2017 YMPE Announced

The Canada Revenue Agency announced on November 3rd that the maximum pensionable earnings for 2017 will be $55,300—up from $54,900 in 2016.

Contributors who earn more than $55,300 in 2017 are not required or permitted to make additional contributions to the CPP.

The basic exemption amount for 2017 remains $3,500.

The employee and employer contribution rates for 2017 will remain unchanged at 4.95%, and the self-employed contribution rate will remain unchanged at 9.9%.

The maximum employer and employee contribution to the plan for 2017 will be $2,564.10 each and the maximum self-employed contribution will be $5,128.20.

For a breakdown of these and other rates check out our website

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2016 YMPE Announced

The Canada Revenue Agency announced on November 2nd that the maximum pensionable earnings for 2016 will be $54,900—up from $53,600 in 2015.

Contributors who earn more than $54,900 in 2016 are not required or permitted to make additional contributions to the CPP.

The basic exemption amount for 2016 remains $3,500.

The employee and employer contribution rates for 2016 will remain unchanged at 4.95%, and the self-employed contribution rate will remain unchanged at 9.9%.

The maximum employer and employee contribution to the plan for 2016 will be $2,544.30 each and the maximum self-employed contribution will be $5,088.60. The maximums in 2015 were $2,479.95 and $4,959.90

 

For a breakdown of these and other rates check out our website

 

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2015 YMPE Announced

The Canada Revenue Agency (CRA) recently announced the 2015 limit for yearly maximum pensionable earnings (YMPE).

  • For 2015 the YMPE has been set at $53,600 up from $52,500 in 2014.
  • RRSP Maximum limits were also increased for 2015 to $24,930 compared to the 2014 limit of $24,270.

 

For more rates  check out our rates section

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Federal Consultations for Target Benefit Plans

On April 24 the Canadian Federal government announced that it would be seeking consultations with respect to creating a federal framework for Target Benefit Plans. According to the Government, target benefit plans would be a new, voluntary, sustainable and flexible pension option available to federally regulated private sector and Crown corporation plan sponsors, employees and retirees.

The idea of TBP’s has been gaining traction as “Traditional DB pension plans have difficulty adapting to people living longer and to a fragile global economic environment with relatively low interest rates. And DC plans are exposed to financial market volatility,” according to Minister of State for Finance Kevin Sorenson.

Along with the announcement the Federal government has released a consultation paper with requests for comment and consultations with respect to the various target benefit plan elements such as, administration and governance, funding policy, contributions, benefit structure, funding deficit recovery plan, funding surplus utilization plan, disclosure and communications, conversion of pension plans to Target Benefit Plans, portability and locking-in rules, individual termination, plan termination and windup, and application to multi-employer plans.

To see the full release please visit http://www.fin.gc.ca/n14/14-061-eng.asp

 

 

Penad Pension Services Limited provides third party pension plan administration services, actuarial and pension consulting services. Penad also provides world class pension plan administration software systems for DB, DC, hybrid plans, social security, and civil servant employee pension plans.

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23rd Caribbean Actuarial Association

Penad is delighted to be a sponsor and attendee at the 23rd Caribbean Actuarial Association (CAA).

CAA-Table

 

Penad is a leading provider of Pension and Benefits Administration Software and Services. Customers count on Penad’s Solution Ready PX3000 Pension and Benefits Software to deliver efficient management of their pension and benefit plans.

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2014 YMPE Announced

The Canada Revenue Agency (CRA) recently announced the 2014 limit for yearly maximum pensionable earnings (YMPE).

  • For 2014 the YMPE has been set at $52,500 up from $51,100 in 2013.
  • RRSP Maximum limits were also increased for 2014 to $24,270 compared to the 2013 limit of $23,820.

 

For more rates  check out our rates section

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Changes coming to Alberta Public Sector Pension Plans

Doug Horner, president of the Treasury Board and minister of finance for Alberta announced changes to the Alberta Public Sector Pension plan.  According to Mr Horner, there is no crisis today, but rather the longer sustainability of the plan that needs to be addressed.

Reforms will take effect on or after January 2015.  Current pensioners won’t be affected but public sector employees whose retirement dates are after 2015 will be.

Below is a list of some of the proposed changes, to review the full government proposal click hear.

  1. There will be a moratorium on benefit improvements until January 1, 2021.
  2. Cost-of-living adjustments (COLA) on benefi ts earned after 2015 will be “targeted” at 50 per cent of the Alberta inflation rate.
  3. Contributions will be set so that there is a high likelihood that the“target” COLA will be paid, but it will no longer be guaranteed.
  4. All early retirement subsidies will be removed for benefits earned on service after 2015.
  5. MEPP will be closed to new members effective at the end of 2015 but will continue to operate as a closed plan.

The government will be consulting with employee and employer stakeholders until the end of December 2013.

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ACPM National Conference

Penad Pension Services was delighted to be a sponsor at this year’s ACPM National conference held in Ottawa, Ontario. We had great time connecting with professionals from all over Canada and the United States. We look forward to seeing everyone again at next year’s ACPM.

 

 

 

 

 

 

 

 

 

Photo Compliments of Robert E Wilson Photography

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Alberta Extends Filling Deadline for Alberta Pension Plans

In light of recent flooding events in Alberta the Government has provided and extension for all Alberta registered pension plans whose filling deadline was June 29, 2013.

The new filling deadline is July 31, 2013  for the following submissions:

  • Annual Information Return,
  • Annual Member Statements,
  • Actuarial Valuation and Cost Certificate,
  • Audited Financial Statements.

For further information please contact Penad

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Signature 30th Anniversary Edition

Penad is pleased to announce the release of our latest issue of our Signature Magazine.   Signature 23 takes a look back at Penad’s 30 years in business and what the next 30 have in store.  To our staff, friends, family and of course our clients, thank you for making it a great 30 years.

To enjoy the digital copy click here.  To download the PDF copy go here.

Signature-23

 

 

 

 

 

 

 

 

 

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