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Retirement Savings Plans (RRSP) and Registered Pension Plans (RPP) are tax deductible and not taxed until the funds are withdrawn.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[…..]

Demography influencing inflation and interest rates

The fertility rate in industrialized countries dropped in the early 1970’s, while at the same time, life expectancy increased steadily. As a result, there are fewer working-age people to support the dependent consumer portion of the population, those under age 15 and over the age of 65. This shift in balance between those who produce and those[…..]