Alerts

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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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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2013 YMPE Announced

The Canada Revenue Agency (CRA) recently announced the 2013 limit for yearly maximum pensionable earnings (YMPE).

  • For 2013 the YMPE has been set at $51,100 up from $50,100 in 2012.
  • RRSP Maximum limits were also increased for 2013 to $23,820 compared to the 2012 limit of $22,970.
  • The basic exemption amount  will remain the same as the 2012 limit for 2013 ($3,500).

 

For more rates  check out our rates section

 

 

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Canadian Government Pre-Publishes Second and Final Tranche of PRPP REGULATIONS

The Canadian Government has pre-pubslished, for public comment the second and final tranche of regulatory proposals to address provisions of the Pooled Registered Pension Plans Act (Bill C-25).  Minister of State (Finance), Ted Menzies was quoted as saying that “As soon as this last package of regulations is finalized, the federal Pooled Registered Pension Plans Act (PRPP Act) and regulations will be brought into force,”

The proposed regulations will address provisions of the PRPP Act respecting:

  • General requirements with respect to providing information;
  • The circumstances in which a member may withdraw funds from their PRPP account;
  • The circumstances in which a member may receive variable payments from the funds in their account;
  • The transfer options available to members and the conditions on the vehicles to which a member’s funds may be transferred;
  • The use of electronic means to satisfy requirements under the Act for communications with plan members; and
  • Other technical rules related to the implementation of the framework

A detailed review of the changes can be found here

 

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HST Introduction

As of July 1, 2010 the provinces of Ontario and British Columbia began the new HST tax.  The new harmonized tax rate for Ontario is 13% and for British Columbia is 12%.

Penad has updated our accounting system and is using the new HST tax.

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