CARP
May 23, 2013

Welcome to the special Pension Reform Edition of CARP Action Online! We have articles by pension and tax experts Bernard Dussault and James Pierlot. We've also got news on the Alberta and Manitoba budgets. Also, please don't forget to fill out our Universal Pension Plan survey!

Tax alert: Tax Prep Software could affect OAS Clawback

Pension Income Splitting has allowed many couples to reduce their combined income taxes but people should be aware that this may affect their entitlement to Old Age Security [OAS]. Read more.
  
Pension Reform – It Starts with You
by James Pierlot


Canadians make their journey through retirement in different ways. About 2.7 million public sector workers (more than 80% of the public sector) travel first-class as members of defined-benefit (DB) pension plans. After a 30-year career, a worker earning $80,000 will have an indexed pension integrated with the Canada Pension Plan that pays $48,000 per year for life and is worth about $1 million. Read more.
  

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March 26th 2009
March 13th 2009
February 27, 2009
February 13th, 2009
January 27th 2009
January 16th 2009
December 12th 2008

[MORE]
Pension Reform: the status quo is not an option

The public pension consultations chaired by Ted Menzies which CARP attended on March 20th confirmed our suspicions: the clamour for change is welling up on the Canadian pension landscape. The market collapse has given the campaign for pension reform a new sense of urgency. Read more.
 
Universal Pension Plan Survey
1. Do you belive there should be a Universal Pension Plan for the 1 in 3 Canadians who do not have a workplace pension plan?

a) yes

b) no

c) don't know

2. Should there be mandatory contributions from:

a) employers only

b) employees only

c) both employers and employees

3. Should the self-employed be able to participate in a Universal Pension Plan?

a) yes

b) no

c) don't know

4. What percentage of your pre-retirement income do you need to live comfortably after you retire?

a) 25%

b) 50%

c) 70%

d) more than 70%

5. What percentage of your salary (including the employer’s portion) are you willing to contribute to a pension plan for your retirement?

a) 0%

b) 5%

c) 10%

d) 18%

e) more than 18%

  [See Results]
CAW Takes a Stand for All Workers by Voicing Support for Universal Pension Plan

During the public pension consultations held on March 20th 2009, Sym Gill, Director of Pension and Benefits for the National Automobile, Aerospace, Transportation and General Workers Union of Canada (CAW-Canada) was called to address the panel as an expert witness. Although the scope of the consultation was limited to the legislative and regulatory framework of plans registered under the Pension Benefits Standards Act of 1985 the CAW took the opportunity to highlight the fact that workers without unions or workplace pensions are forced to rely on a woefully inadequate private retirement savings system. Read more.
 
Ninety-one Percent of Caregivers financially and emotionally stressed, have other health problems or have taken time off work to provide care

CARP recently polled its members on the issue of caregiving. 90% of survey respondents have provided care for an older relative or friend. These caregiving duties caused 91% of the respondents financial stress, emotional stress, other health problems and the need to take time off work. Read more.
  
Submit your Nominations for CARP’s 25th Anniversary “Top 25 Canadians Award”

Submit your Nominations for CARP’s 25th Anniversary “Top 25 Canadians Award” “I can think of a dozen people who could be nominated” says General Richard Rohmer. Gail Hinchliffe says she too can think of several people deserving of the honour. And Dr. Colin Powell, who practices Geriatric Medicine at Rockyview General Hospital in Calgary, says he meets people on a weekly basis who are worthy of the nomination. Read more.
  
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Need to expand the Canada Pension Plan
by Bernard Dussault


Poverty among older Canadians is exacerbated by the lack of savings by Canadian workers before they retire. Unless workers save more than they currently do through the Canada Pension Plan (including the Quebec Pension Plan), unacceptable levels of poverty among older Canadians will continue. These Canadians generally do not have access to private pensions sponsored by employers. Read more.
  
Manitoba Budget 2009

Contains Limited Relief for Older Adults but the Province Shows Promise with Innovative Caregiver Tax Credit. This year, the government of Manitoba will invest $160 million in social housing. CARP calls on the province to use some of the funding it has allocated to social housing to guarantee additional affordable and supportive housing units for older adults.Read more.
  
Alberta Budget 2009
CARP congratulates the government for the creation of the new Continuing Care Strategy but notes the Failure to Deliver on Commitment Made to Review the Pharmaceutical Redesign Strategy
CARP congratulates the government for the creation of the new Continuing Care Strategy but notes the Failure to Deliver on Commitment Made to Review the Pharmaceutical Redesign Strategy. Older Albertans will benefit from the creation of the new Continuing Care Strategy. The strategy aims to improve health and personal care service options for older adults and persons with disabilities by enhancing supports to help them live within the community. CARP welcomes the strategy’s comprehensive approach to aging at home...Read more.
  
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