Category Archives: Pension

A history of pensions in Canada

Down the road from me is the oldest remaining House of Industry in Canada.  Built in 1877, it was a refuge for the poor, homeless, and destitute.  It became the County Home for the Aged in 1947.  An ongoing collection of photographs on the wall illustrates just how many of the residents prior to 1947

A tutorial for understanding your pension plan

Public pension plans are the biggest source of retirement income for the average Canadians. That’s the CPP (Canada Pension Plan) and OAS (Old Age Security). Our second largest income source is employer pension plans. Employer Pension Plans Five million Canadians belong to an employer-sponsored pension plan. The problem is many of them have little idea

3 Important Pension Plan Changes for Alberta

There are big changes on the way for pension plans in the province of Alberta. Alberta is the latest province to modernize its pension legislation, following in the footsteps of Ontario. These pension plan changes have been on the works for quite some time. B.C. will soon come out with new rules of its own.

The Trend Towards Immediate Vesting on Pensions

On July 1, 2012, Ontario became the latest province to introduce immediate vesting. Ontario followed in the footsteps of provinces like Manitoba and Quebec in an effort to modernize its pension legislation. Alberta also went to immediate vesting as of September 1, 2014. As a plan sponsor offering a pension plan, it’s important to be

The differences between LIFs and RRIFs

Recently I wrote about the differences between a LIRA and a RRSP.  In this article I want to follow up and discuss the difference between LIFs and RRIFs. What is a RRIF? A Registered Retirement Income Fund (RRIF) is the most common income option for the RRSP.  If a RRSP is a tax sheltered bucket