News Room

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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PX3000 HELPS WITH FATCA REPORTING REQUIREMENTS

Over the course of 2012, Penad has been approached by several of its clients on the new FATCA reporting requirements and how PX3000 can be used to assist in reporting required information. Penad is working with its clients to provide functionality in generating required data that will need to be merged with other external financial data.

Click here for a commentary on FACTA and its potential implications in the Caribbean region.

 

For A Full Description of the Foreign Account Tax Compliance Act (FATCA) please visit http://www.treasury.gov

 

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Penad’s 2010 Recipient of the Black Mariah Award

Annually, a worthy Penad staff member is selected to receive the prestigious Penad Black Mariah award.  The Award was first created in 1989 to acknowledge the Penad staff member who had broken the most computers or peripheral equipment throughout the year.

There were many candidates considered for the 2010 and 2011 honor but in the end it was awarded to  Louise Price, President  Penad Pension Services.  Below is a photo of Louise receiving the award from our Directer of Information Technology  (Edward Blokland) at the annual Penad Christmas Party.

Congratulations Louise on your award.

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Proposed Pooled Registered Pension Plans (PRPP)

Finance Minister Jim Flaherty  has released (December 16, 2010)  a draft framework for the creation of Pooled Registered Pension Plans (PRPP’s) to Provincial Finance Ministers.  He proposes an all-new pension system in Canada aimed at helping small businesses and their employees who do not have corporate plans save for retirement.

The proposed PRPP is described in a nine-page draft report prepared by the federal Finance Department and released Thursday morning. It comes ahead of a Sunday and Monday gathering of federal, provincial and territorial finance ministers in Kananaskis, Alta.  The new option would pool contributions from workers across multiple companies, or self employed workers who would otherwise not have access to a private defined-contribution pension plan. While each individual company would track their own retirement funds, the money would be pooled with contributions from other companies. That would allow small- and medium-sized companies to take advantage of the “economies of scale” investment advantages of large pension funds.

Below please find the the complete 9 page draft. Penad Pension Services will continue to monitor this as well as other proposed reform measures. If you have any questions please do not hesitate to contact us.

Framework for Pooled Registered Pension Plans

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Summit bridges the Atlantic with double client win

London, 14 September 2010 – Summit Global Investor Services (Summit) announces its appointment by the Church in Wales and Anglican Church of Canada
The investment fund for the Cardiff-based Representative Body of the Church in Wales has over £300,000,000 in assets under management. This diversified fund, which employs multiple asset managers, will be using the online Zenith Reports system for accounting and reconciliation purposes, to provide independent third-party monitoring of their investment activity, for performance measurement and to aid in the production of committee and trustee reports.
David Holloman, Head of Finance at the Church in Wales comments, “With Summit and their online Zenith software, we realised that we could automate and improve certain internal processes, such as reconciliation and report generation. This will undoubtedly free up some of our time to allow us to pursue new initiatives and enhance our governance.”
The Pension Office Corporation of The Anglican Church of Canada is located in Toronto, Ontario and manages over 5000 members and assets of $500,000,000. This is a well-established DB scheme with a mix of pooled and segregated funds across its nine asset managers. The fund chose Zenith Reports for a combination of breadth and depth of analytical services – it augments the conventional services of performance, attribution and risk measurement with additional analysis such as buy-and-hold, transaction cost, FX rates and custodian monitoring.
Judy Robinson, Executive Director for the fund, remarks, “Our aim in working with Summit is to improve our traditional analytics with something that is more cost efficient and user-friendly. The online system will not only provide us with faster delivery of information but improve reporting to the point where our trustees and management team can access their own bespoke reports online and perform ad hoc analysis whenever needed.”
Andrew Caird, Managing Director of Summit Global Investor Services says, “Each of these clients is a significant win for our company. Both funds are early adopters in their respective markets and, due to the nature of their organisations and stakeholders, any appointment follows extensive due diligence. To have gone through this process with both organisations and achieved this outcome is a great milestone in Summit’s development.”

Summit Global Investor Services is a Penad Global Alliance Partner.

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