Pension

The current Old Age Security is a basic pension offered to almost all seniors that are 65 years old or older and has been a Canadian resident for a certain amount of time. Depending whether the individual is living in or out of Canada, changes their eligibility through the amount of time they must reside in Canada. For those who live in Canada, they must have stayed in the country for more than 10 years after turning the age of 18 and for those who live out of Canada, they must live in the…

income growth, tax revenues, public programs such as, Health care, Caregivers and Income support for seniors to become more costly. The Canadian pension system is one of the biggest problem in Canada that need addressing .Our pension system is often supported by three legs, The Canadian Pension Plan (CPP), Old Age Security (OAS) ,Workplace Registered Pension Plan (RPPs) and the Personal Retirement Savings (RRSPs) for individuals contributions into retirement.(Benefits Canada,2014) These program…

Across different tax jurisdictions there are varying treatments observed however, the two primary tax treatments for pensions are EET and TEE. The former system allows contributions and investment returns to be exempt from tax whilst retirement income is taxed. In contrast, the latter taxes contributions whilst returns and retirement income are tax-free. There are variations to the two main systems found across different jurisdictions. We will draw comparisons with the UK tax system across four…

a guaranteed pension is to prevent a worker’s pension income from falling below the minimum amount because of their low earnings (Barr, 2013. pg. 38 ¶ 1). A single retiree may receive $9,000 per year and a married couple may receive $16,000 per year through a guaranteed pension (Normann & Mitchell, 2000. pg. 5 ¶ 6). When looking at Sweden’s retirement system, there are a few strengths and weaknesses. One strength is that there is a greater incentive to work because Sweden’s pensions are based…

Currently, the average monthly pension is $315 while the monthly minimum salary is $384. Due to this low pension income, many people have been forced to continue working past the retirement age. The severity of this problem led to 1.3 million people organizing to protest the current privatized pension system throughout Chile in August of 2016. Demonstrators looked to move the government toward a pension system that provides more state participation in saving to create…

One can find pension plans and features of almost every insurance company at the internet. There are websites available that help to compare the pension plans based on many points like premium, interest, tax benefits, the company’s reliability and past records. One can also contact customer care officers of a particular insurance company…

social security and a company pension plan. Then once you actually retired, you just relaxed doing the things you loved until you passed on which was usually around your early to mid 70's. Retirement in the 21st Century Retirement preparation and planning has changed over the years because the way people work…

This cartoon is about the Canadian Pension Plan and how Kathleen Wynne, Premier of Ontario, wanted to create a special pension plan for Ontario (ORPP) simply because she noticed that nearly two-thirds of Ontarians have no workplace pension. Her initial idea was to enhance the already existing CPP, but Prime Minister Stephen Harper refused to improve the benefits, therefore forcing Wynne to introduce the Ontario Retirement Pension Plan. Justin Trudeau, however, had repeatedly pledged to boost the…

Depending on the obligations there are two types of pension plans, defined benefit plans and defined contribution plans A defined contribution plan is a type of retirement plan in which the employer, employee or both make contributions on a regular basis. individual accounts for participants and benefits are set are based on the amounts credited to these accounts plus any return on investment of the money in the account. Only employee contributions to the account are guaranteed, no future…

Introduction and Background The Taxation of Pensions Act 2014 designed to allow flexible access to pension funds, commenced 6/04/15, meaning that a male age 65 with Defined Benefit (DB) and Occupational Money Purchase (OMP) pension scheme, could transfer into flexible-access drawdown (FAD) allowing unlimited withdrawals or purchase of a lifetime flexible annuity with all/part of transfer value. However, there are a number of factors involved, ensuring that client outcome is the right for…