Ontario budget reintroduces ORPP and clarifications to pension rules; Federal Government introduces consultation paper on strengthening financial literacy amongst seniors
These are among the subjects included in the current issue of the Morneau Shepell News & Views, a monthly publication dedicated to providing insights to its clients in Canada
TORONTO, July 24, 2014 /CNW/ - In the current issue of its newsletter, News & Views, Morneau Shepell examines the reintroduction of the Ontario Retirement Pension Plan (ORPP) as a part of the July 14, 2014 budget. The current issue also analyses the new consultation paper released by the Federal Government aimed at improving the financial literacy of seniors.
- UPDATE – ONTARIO BUDGET REINTRODUCES ORPP AND CLARIFICATIONS TO PENSION RULES – Following the recent re-election of Ontario's Premier Kathleen Wynne, she reaffirmed her commitment to the previously announced ORPP. The ORPP would expand pension coverage initially to more than three million working Ontarians who do not currently have a workplace pension plan.
- FINANCIAL LITERACY FOR SENIORS – The Federal Government has released a consultation document that outlines four goals geared at improving the financial literacy of seniors, and those approaching that stage in life.
- 2014 SURVEY – ECONOMIC ASSUMPTIONS FOR ACCOUNTING – Morneau Shepell issued its 14th annual survey on the economic assumptions used by Canadian public companies to account for the costs of their defined benefit plans.
- UPDATE – FOREIGN ACCOUNT TAX COMPLIANCE ACT (FACTA) – On June 20, 2014, the Canada Revenue Agency (CRA) published guidance on the required reporting by financial institutions. Under the legislation, financial institutions in Canada holding certain assets will provide information to CRA, which will then forward the information to the IRS.
- MARKET INDICES – Monthly summary of returns from various market indices such as the FTSE TMX Bond Indices and Canadian, U.S. and Foreign Equity Indices. Also includes returns from benchmark portfolios used by pension funds.
- TRACKING THE FUNDED STATUS OF DEFINED BENEFIT PENSION PLANS – Impact of past returns on plan assets and the effect of interest rate changes on solvency liabilities.
- IMPACT ON PENSION EXPENSE UNDER INTERNATIONAL ACCOUNTING – Expense impact for a typical defined benefit pension plan.
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