Comments on Securing Our Retirement Future: Consulting with Ontarians on Canada s Retirement Income System
|
|
- Ami Holmes
- 8 years ago
- Views:
Transcription
1 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 on Securing Our Retirement Future: Consulting with Ontarians on Canada s Retirement Income System The Canadian Institute of Actuaries (CIA) is the national organization of the actuarial profession. The CIA establishes the Rules of Professional Conduct, guiding principles and monitoring and discipline processes for qualified actuaries. All members must adhere to the profession s Standards of Practice. The CIA follows its Guiding Principles, including Principle 1 which holds the duty of the profession to the public above the needs of the profession and its members. The CIA also assists the Actuarial Standards Board in developing standards of practice applicable to actuaries working in Canada. Actuaries apply their specialized knowledge in mathematics of finance, statistics and risk theory to problems faced by pension plans, government regulators, financial institutions, social programs and individuals. We believe these skills also make actuaries uniquely qualified to greatly contribute in the sphere of pension reform. The CIA welcomes the opportunity to respond to your document Securing Our Retirement Future: Consulting with Ontarians on Canada s Retirement Income System. We note that several questions were embedded in the document; however, we felt that our responses would be more effective if we grouped them into two major categories. Expansion of the Canada Pension Plan (CPP) Goals and Implications Before any revisions to the CPP are considered, the goals of any such changes should be clearly defined and the implications well understood. Canadians should be clear on what shortfalls in the retirement income system are being addressed. If there are perceived shortcomings with the retirement savings options provided by the private sector, then they should be clearly communicated. If, on the other hand, the proposed changes are attempting to address the fact that Canadians do not take full advantage of current retirement savings opportunities, we encourage policymakers to investigate why this is the case. It may well be that many cohorts of Canadians have other priorities (such as paying down mortgages), in which case there may be no problem to solve. Document
2 We believe the private system has several advantages and can function effectively. We would prefer to see several issues with the private system addressed first, such as the asymmetry in the treatment of pension surplus or the complexity of conflicting provincial regulations, to name a couple. Assuming that a CPP expansion is still the desired approach, we would like to offer comments on how this should be done. General Principles Whatever changes are decided upon, we believe it is important to maintain intergenerational equity. If benefits are expanded, they should apply for future employment only to avoid a windfall gain by any benefit recipients. In addition, expanded benefits should be fully funded through future contributions which are commensurate with the additional benefits being provided. We acknowledge that this approach may take more than 30 years to come fully into effect, but we maintain that this is the most equitable approach. Changes to the CPP should be viewed as a long-term solution, not a quick fix. We also believe that any reforms to the CPP should target the proper stakeholders. We believe that lower-income Canadians are already adequately covered when Old Age Security (OAS) and the Guaranteed Income Supplement (GIS) are taken into account. At the other end of the scale, we believe that high-income Canadians have adequate means to prepare for retirement without additional government assistance. Therefore, any reforms should generally target middle-income Canadians. Any expansion which enhances benefits for other groups will result in unnecessary economic costs. Evaluation of Alternatives A number of proposals to expand the CPP have been presented. These proposals include a number of alternatives, the most popular of which involve increasing the Year s Maximum Pensionable Earnings (YMPE), increasing the benefit level as a percentage of covered earnings from the present 25%, or both. We recommend that the potential outcome of any proposal be examined carefully, as the easiest solution may not necessarily be the best solution for the majority of Canadians. Given our position that any reform should target middle-income Canadians, the most effective way to do so is to increase the YMPE. An increase to the YMPE by a modest factor would be reasonable. Any expansion beyond that may be unnecessary. We believe that if the CPP is to be expanded, the expansion should be modest for two reasons: The required level of retirement income varies significantly by individual depending on their personal circumstances (factors such as marital status, whether they own a home, whether they are supporting children or parents, etc.). Consequently, the CPP in combination with OAS should provide a basic level of retirement income. Individuals can supplement their retirement income through other means as appropriate, based on their particular circumstances. An excessive expansion of the CPP would in essence be forcing some Canadians to save more than they actually need in retirement. Further, it is reasonable to expect Canadians to bear some personal responsibility for funding their retirement. 2
3 Any increase in payroll taxes will likely have some negative economic impact in terms of labour costs and employment levels. The impact of any CPP reforms on the GIS needs to be carefully analyzed and explained. Additional contributions from an expanded CPP may be an unwelcome (or even unbearable) extra expense to lowincome earners. For these reasons, we do not recommend increasing the benefit percentage from the current 25%. It may be possible to minimize the impact of a benefit percentage increase on lowerincome Canadians by having it apply only above a certain earnings level (e.g., 50% or 75% of the YMPE); however, this might make the plan a bit too complex to understand. The optimal solution may be to implement a separate program, with its own contribution rates and a separate fund, especially if the added benefits require a lower contribution rate. The CIA would very much welcome the opportunity to provide advice on any option considered. Residual Impacts An expansion of the CPP will have a residual impact in a number of areas; specifically, existing private sector plans, and the tax treatment of both CPP contributions and RPP/RRSP contributions: Private Sector Plans: An expansion of the CPP would benefit the majority of Canadians in the target range who do not have a workplace pension. However, an expanded CPP would be of little or no benefit for the minority of Canadians in the target range that already have adequate pension coverage from employer pension plans. There is also the possibility that employers may decide to reduce the benefits being accrued or the contributions being made to their employment pension plans if the CPP were expanded. In some cases, employers could decide to terminate their pension plans entirely. Consideration may be given to an opting-out provision for employers, tied to pension adjustment mechanisms. However, we would advise caution with this approach as it would create an administrative burden and may still leave members of the target group without adequate coverage. Opting-out also introduces anti-selection as another potential issue to be considered. More mature workforces may prefer to fully participate in an expanded CPP, whereas a younger workforce may not see the benefit in doing so. The pros and cons of an opting-out approach need to be well understood, including whether the benefits provided by the substitute plan should be locked in both before and after retirement. Tax Treatment of CPP Contributions: Since a new CPP tier may end up replacing current retirement savings for many workers, consideration should be given to restructuring the tax treatment of CPP contributions in the future as a tax deduction as opposed to a tax credit. RPP/RRSP Contribution Limits: The impact of CPP expansion on existing registered pension plan (RPP)/registered retirement savings plan (RRSP) benefit and contribution limits would need to be clarified (i.e., will the enhanced CPP result in lowering of existing contribution limits?). RPP/RRSP programs remain an important element in the overall retirement income system. A modest expansion of the CPP may imply that adjustments to the existing tax limits are not required. 3
4 Other Issues We also wish to offer comments on a couple of other issues: Transitional Considerations: Thought should be given to a short transition period (e.g., up to five years) for Canadians to adjust to new contribution rates, as long as there is a corresponding transition to new benefit levels. The alternative, an immediate increase in contributions and benefit levels for prospective employment only, would require sufficient notice (e.g., 18 to 24 months) for employees and employers to prepare for contribution increases and for employers to implement any necessary changes to benefit programs or payroll systems. Single Investment Fund: On the issue of whether a single fund for the expanded CPP is appropriate, we have several comments. We support the notion of any investment management being done by an institution at complete arm s length from the government, with an independent board, as is currently the practice with the CPP Investment Board. This principle should apply regardless of whether a single fund or multiple funds are used. We do offer one caution if further subdivision of funds at the provincial level is contemplated. Economies of scale could be lost, and it would create a sense of inequity if different provinces had different contribution rates and benefit entitlements. The treatment of interprovincial worker mobility would become quite complicated. Other Design Considerations: In discussions on expanding CPP coverage, we encourage policymakers to not lose sight of other facets of the operation and design of the CPP, including whether any expansion of the current CPP ought to be confined to retirement benefits only or applied to the full range of ancillary benefits. Some form of risk-sharing (such as indexation tied to the financial health of the plan) should be considered for any expanded benefits. Diversity Should be Maintained We believe that a diverse range of retirement savings programs (both public and private) are in the best interests of Canadians and their employers. Although there are issues within the private sector that need to be addressed particularly the shift from defined benefit to defined contribution plans we still believe there are solutions that can and should be pursued. We do not feel that one single solution is necessary or desirable. Pension Innovation One overriding theme we would like to see followed is that any retirement income system operates in the best interests of its members. Good governance standards which may include boards of trustees, fee guidelines and effective member communication are essential. Governance issues should be addressed, including whether members should be represented on the governing body. We would like to offer comments in a few specific areas: Asset Pooling: We believe that there are opportunities to generate efficiencies and reduce costs by allowing unrelated employers to join in a common plan; specifically, the pooling of assets will generate economies of scale and allow for more diverse investment opportunities. Whereas these 4
5 structures are currently allowed in unionized situations, we see no reason why this opportunity cannot be extended to other employers and self-employed individuals. The CIA supports the development of multi-employer asset pools (MEAPs), which could be used as the investment vehicle for both defined benefit and defined contribution plans. The extension of target benefit plans (TBPs) to non-unionized and single-employer arrangements should also be allowed, provided that members have appropriate representation on the governing body. The current rule that only members represented by a bargaining agent can participate in a TBP reduces the effective use of this innovative plan design and unnecessarily complicates the situation where employers have both unionized and non-unionized staff. The tax treatment of TBPs will need to be clarified and may depend on the nature of the TBPs that might be created. The CIA would welcome the opportunity to provide guidance to the tax authorities in this regard. Auto enrollment: Auto-enrollment options within employer-sponsored plans have been shown to be effective in terms of increasing member participation. We encourage investigation of this feature. Financial Education: Canadians need to better understand the various retirement savings options available to them, how to properly diversify, and how to manage their income when it is time to retire. We hear many discussions about income replacement ratios, when in fact there is not one solution for everyone. Individuals should ideally develop an income replacement ratio which is most suitable for their circumstances. The CIA would be pleased to play a greater role in any educational efforts that are contemplated. In particular, we believe we can add value by analyzing the various options under consideration, and assisting with any issues surrounding implementation. We also support greater disclosure of fees for investment management. In that way, consumers would be able to make better informed choices between providers of investment services. Role of Private Financial Institutions: We believe that private financial institutions have an important role to play in the retirement savings world, either through the provision of defined contribution plans and group RRSPs, or simply through administrative-services-only arrangements. This may be an efficient way for smaller plans to have easy access to investment management expertise. The concept underlying the Québec Simplified Pension Plan is worthy of study in this regard. Conclusion The Canadian Institute of Actuaries hopes its comments herein will be of value. We thank you for offering us the opportunity to respond. Respectfully submitted, Micheline Dionne, FCIA President 5
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 informationProvince 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 informationCPP 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 informationWORKING 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 informationPENSION 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 informationONTARIO 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 informationHow to Save for Retirement in Ontario, Canada?
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 informationCanadian 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 informationOntario 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 informationRE: 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 informationStrengthening 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 informationTax 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 informationImproving 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 informationTIME 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 informationSecuring 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 informationNegative 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 informationSession 23 - Lessons from NB s Shared Risk Plans: Updates and a Consulting Perspective
Session 23 - Lessons from NB s Shared Risk Plans: Updates and a Consulting Perspective Angela Mazerolle Superintendent of Pensions, FCNB Paul T. Lai Fatt, FSA, FCIA Partner, Morneau Shepell Disclaimer
More informationCFUW 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 informationThe 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 informationOntario 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 informationCanada 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 informationpensions 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 informationJohn Harris MA, MBA, PhD, CGA, FCMA - member of the CIFP Education Committee. - worked in both administrative and teaching positions in higher
Current Trends Financial Planning Issues The Economy The Federal Budget The Canada Job Grant Jobs Without People/People Without Jobs Is this a concern within the Financial Services industry (solving the
More informationEnsuring 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 informationModule 5 - Saving HANDOUT 5-7
HANDOUT 5-7 Savings Tools (detailed) 5 Contents High interest savings account This is a type of deposit account. The bank pays you interest. The rate changes with the prime rate set by the bank. This is
More informationEmployees 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 informationQuestionnaire 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 informationOctober 2009 Document 209097. Retooling Canada s Ailing Pension System Now, For The Future Canada s Actuaries Advocate Change
October 2009 Document 209097 Retooling Canada s Ailing Pension System Now, For The Future Canada s Actuaries Advocate Change About the Canadian Institute of Actuaries The Canadian Institute of Actuaries
More informationProgrammes publics de médicaments de l Ontario. Bureau de l administratrice en chef et sous-ministre adjointe
Ministry of Health and Long-Term Care Ontario Public Drug Programs Office of the Executive Officer and Assistant Deputy Minister Hepburn Block, 9 th Floor 80 Grosvenor Street Queen s Park Toronto ON M7A
More informationONTARIO 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 informationSUBMISSION TO THE STANDING COMMITTEE ON ALBERTA S ECONOMIC FUTURE. Response to pension reform proposals in Bills 9 and 10.
Osler, Hoskin & Harcourt LLP Box 50, 1 First Canadian Place Toronto, Ontario, Canada M5X 1B8 416.362.2111 MAIN 416.862.6666 FACSIMILE AEF-PEN-353 Toronto Montréal Ottawa SUBMISSION TO THE STANDING COMMITTEE
More informationTHE 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 informationA 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 informationOntario 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 informationExecutive Summary... 1. I. Introduction... 5. II. Saving for our Collective Old Age... 7. III. Macroeconomics of Savings and Investments...
TABLE OF CONTENTS Executive Summary... 1 I. Introduction... 5 II. Saving for our Collective Old Age... 7 III. Macroeconomics of Savings and Investments... 10 IV. Individual Households Incentives to Save...
More informationPooled Registered Pension Plans in Ontario - What the Canadian Banks Have to Offer
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 informationTake charge of your own finances.
Taking Care of Yourself What to expect Whether you work outside the home or are a stay-at-home parent, breast cancer might affect your ability to work, which can change your financial situation. If you
More informationCanada 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 informationA 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 informationWe all have dreams about retirement. Some day you expect to retire, and you
Sustainability, Cost-Effectiveness, Fairness and Value A Primer on Modern Pension Plan Design Dr. Bruce Kennedy, Executive Director BC Public Service Pension Plan May 2013 We all have dreams about retirement.
More informationTax Planning Opportunities Involving Professional Corporations
Tax Planning Opportunities Involving Professional Corporations A Discussion Paper Prepared by: Alan Koop, CA Prepared for: The Saskatchewan Provincial Court Judges Association Table of Contents Executive
More informationPlanning for Retirement: Are Canadians Saving Enough?
June 2007 Planning for Retirement: Are Canadians Saving Enough? Document 207055 This study was carried out by the Department of Statistics and Actuarial Science at the University of Waterloo, under the
More informationTHE 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 informationPreparing 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 informationMUNICIPAL PENSION PLAN FUNDING POLICY
MUNICIPAL PENSION PLAN FUNDING POLICY Effective: 2007-03-28 Revision: 2015-09-30 TABLE OF CONTENTS 1.0 PREAMBLE... 4 2.0 AUTHORITIES... 5 3.0 BACKGROUND... 6 4.0 KEY RISKS... 8 5.0 BASIC PENSION BENEFITS
More information99 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 informationTHE 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 informationTaxation 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 informationRetirement plan awareness
René Morissette and Xuelin Zhang I N ADDITION TO WAGES, many employees receive benefits such as dental, life or supplemental medical insurance plans. Employer-sponsored retirement plans registered pension
More informationIssue 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 informationRyerson 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 informationSample 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 informationHuman Resources Management Program Standard
Human Resources Management Program Standard The approved program standard for Human Resources Management program of instruction leading to an Ontario College Graduate Certificate delivered by Ontario Colleges
More information4Needs your WHAT S AFTER? ELIMINATE DEBT THE FEWER DEBTS, THE BETTER! Wills and Trusts; Reviewing These Are a Must
YOUR SOURCE FOR RETIREMENT PLANNING AND POSSIBILITIES e > N xt WHAT S AFTER? But first, some things to think about before 4Needs your retirement income should meet ELIMINATE DEBT THE FEWER DEBTS, THE BETTER!
More informationReviewing Ontario s Pension System:
Reviewing Ontario s Pension System: What are the Issues? A Discussion Paper for Interested Ontarians February 2007 Contents What Is This Discussion Paper? 1 The Commission and its assignment....................................................1
More informationHuman Resources Pillar
Human Resources Pillar Policy No. 5.0 Date Approved: Dec. 2012 Projected Review Date: Dec. 2016 PURPOSE: Hamilton-Wentworth District School Board (HWDSB) believes that attracting, recruiting and retaining
More informationThe Great Divide: Income splitting strategies can lower your family s taxes by Jamie Golombek
March 2015 The Great Divide: Income splitting strategies can lower your family s taxes by Jamie Golombek While the new Family Tax Cut credit, which provides a form of income splitting, has been getting
More informationCanada 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 informationMeasuring 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 informationClients want to know: How can I keep more of my retirement income?
Clients want to know: How can I keep more of my retirement income? After reading this, you should understand: The strategies that enable pensioners to pay less tax Regardless of the source of retirement
More informationToronto Montréal Ottawa
July 27, 2015 Expert Committee to Consider Financial Advisory and Financial Planning Policy Alternatives c/o Frost Building North, Room 458 4 th Floor, 95 Grosvenor Street Toronto, Ontario M7A 1Z1 Expert
More informationHow To Get A Pension Plan In Canada
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 informationOntario Teachers Federation/ Fédération des enseignantes et des enseignants de l Ontario. Ontario Expert Commission on Pensions
Response of the Ontario Teachers Federation/ Fédération des enseignantes et des enseignants de l Ontario to the Ontario Expert Commission on Pensions October 15, 2007 Page 1 Response of the Ontario Teachers
More informationSUBMISSION 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 informationMaximizing GIS. A background paper on retirement financial planning for Canadians with very low incomes
Maximizing GIS A background paper on retirement financial planning for Canadians with very low incomes a Contents Contents Purpose of this paper 3 Summary of GIS eligibility criteria and advice for low-income
More informationPension Basics. Presented by the Pension & Benefits Office
Pension Basics Presented by the Pension & Benefits Office Potential Sources of Income at Retirement Government sponsored pension such as: Canada Pension Plan (CPP) Old Age Security (OAS) Individual Savings
More informationPROPOSED 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 informationYour 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 informationAPPENDIX 5 - DETAILS OF DISABILITY INSURANCE. 1.0 Disability Insurance. Topics in this section include:
APPENDIX 5 - DETAILS OF DISABILITY INSURANCE Topics in this section include: 1.0 Disability Insurance 1.1 Income covered by disability insurance 1.2 Taxation of disability benefits 1.3 Coordination of
More informationAn 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 informationEmployee Life and Health Trust Explanatory Notes
Employee Life and Health Trust Explanatory Notes 6(1)(a) Paragraph 6(1)(a) of the Income Tax Act (the Act) provides for the inclusion in computing the income of a taxpayer from an office or employment
More informationEarly Retirement Strategies
If you or a member of your family is facing a permanent lay-off, voluntary early retirement or forced early retirement, there are many important decisions to be made decisions that can have a significant
More informationRead 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 informationBENEFITS & COMPENSATION INTERNATIONAL TOTAL REMUNERATION AND PENSION INVESTMENT
BENEFITS & COMPENSATION INTERNATIONAL TOTAL REMUNERATION AND PENSION INVESTMENT Can the Retiree Health Benefits Situation in Canada be Saved? Ellen Whelan Ellen Whelan is a consultant in the Group Benefits
More informationAccessing 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 informationSt. Thomas University
St. Thomas University Group Policy Number: G0050234 Plan B: Support Staff Employee Name: Certificate Number: Welcome to Your Group Benefit Program Group Policy Effective Date: September 1, 2010 This Benefit
More informationCorporate 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 informationResponse (Revised) To the Ministry of Labour s consultation paper on Mandatory Retirement. Donna Marie Kennedy President
Response (Revised) To the Ministry of Labour s consultation paper on Mandatory Retirement Donna Marie Kennedy President Greg Pollock General Secretary September 2004 TABLE OF CONTENTS 1. Introduction.................................................1
More informationIncome Protection Disability
Income Protection Disability Protecting loved ones from financial hardship in the event of premature death of a primary income earner is usually a high priority for most Canadians. Unfortunately, while
More information2013 PENSIONS BILL EVIDENCE FROM THE ASSOCIATION OF CONSULTING ACTUARIES TO THE PUBLIC BILL COMMITTEE
1. Introduction 2013 PENSIONS BILL EVIDENCE FROM THE ASSOCIATION OF CONSULTING ACTUARIES TO THE PUBLIC BILL COMMITTEE 1.1 The Association of Consulting Actuaries (ACA) welcomes the key measure in the 2013
More informationINDIVIDUAL RETIREMENT ARRANGEMENT
INDIVIDUAL RETIREMENT ARRANGEMENT Save more with our IRA options. Account inquiries, purchases and servicing 1-888-842-6328 If overseas, call collect at 1-703-255-8837 For a list of international numbers,
More informationFebruary 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 informationRetirement 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 informationSubmission 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 informationThe Quebec Voluntary Retirement Savings Plan (VRSP) An overview of the newly announced workplace retirement savings plan
The Quebec Voluntary Retirement Savings Plan (VRSP) An overview of the newly announced workplace retirement savings plan Use this summary of Quebec s recently-introduced Voluntary Retirement Savings Plan
More informationSubmission to the Minister of Finance Ontario 2014. Pre-Budget Consultations
Submission to the Minister of Finance Ontario 2014 Pre-Budget Consultations Prepared by the Canadian Intern Association February 2014 1 Overview The Canadian Intern Association requests that the 2014 budget
More information3. The first stage public consultation conducted from March to June 2008 aimed at consulting the public on
EXECUTIVE SUMMARY The Government published the Healthcare Reform Consultation Document Your Health, Your Life (the Consultation Document ) on 13 March 2008 to initiate the public consultation on healthcare
More informationHealth. Government of New Brunswick Questions and Answers. Page 1 of 8
Page 1 of 8 Health Government of New Brunswick Questions and Answers 1) What is the New Brunswick Drug Plan? 2) The government s platform committed to a catastrophic drug plan. Is this the same thing?
More informationMen retiring early: How How are they doing? Dave Gower
Men retiring early: How retiring are they doing? early: How are they doing? Dave Gower During the first half of this century, men generally stayed in the labour force until at least age 65. In the second
More informationWe are writing on behalf of Advocis, the Financial Advisors Association of Canada.
February 13, 2014 Advocis 390 Queens Quay West, Suite 209 Toronto, ON M5V 3A2 T 416.444.5251 1.800.563.5822 F 416.444.8031 www.advocis.ca Daniel Padro Senior Policy Advisor Deposit Taking Institutions
More informationSubmission by the Canadian Labour Congress. to the
Submission by the to the Department of Finance Consultation on a Potential Federal Framework for Target-Benefit Pension Plans June 2014 Department of Finance Consultation on a Potential Federal Framework
More informationJuly 14, 2014. Dear Ms. Rooney,
Frank Swedlove President/Président July 14, 2014 Ms. Jane Rooney Financial Literacy Leader Financial Consumer Agency of Canada 427 Laurier Avenue West, 6 th Floor Ottawa, ON K1R 1B9 Submitted by e-mail
More informationSeptember 21, 2015. Re: Comment on Initial Consultation Document
September 21, 2015 Expert Committee to Consider Financial Advisory and Financial Planning Policy Alternatives c/o Frost Building North, Room 458 4 th Floor, 95 Grosvenor Street Toronto, Ontario M7A 1Z1
More informationRetirement 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 informationQuestions and Answers (Q&A) 1 3 rd December 2015 Tax harmonisation and retirement reforms
Questions and Answers (Q&A) 1 3 rd December 2015 Tax harmonisation and retirement reforms 1. What are the changes that will come into effect on 1 March 2016? The Taxation Laws Amendment Act, 2013 will
More informationIssues 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 informationIT S YOUR PENSION A GUIDE TO THE OPSEU PENSION PLAN
IT S YOUR PENSION J U N E 2 0 1 5 A GUIDE TO THE OPSEU PENSION PLAN HOW TO CONTACT US Member Services: (416) 681-6100 in the Toronto calling area 1 800 637-0024 toll-free within Canada Fax: (416) 681-6175
More informationThe Cypriot Pension System: Adequacy and Sustainability
Cyprus Economic Policy Review, Vol. 6, No. 2, pp. 49-58 (2012) 1450-4561 49 The Cypriot Pension System: Adequacy and Sustainability Philippos Mannaris Aon Hewitt Abstract The fundamental objective of pension
More informationThe Universities Academic Pension Plan
The Universities Academic Pension Plan Proposed Plan Changes For pensions earned after December 31, 2014 www.proposedchangesuapp.ca UAPP Proposed Changes for Service after 2014 Table of Contents Introduction
More information