News
Government Rates Sheet (Canada) for 2024
Penad has created a new “Rates Sheet” showing -CPP and QPP YMPE, Contributory Earnings allowed, and other details-CPP and QPP Benefits information-OAS and GIS amounts-CRA Contribution Limits-Employment Insurance and QPIP details-Workers’ Compensation rates...
2022 YMPE Announced
The Canada Revenue Agency (CRA) has recently announced the maximum pensionable earnings for 2022 will be $64,900, up from $61,600 in 2021, which represents an increase of over 5%. Contributors who earn more than $64,900 in 2022 are not required or permitted to make...
PENAD ACQUIRES SECLONLOGIC
Kitchener, Ontario, Canada – April 9, 2021 – Penad Pension Services Limited is pleased to formally announce the acquisition of SeclonLogic, an Ontario-based provider of Defined Benefit Pension Plan and Group Benefits administration software solutions. Penad and...
2021 YMPE ANNOUNCED
The Canada Revenue Agency (CRA) has recently announced the maximum pensionable earnings for 2021 will be $61,600, up from $58,700 in 2020. This represents close to 5% increase. Contributors who earn more than $61,600 in 2021 are not required or...
US State Pension Shortfalls Get Worse
A new report from the PEW Charitable Trust shows that funding for public sector retirement plans in states across the US is getting worse. New Jersey, for example, has only set aside 38% of what it needs to meet its pension commitments. Because public sector workers’...
Withdrawals from Pension Plans Due to Financial Hardship or Medical Disability Costs
Did you know that you (or members of your Canadian pension plan – if registered under the Pension Benefits Standards Act, 1985) may be able to make one or more withdrawals from your pension plan for financial hardship or disability? For financial hardship, the amount...
80 Million People in Caribbean and Latin America at Risk of Poverty in Old Age if Pension Changes Not Made
Angel Gurria of the OECD launched the first edition of “Pensions at a Glance: Latin America and the Caribbean” at the Inter-American Development Bank (IDB) in Washington DC. The Pensions at a Glance report provides detailed comparative indicators of pension structures...
Should Workplace Pension Plans be More Mandatory?
Governments everywhere are trying to nudge people to save more through various incentives such as tax-exempt pension contributions and structures such as automatic pension accounts (though in most cases members can opt-out). But what about employers? What is their...
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