Registered Pension / Savings Plan

Individual contributions to Registered Retirement Savings Plans (RRSP) and Registered Pension Plans (RPP) are tax deductible and not taxed until the funds are withdrawn. For RRSP and RPP plans, there is a maximum amount for what you can deposit in a given year. Tax-Free Savings Accounts (TFSA) are a government-regulated tax-free savings plan. Similar to the RRSP […]

Canada Pension Plan (CPP)

The CPP provides retirement benefits to people who have worked and contributed to the plan. The CPP supplements your retirement savings plan. Contributions towards CPP are deducted from the individual’s pay. This chart specifies annual contribution limits for individuals based on the Canada Revenue Agency (CRA) guidelines. Benefits – CPP 2018 Max. Amount 2019 Max. Amount Retirement[…..]

Highlights from the Ontario Budget 2018

On March 28, Finance Minister Charles Sousa announced the Ontario 2018 budget. With a provincial election scheduled for June, the initiatives announced are likely dependent on the current government being re-elected. Here are a few highlights that may affect group benefits: 1. Expansion of OHIP+ to seniors 65 and older – August 2019 OHIP+ expands to include[…..]

Ontario Human Rights Tribunal

Ontario Human Rights Tribunal interim decision rules that it is discriminatory to deny group benefits to employees 65 and older. A case between an employee and employer was recently brought before the Ontario Human Rights Tribunal. The case related to the termination of health, dental and life insurance group benefits at age 65. In an interim decision[…..]

Employment Insurance Premium Rate Change for 2019, reduction in EI premiums can be used to fund RSP?

While the rate is going down this might be an opportunity to use the reduction to fund an RRSP vs taking increases on your pay and getting taxed on that amount! September 13, 2018 – Gatineau, Quebec – Government of Canada Today, the Honourable Bill Morneau, Minister of Finance, and the Honourable Jean-Yves Duclos, Minister of Families,[…..]