a view to maintaining the potential for integration with the CPP in the future. With this in mind, should the definition of a comparable workplace pension plan mirror the key features of the CPP and ORPP? OHBA agrees with government that enhancements to the CPP are the preferred option for ensuring retirement income security. If the provincial government proceeds with an ORPP, it should do so with the ultimate goal of merging the ORPP with the CPP as soon as enhancements to the CPP are made. 2. Which features of the CPP and the ORPP would be the most important to capture in a comparable plan? As outlined in page 6 of the consultation document. The provincial government has established similar criteria to the CPP. OHBA does not have a position on what is the most important component, only that if the government does go forward with a plan that it is similar enough to be incorporated into the CPP. 3. Are there circumstances under which other retirement savings vehicles such as DC plans should be considered comparable? a. For example, would establishing a minimum employee/employer contribution rate (that would provide for a similar benefit to the ORPP) for DC plans help make DC plans comparable? b. Similarly, would requiring members to convert a portion of savings in a DC plan to an annuity upon retirement help make DC plans comparable? If so, would Ontario s insurance industry have the capacity to offer affordable annuities on this scale? 4. Employers may have multiple and complex retirement savings arrangements. a. How would employers currently offering non-comparable plans expect their plans to work alongside the ORPP? b. How much time would employers need to take stock of their current approaches and make decisions about the right compensation mix going forward? 5. In your view, what would be the best definition of comparable workplace pension plans? The ORPP should not be duplicative to any reasonably parallel retirement savings plan. Otherwise it would create a significant and needless administrative burden on employers (and potentially costly to employees) who may have to transfer funds or switch from existing plans even though may have been receiving the same or more income security through a different plan. 3

5 OHBA would consider any parallel plan to be a program that an employer contributes towards that insures additional income security for their workers. As identified in page 11, we believe this should include Defined Benefit Pension Plans and Defined Contribution Pension Plans. In terms of how much time employers would need to take stock of their current approaches and make decisions about the right compensation mix going forward, OHBA believes that there should be consideration for the lack of administrative capabilities for small employers to make these decisions. Therefore, OHBA recommends a reasonable phase-in period with government providing clarity for employers to determine if their workplace pension/contribution plans meets the needs of their employees. DISCUSSION QUESTIONS: The Right Minimum Earnings Threshold 1. Does mirroring the CPP minimum earnings threshold strike the appropriate balance between contribution and accruing benefits? 2. If not, what should be the minimum earnings threshold for the ORPP? What are the potential tradeoffs? 3. There will be administrative complexities if minimum earnings threshold is different than that of CPP. How might this affect different employers? 4. Are there other potential implications of a $3500 minimum earnings threshold that are not addressed in this paper? 5. Are there other ways that Ontario could help address concerns about the ability of persistently low-income workers to continue and accumulate benefits? 6. Should Pillar 1 supports, including the GIS and GAINS, be changed so that future low-income seniors do not experience reduced benefits as a result of higher ORPP benefits? OHBA agrees with the premise that the proposed ORPP should include as much compatibility as possible with the Canada Pension Plan (CPP) as possible so that the ORPP can be eventually phased out and incorporated into an expanded CPP. This would ensure worker security regardless of where in Canada an Ontarian chooses to work over their career. 4

6 DISCUSSION QUESTIONS: ADDRESSING THE NEEDS OF THE SELF-EMPLOYED 1. Self-employed individuals will not be able to participate in the ORPP, given the current rules under the federal Income Tax Act (ITA). Should Ontario engage in discussions with the Government of Canada to amend the ITA rules in order to allow the self-employed participate in the ORPP? 2. What more can be done with regards to improving financial literacy among the self-employed? What role can the financial services sector play in educating the self-employed? 3. How else could the government assist self-employed individuals in achieving a secure retirement future? OHBA agrees with the province that self-employed individuals have unique needs. Therefore, we believe that the province should exempt the self-employed from an ORPP program. As identified, currently individuals who are not in an employment relationship and do not receive a salary or wages as compensation are currently have an exemption under the Income Tax Act from participating in RPPs. Although they cannot participate in RPPs, this doesn t mean that they aren t saving for retirement. Selfemployed individuals can and do take advantage of numerous savings and investment vehicles to ensure they are provided for when they choose to retire. Mandating their participation in a pension plan that they cannot opt-out of could be potentially disruptive to their voluntary contributions in other plans as well as their current income stream. We do recommend that the province should be more active in education and outreach to the selfemployed, so they are aware of different savings and retirement options that are available to suit their individual needs. CONCLUSION OHBA appreciates the opportunity to provide the Ministry comments and recommendation on the ORPP proposal. Considering the magnitude of the ORPP OHBA recommends additional consultative processes across Ontario as additional details are made available. For additional information or clarification on any of the above comments please contact OHBA staff, Stephen Hamilton 5

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

Questionnaire Response: Ontario Nonprofit Network (ONN)

Questionnaire Response: Ontario Nonprofit Network (ONN) Questionnaire Response: Ontario Nonprofit Network (ONN) 1. If elected, will you ensure that the Ontario Not-for-Profit Corporations Act, 2010 (ONCA), that was passed unanimously by all three political

More information

Ontario Retirement Pension Plan Proposal MEPCO DISCUSSION PAPER

Ontario Retirement Pension Plan Proposal MEPCO DISCUSSION PAPER Ontario Retirement Pension Plan Proposal MEPCO DISCUSSION PAPER JUNE 17, 2015 1 Ontario s Registered Pension Plan Proposal Background: In the 2014 Provincial Budget, the Ontario Government announced that

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

Ontario Retirement Pension Plan Key Design Questions

Ontario Retirement Pension Plan Key Design Questions Ontario Retirement Pension Plan Key Design Questions Submission to the Associate Minister of Finance Prepared by Canadian Bankers Association February 13, 2015 1 EXPERTISE CANADA BANKS ON LA RÉFÉRENCE

More information

THE WAY TO BUILDING A BETTER ONTARIO 2016 Ontario Pre-Budget Submission

THE WAY TO BUILDING A BETTER ONTARIO 2016 Ontario Pre-Budget Submission THE WAY TO BUILDING A BETTER ONTARIO 2016 Ontario Pre-Budget Submission February 2016 Tel/Tél: 416.497.4110 Toll-free/Sans frais: 1.800.268.5763 Fax/Téléc: 416.496.6552 Who is Unifor Unifor is a new Canadian

More information

Tax Rules for Pooled Registered Pension Plans (PRPPs) Submission to the. Department of Finance Canada

Tax Rules for Pooled Registered Pension Plans (PRPPs) Submission to the. Department of Finance Canada Tax Rules for Pooled Registered Pension Plans (PRPPs) Submission to the Department of Finance Canada Ottawa, Ontario August 2011 Introduction The Canadian Chamber appreciates the opportunity to submit

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

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

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

A Conversation With a Canadian Benefits Attorney

A Conversation With a Canadian Benefits Attorney A Conversation With a Canadian Benefits Attorney 28 th Annual National CLE Conference Employee Benefits January 5, 2011 (5:30 6:30 p.m.) Elizabeth M. Brown Hicks Morley Hamilton Stewart Storie LLP Overview

More information

2015 Pre-Budget Submission: Unlocking Assets for Community Benefit

2015 Pre-Budget Submission: Unlocking Assets for Community Benefit February 9, 2015 The Honourable Charles Sousa Ministry of Finance 7 th Floor, Frost Building South 7 Queen s Park Cres., Toronto, ON M7A 1Y7 Dear Minister Sousa, 2015 Pre-Budget Submission: Unlocking Assets

More information

RE: Securing Our Retirement Future: Consulting with Ontarians on Canada s Retirement Income System

RE: Securing Our Retirement Future: Consulting with Ontarians on Canada s Retirement Income System November 29, 2010 Ministry of Finance Retirement Income Security Submission c/o Communications & Corporate Affairs Branch 3 rd Floor, Frost Building North 95 Grosvenor Street Toronto, ON M7A 1Z1 Sent via

More information

99 Metcalfe Street, Suite 1202 99, rue Metcalfe, bureau 1202 Ottawa, Ontario K1P 6L7 Ottawa (Ontario) K1P 6L7. June 23, 2014

99 Metcalfe Street, Suite 1202 99, rue Metcalfe, bureau 1202 Ottawa, Ontario K1P 6L7 Ottawa (Ontario) K1P 6L7. June 23, 2014 99 Metcalfe Street, Suite 1202 99, rue Metcalfe, bureau 1202 Ottawa, Ontario K1P 6L7 Ottawa (Ontario) K1P 6L7 June 23, 2014 Minister Kevin Sorenson Minister of State (Finance) Department of Finance Canada

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

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

Canada Pension Plan Overview Citizens for Public Justice April 2012

Canada Pension Plan Overview Citizens for Public Justice April 2012 Canada Pension Plan Overview Citizens for Public Justice April 2012 Chris Roberts Canadian Labour Congress Three Pillars of Canada s Retirement Income System Basic pension Old Age Security and Guaranteed

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

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

PLATFORM ANALYSIS PROGRESSIVE CONSERVATIVE PARTY

PLATFORM ANALYSIS PROGRESSIVE CONSERVATIVE PARTY PROGRESSIVE CONSERVATIVE PARTY The Progressive Conservative Party (PC) platform is based on Leader Tim Hudak s commitment to create one million jobs in Ontario. Named the Million Jobs Plan and closely

More information

Strengthening the Canada Pension Plan: Take it to the public

Strengthening the Canada Pension Plan: Take it to the public Strengthening the Canada Pension Plan: Take it to the public by Ken Battle, Sherri Torjman and Michael Mendelson November 2013 Strengthening the Canada Pension Plan: Take it to the public by Ken Battle,

More information

February 24, 2012. Submitted by:

February 24, 2012. Submitted by: CMA s Submission to the House of Commons Standing Committee on Finance: Amending Bill C-25 to expand the PRPP framework to provide value to self-employed Canadians February 24, 2012 Submitted by: John

More information

Mandatory WSIB Coverage in the Construction Industry

Mandatory WSIB Coverage in the Construction Industry Mandatory WSIB Coverage in the Construction Industry Ryan Connelly WSIB Mandatory Coverage Project December 2012 Topics Covered Mandatory Coverage in Construction What is new? When are the changes effective?

More information

VALUE OF FINANCIAL ADVICE TO ONTARIO S HOUSEHOLDS, ECONOMY & GOVERNMENT SMALL BUSINESS FINANCIAL ADVISORS HELPING MIDDLE CLASS ONTARIANS

VALUE OF FINANCIAL ADVICE TO ONTARIO S HOUSEHOLDS, ECONOMY & GOVERNMENT SMALL BUSINESS FINANCIAL ADVISORS HELPING MIDDLE CLASS ONTARIANS VALUE OF FINANCIAL ADVICE TO ONTARIO S HOUSEHOLDS, ECONOMY & GOVERNMENT SMALL BUSINESS FINANCIAL ADVISORS HELPING MIDDLE CLASS ONTARIANS APRIL 2013 CONTENTS 3 VALUE OF FINANCIAL ADVICE 4 IMPORTANCE OF

More information

Ontario Retirement Pension Plan

Ontario Retirement Pension Plan in partnership with: Ontario Retirement Pension Plan The impact on Ontario s manufacturers and their 750,000 employees Canadian Manufacturers & Exporters September 2015 Table of Contents Executive Summary

More information

Corporate Report. Recommendation That Council receive the report Employee Pension and Sick Leave Benefits for information purposes.

Corporate Report. Recommendation That Council receive the report Employee Pension and Sick Leave Benefits for information purposes. CITY or ST. CATHARINE Corporate Report Report from Office of the Chief Administrative Officer, Administration Date of Report: April 28, 2015 Date of Meeting: May 25, 2015 Report Number: CAO-136-2015 File:

More information

Comments on Securing Our Retirement Future: Consulting with Ontarians on Canada s Retirement Income System

Comments on Securing Our Retirement Future: Consulting with Ontarians on Canada s Retirement Income System November 29, 2010 Ministry of Finance Retirement Income Security Submission c/o Communications & Corporate Affairs Branch 3rd Floor, Frost Building North 95 Grosvenor Street Toronto, ON M7A 1Z1 Re: Comments

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

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

Submission Paper #2 to the Social Assistance Review MS Society of Canada, Ontario Division March 2012

Submission Paper #2 to the Social Assistance Review MS Society of Canada, Ontario Division March 2012 Ontario Division 175 Bloor Street East Suite 700, North Tower Toronto, Ontario M4W 3R8 Telephone: (416) 922-6065 Toll Free: 1-800-268-7582 Fax: (416) 922-7538 www.mssociety.ca Submission Paper #2 to the

More information

SUBMISSION TO: THE WORKPLACE SAFETY & INSURANCE BOARD S RATE FRAMEWORK MODERNIZATION CONSULTATION CANADIAN MANUFACTURERS & EXPORTERS.

SUBMISSION TO: THE WORKPLACE SAFETY & INSURANCE BOARD S RATE FRAMEWORK MODERNIZATION CONSULTATION CANADIAN MANUFACTURERS & EXPORTERS. CANADIAN MANUFACTURERS & EXPORTERS SUBMISSION TO: THE WORKPLACE SAFETY & INSURANCE BOARD S RATE FRAMEWORK MODERNIZATION CONSULTATION October 2, 2015 1 CANADIAN MANUFACTURERS & EXPORTERS SUBMISSION TO THE

More information

The Taxation of Corporate Groups Consultation Paper November 2010

The Taxation of Corporate Groups Consultation Paper November 2010 April 15 th, 2011 Department of Finance L Esplanade Laurier 17 th Floor, East Tower 140 O Connor Street Ottawa, ON K1A 0G5 Attention: Mr. Geoff Trueman, Business Income Tax Division Dear Sirs and Mesdames,

More information

Framework for Pooled Registered Pension Plans

Framework for Pooled Registered Pension Plans Framework for Pooled Registered Pension Plans CBA Submission to the Ontario Ministry of Finance January 23, 2014 EXPERTISE CANADA BANKS ON LA RÉFÉRENCE BANCAIRE AU CANADA Framework for Pooled Registered

More information

Spending, deficit, and debt are going up.

Spending, deficit, and debt are going up. Spending, deficit, and debt are going up. This budget increases government spending by $3 billion, from $127 billion in 2013-14 to $130 billion in 2014-15. The deficit will grow from $11.3 billion to $12.5

More information

Vision. Knowledge & Insights. The case for DC pension plans. In-depth analysis of a major pension or benefits issue of long-term significance

Vision. Knowledge & Insights. The case for DC pension plans. In-depth analysis of a major pension or benefits issue of long-term significance Knowledge & Insights Vision In-depth analysis of a major pension or benefits issue of long-term significance Volume 18 Number 1 April 2015 The case for DC pension plans By Fred Vettese, Chief Actuary In

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

Guide to SELF-DIRECTED. Passport Funding

Guide to SELF-DIRECTED. Passport Funding HAMILTON Guide to SELF-DIRECTED Passport Funding Prepared by: Contact Hamilton, Passport Agency for the communities of: Brant, Haldimand, Norfolk, Hamilton, Niagara Six Nations of the Grand River Mississaugas

More information

SUSTAINING PROSPERITY FOR FUTURE GENERATIONS NLEC POSITION ON 2013 PROVINCIAL BUDGET PRIORITIES

SUSTAINING PROSPERITY FOR FUTURE GENERATIONS NLEC POSITION ON 2013 PROVINCIAL BUDGET PRIORITIES SUSTAINING PROSPERITY FOR FUTURE GENERATIONS Approved by the NLEC Board of Directors Jan 16 th, 2013 1 SUSTAINING OUR PROSPERITY FOR FUTURE GENERATIONS INTRODUCTION The Newfoundland and Labrador Employers

More information

Company Pension Plans in Canada

Company Pension Plans in Canada Company Pension Plans in Canada This article provides an introduction to company pension plans as well as a discussion of several issues currently facing company pension plans in Canada. Company pension

More information

2011 ANNUAL ABA MEETING LABOR AND EMPLOYMENT LAW SECTION ENSURING REAL WIN-WIN CROSS-BORDER MERGERS AND ACQUISITIONS: PENSION & BENEFIT ISSUES

2011 ANNUAL ABA MEETING LABOR AND EMPLOYMENT LAW SECTION ENSURING REAL WIN-WIN CROSS-BORDER MERGERS AND ACQUISITIONS: PENSION & BENEFIT ISSUES 2011 ANNUAL ABA MEETING LABOR AND EMPLOYMENT LAW SECTION ENSURING REAL WIN-WIN CROSS-BORDER MERGERS AND ACQUISITIONS: PENSION & BENEFIT ISSUES donna.walwyn@bakermckenzie.com I. GENERAL THRESHOLD ISSUES

More information

PROJECTING YOUR CASH FLOW

PROJECTING YOUR CASH FLOW THE BUSINESS ENTERPRISE CENTRE S GUIDE TO PROJECTING YOUR CASH FLOW The Business Enterprise Centre is a member of Last updated 16 Jan 2015 TD Page 1 of 26 Preface A cash flow statement reports the outflow

More information

Review of Section 38 (Benefits), Workers Compensation Act

Review of Section 38 (Benefits), Workers Compensation Act Legislative Review of Workers Compensation Review of Section 38 (Benefits), Workers Compensation Act Discussion Paper May 2015 Discussion Paper May 2015 Published by: Province of New Brunswick P.O. Box

More information

DEMOGRAPHICS AND MACROECONOMICS

DEMOGRAPHICS AND MACROECONOMICS 1 FRANCE DEMOGRAPHICS AND MACROECONOMICS Nominal GDP (EUR bn) 1 950 GDP per capita (USD) 44 550 Population (000s) 62 277 Labour force (000s) 28 415 Employment rate 92.6 Population over 65 (%) 16.7 Dependency

More information

Pension Trends in the Public Sector. Prepared by Aon Hewitt

Pension Trends in the Public Sector. Prepared by Aon Hewitt Pension Trends in the Public Sector Prepared by Agenda Introduction Drivers of change What s changing What s next Questions Proprietary & Confidential May 2015 1 Introduction Proprietary & Confidential

More information

Ontario Retirement Pension Plan Member Survey

Ontario Retirement Pension Plan Member Survey Ontario Retirement Pension Plan Member Survey Last spring HRPA surveyed members to gauge their opinion of the proposed Ontario Registered Pension Plan (ORPP). Based on the limited information the government

More information

Retirement income. LifeAnew A deferred life annuity that s 100% guaranteed for life

Retirement income. LifeAnew A deferred life annuity that s 100% guaranteed for life Retirement income LifeAnew A deferred life annuity that s 100% guaranteed for life LifeAnew Maintain your standard of living when you retire If you are between the ages of 40 and 60 and you want to plan

More information

Taxation of Retirement Income

Taxation of Retirement Income Taxation of Retirement Income TAXATION OF RETIREMENT INCOME As our population ages, the need to fund a comfortable retirement becomes a priority for more and more Canadians. Many Canadians planning for

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

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

ONTARIO NURSES ASSOCIATION

ONTARIO NURSES ASSOCIATION ONTARIO NURSES ASSOCIATION Submission to Consultations on Regulation of Physician Assistants (PAs) under the Regulated Health Professions Act, 1991 Health Professions Regulatory Advisory Council (HPRAC)

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

GUIDE TO RETIREMENT PLANNING FINANCIAL GUIDE. Making the most of the new pension rules to enjoy freedom and choice in your retirement

GUIDE TO RETIREMENT PLANNING FINANCIAL GUIDE. Making the most of the new pension rules to enjoy freedom and choice in your retirement GUIDE TO RETIREMENT PLANNING Making the most of the new pension rules to enjoy freedom and choice in your retirement FINANCIAL GUIDE WELCOME Making the most of the new pension rules to enjoy freedom and

More information

THE EMERGING RETIREMENT CRISIS

THE EMERGING RETIREMENT CRISIS THE EMERGING RETIREMENT CRISIS PART ONE Ontarians Rank Retirement Income Security as a Top Concern 1 // THE EMERGING RETIREMENT CRISIS: PART ONE Letter from Jim Keohane, HOOPP Dwindling pension coverage

More information

May 3, 2012. Submitted electronically via the Federal Rulemaking portal @ www.regulations.gov

May 3, 2012. Submitted electronically via the Federal Rulemaking portal @ www.regulations.gov Submitted electronically via the Federal Rulemaking portal @ www.regulations.gov CC:PA:LPD:PR (REG-110980-10) Room 5203 Internal Revenue Service P.O. Box 7604 Ben Franklin Station Washington, DC 20044

More information

Canada s Retirement Security Crisis. National Union of Public and General Employees (NUPGE) Ottawa, Canada: January 2012

Canada s Retirement Security Crisis. National Union of Public and General Employees (NUPGE) Ottawa, Canada: January 2012 Canada s Retirement Security Crisis National Union of Public and General Employees (NUPGE) Ottawa, Canada: January 2012 MYTH1 Most public sector employees have a gold-plated pension. No, in fact the far

More information

THE TAXATION OF RETIREMENT SAVINGS IN CANADA

THE TAXATION OF RETIREMENT SAVINGS IN CANADA THE TAXATION OF RETIREMENT SAVINGS IN CANADA Laurence E. Coward, Canada 1 INTRODUCTION Retirement income for the elderly is provided through a combination of state pensions, employment pension plans and

More information

Paired Plans. When we run a paired plan we are able to maximize the benefits and minimize the shortcomings of each type of plan.

Paired Plans. When we run a paired plan we are able to maximize the benefits and minimize the shortcomings of each type of plan. T raditionally, companies have had the option of adopting either a Defined Contribution Plan, such as a 401(k) Profit Sharing Plan, or a Defined Benefit Plan. Each of these types of plans has advantages

More information

Local 804 Pension Plan

Local 804 Pension Plan Local 804 Pension Plan A guide to your pension plan benefits Union Benefit Plans Services Contact Contact us If you have any questions about the plan, please contact the plan administrator: Union Benefit

More information

LEGISLATIVE UPDATE. Ontario Legislation

LEGISLATIVE UPDATE. Ontario Legislation Page 1 of 7 January 1, 2008 M A R C H 2 0 09 B Y: P A U L B R O A D LEGISLATIVE UPDATE This Update follows the progress of a selection of recent Ontario and federal legislation, proposed legislation and

More information

What about Money? Understanding Income Sources after a Motor Vehicle Accident

What about Money? Understanding Income Sources after a Motor Vehicle Accident What about Money? Understanding Income Sources after a Motor Vehicle Accident clinical excellence human focus 15 Barrie Blvd., St. Thomas, ON N5P4B9 Ph: 519-637-0981 Fx: 519-637-6997 www.novusrehab.ca

More information

HUMAN RESOURCES MANAGEMENT

HUMAN RESOURCES MANAGEMENT HUMAN RESOURCES MANAGEMENT Program Outline Major: HRMN Length: 1 Year Delivery: 2 Semesters, plus 1 industry placement Credential: Ontario College Graduate Certificate Effective: 2012-2013 Location: Barrie

More information

2015 Pension, Benefits and Executive Compensation Update

2015 Pension, Benefits and Executive Compensation Update 2015 Pension, Benefits and Executive Compensation Update Pension Annuity Buy-ins and Buy-outs: Understanding the Legal Issues Lisa J. Mills Natasha D. Monkman DB Pension Plan De-risking DB Pension Plan

More information

Program Guidelines. Workplace Innovation and Productivity Skills Incentive (WIPSI) an initiative of the Canada-Nova Scotia Job Grant

Program Guidelines. Workplace Innovation and Productivity Skills Incentive (WIPSI) an initiative of the Canada-Nova Scotia Job Grant Workplace Innovation and Productivity Skills Incentive (WIPSI) an initiative of the Canada-Nova Scotia Job Grant Program Guidelines 1. Summary The Workplace Innovation and Productivity Skills Incentive

More information

Emile Tompa, Cameron Mustard. IWH Project 0418

Emile Tompa, Cameron Mustard. IWH Project 0418 April 2013 Examining the adequacy of workers' compensation benefits Supplemental Analysis: Canada Pension Plan Disability Benefits and WSIB benefits in the 1992-1994 NEL/FEL claimant cohort Emile Tompa,

More information

Employment Intermediaries: Temporary workers relief for travel and subsistence expenses

Employment Intermediaries: Temporary workers relief for travel and subsistence expenses Employment Intermediaries: Temporary workers relief for travel and subsistence expenses Discussion document Publication date: 16 December 2014 Closing date for comments: 10 February 2015 Subject of this

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

Management Systems Occupational Health and Safety: The Road Ahead

Management Systems Occupational Health and Safety: The Road Ahead Industrial Accident Prevention Association Management Systems Occupational Health and Safety: The Road Ahead A member of the IAPA Family of Quality Services Industrial Accident Prevention Association Management

More information

DEMOGRAPHICS AND MACROECONOMICS

DEMOGRAPHICS AND MACROECONOMICS 1 IRELAND DEMOGRAPHICS AND MACROECONOMICS Nominal GDP (EUR bn) 181 815 GDP per capita (USD) 59 944 Population (000s) 4 422 Labour force (000s) 2 224 Employment rate 94.82 Population over 65 (%) 10.9 Dependency

More information

group insurance plans for small business

group insurance plans for small business group insurance plans for small business Presented by: Stephen Cragg Financial Security Advisor Group Broker table of contents About me Group broker services Additional services I provide Fifteen advantages

More information

Financial statements of. Youth Science Canada. June 30, 2010

Financial statements of. Youth Science Canada. June 30, 2010 Financial statements of Youth Science Canada Table of contents Auditors Report... 1 Statement of financial position... 2 Statement of operations... 3 Statement of changes in net assets... 4 Statement of

More information

HANDBOOK ISSUES THAT MATTER TO SARNIA-LAMBTON BUSINESS

HANDBOOK ISSUES THAT MATTER TO SARNIA-LAMBTON BUSINESS Jason McMichael Marilyn Gladu Dave McPhail Peter Smith 2015 Federal Election HANDBOOK ISSUES THAT MATTER TO SARNIA-LAMBTON BUSINESS OUR POSITION Sarnia-Lambton voters go to the polls October 19 to decide

More information

The Red Tape Challenge in summary (as at 15 May 2012)

The Red Tape Challenge in summary (as at 15 May 2012) The Red Tape Challenge in summary (as at 15 May 2012) The Prime Minister set a challenge in April 2011: We need to tackle regulation with vigour both to free businesses to compete and create jobs, and

More information

Thursday, February 19 2015 WRM# 15-06

Thursday, February 19 2015 WRM# 15-06 Thursday, February 19 2015 WRM# 15-06 The WRMarketplace is created exclusively for AALU Members by the AALU staff and Greenberg Traurig, one of the nation s leading tax and wealth management law firms.

More information

pensions backgrounder #4

pensions backgrounder #4 pensions backgrounder #4 Private Retirement Savings Part 4 in a Series The full series of pension backgrounders are contained in the National Union s Pensions Manual, Fourth Edition available from the

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

RETIREMENT INCOME CRISIS: INEVITABLE OR AVOIDABLE? THE ECONOMIC REALITY

RETIREMENT INCOME CRISIS: INEVITABLE OR AVOIDABLE? THE ECONOMIC REALITY RETIREMENT INCOME CRISIS: INEVITABLE OR AVOIDABLE? THE ECONOMIC REALITY A MESSAGE FROM HOOPP PRESIDENT & CEO, JIM KEOHANE March 17, 2014 The following White Paper, entitled Retirement Income Crisis: Inevitable

More information

Regulatory Notice 14-50: FINRA Requests Comment on a Proposal to Establish Payto-Play

Regulatory Notice 14-50: FINRA Requests Comment on a Proposal to Establish Payto-Play VIA ELECTRONIC MAIL Marcia E. Asquith Office of the Corporate Secretary FINRA 1735 K Street, NW Washington, DC 20006-1506 Re: Regulatory Notice 14-50: FINRA Requests Comment on a Proposal to Establish

More information

Submission of the Ontario Human Rights Commission to the Ministry of Labour Regarding the Consultations on Ending Mandatory Retirement.

Submission of the Ontario Human Rights Commission to the Ministry of Labour Regarding the Consultations on Ending Mandatory Retirement. Submission of the Ontario Human Rights Commission to the Ministry of Labour Regarding the Consultations on Ending Mandatory Retirement September 2004 This submission is in response to the Ministry of Labour

More information

4 PROPERTY TAX RELIEF OPTIONS FOR SENIORS, LOW-INCOME DISABLED AND OTHER LOW-INCOME PERSONS

4 PROPERTY TAX RELIEF OPTIONS FOR SENIORS, LOW-INCOME DISABLED AND OTHER LOW-INCOME PERSONS 4 PROPERTY TAX RELIEF OPTIONS FOR SENIORS, LOW-INCOME DISABLED AND OTHER LOW-INCOME PERSONS (Regional Council, at its meeting on June 21, 2007, amended the following report to provide that: (a) the Commissioner

More information

CANADIAN MERCHANT SERVICE GUILD

CANADIAN MERCHANT SERVICE GUILD 2006 CANADIAN MERCHANT SERVICE GUILD WESTERN BRANCH PENSION PLAN (Towboats) This statement has been prepared for: 2006 CANADIAN MERCHANT SERVICE GUILD WESTERN BRANCH PENSION PLAN (Towboats) Printed March

More information

Submission to Ontario Expert Commission on Pensions

Submission to Ontario Expert Commission on Pensions Association of Municipalities of Ontario October 15, 2007 The Expert Commission on Pensions P.O. Box 102 777 Bay Street Toronto, ON M5G 2C8 Dear Commissioner: Association of Municipalities of Ontario Submission

More information

2016 Federal Budget Includes Changes to EI and OAS/GIS Eligibility

2016 Federal Budget Includes Changes to EI and OAS/GIS Eligibility March 22, 2016 2016 Federal Budget Includes Changes to EI and OAS/GIS Eligibility T he 2016 Federal Budget, Growing the Middle Class (Budget) was tabled by Finance Minister Bill Morneau on March 22, 2016.

More information

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

TJX Canada. Integrated Accessibility Standard Policies. Multi-Year Accessibility Plan

TJX Canada. Integrated Accessibility Standard Policies. Multi-Year Accessibility Plan TJX Canada Integrated Accessibility Standard Policies & Multi-Year Accessibility Plan 2014 Table of Contents 1. Purpose. 3 2. Scope and Responsibilities 3 3. Policy Statement and Organizational Commitment

More information

Household Composition Income & Assets Review

Household Composition Income & Assets Review GREATER SUDBURY SOCIÉTÉ DE LOGEMENT HOUSING CORPORATION DU GRAND SUDBURY Household Composition Income & Assets Review To continue to be eligible for assisted rental housing, you are required by the terms

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

Queensland can get on with the job

Queensland can get on with the job The department s red tape reduction programs have made it easier and less costly for Queenslanders to get on with the job and do business in the State. Red tape reduction programs are also contributing

More information

Recent Developments Affect Puerto Rico Retirement Plans

Recent Developments Affect Puerto Rico Retirement Plans Recent Developments Affect Puerto Rico Retirement Plans Volume 35 Issue 04 January 25, 2012 Employers with employees in Puerto Rico should be aware of three recent developments affecting Puerto Rico retirement

More information

BANK OF PAPUA NEW GUINEA SUBMISSION TO THE TAX REVIEW COMMITTEE ON TAXATION IN SUPERANNUATION AND LIFE INSURANCE

BANK OF PAPUA NEW GUINEA SUBMISSION TO THE TAX REVIEW COMMITTEE ON TAXATION IN SUPERANNUATION AND LIFE INSURANCE BANK OF PAPUA NEW GUINEA SUBMISSION TO THE TAX REVIEW COMMITTEE ON TAXATION IN 9 MAY 2014 1) INTRODUCTION This paper aims to bring to the attention of the Taxation Review Committee (TRC) issues relating

More information

Public Accounting Rights for Certified General Accountants in Canada. Issue Brief

Public Accounting Rights for Certified General Accountants in Canada. Issue Brief Public Accounting Rights for Certified General Accountants in Canada Issue Brief IMPORTANT NOTE: Some information regarding Ontario is out of date pursuant to the adoption of the Public Accounting Act,

More information

- on termination due to redundancy

- on termination due to redundancy The Increased Tax on Lump Sum Termination Payments By Ray Stevens (USA) INTRODUCTION In May, 1983, the Government announced increases in the taxation payable on lump sum superannuation benefits and on

More information

ENHANCING THE. Canada Pension Plan. canadianlabour.ca

ENHANCING THE. Canada Pension Plan. canadianlabour.ca ENHANCING THE Canada Pension Plan canadianlabour.ca What are we asking for? We are asking the federal government to double the Canada Pension Plan (CPP) retirement benefit for Canadians so that it replaces

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

MINISTRY OF TRAINING, COLLEGES AND UNIVERSITIES

MINISTRY OF TRAINING, COLLEGES AND UNIVERSITIES THE ESTIMATES, 1 The Ministry of Training, Colleges and Universities is committed to developing the best workforce in the world, to ensure a competitive advantage in the knowledge economy by creating accessible,

More information

Title IV Treatment of Rollovers from Defined Contribution Plans to Defined Benefit Plans

Title IV Treatment of Rollovers from Defined Contribution Plans to Defined Benefit Plans [Billing Code 7709-02-P] PENSION BENEFIT GUARANTY CORPORATION 29 CFR Parts 4001, 4022, and 4044 RIN 1212-AB23 Title IV Treatment of Rollovers from Defined Contribution Plans to Defined Benefit Plans AGENCY:

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

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

IOPS Member country or territory pension system profile: TRINIDAD AND TOBAGO. Update as of 15 February 2013

IOPS Member country or territory pension system profile: TRINIDAD AND TOBAGO. Update as of 15 February 2013 IOPS Member country or territory pension system profile: TRINIDAD AND TOBAGO Report 1 issued on September 2011, validated by the Central Bank of Trinidad and Tobago Update as of 15 February 2013 1 This

More information

Legislative Objective Education & Workforce Training

Legislative Objective Education & Workforce Training Association of Washington Business 2015-16 Legislative Agenda Education & Workforce Training AWB understands and acknowledges the challenges that lie ahead in the 2015-17 legislative biennium to fund basic

More information