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Legal for Life: Why Canadians Need a Lifetime Retirement Saving Limit

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Author Info

  • James Pierlot

    (Pierlot Pension Law)

  • Faisal Siddiqi

    (Buck Consultants)

Registered author(s):

    Abstract

    Canadian tax rules allow accumulation of retirement savings in “tax assisted” plans, including defined-benefit (DB) pension plans, defined-contribution (DC) pension plans and RRSPs. These plans are intended primarily for workers with “middle class” incomes, who will not receive enough pension income from programs such as Old Age Security (OAS) and the Canada/Quebec Pension Plan (C/QPP). But more than 12 million Canadian workers do not participate in a DB pension. Many will need to save for retirement, and must do so in DC pension plans and RRSPs. In the current environment of low interest rates, an aging population, and increasing longevity, these workers have less time to save for retirement and must save more. But can they?

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    File URL: http://www.cdhowe.org/pdf/commentary_336.pdf
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    Bibliographic Info

    Article provided by C.D. Howe Institute in its journal C.D. Howe Institute Commentary.

    Volume (Year): (2011)
    Issue (Month): 336 (October)
    Pages:

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    Handle: RePEc:cdh:commen:336

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    Related research

    Keywords: Pension Papers; Canada; defined-benefit (DB) pension plans; defined-contribution (CD) pension plans; RRSPs;

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    References

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    Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
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    1. James Pierlot, 2008. "A Pension in Every Pot: Better Pensions for More Canadians," C.D. Howe Institute Commentary, C.D. Howe Institute, issue 275, November.
    2. Tammy Schirle, 2008. "Greener Pastures: Understanding the Impact of Retirement Incentives in Defined-benefit Pension Plans," C.D. Howe Institute Commentary, C.D. Howe Institute, issue 262, May.
    3. Kevin D. Moore & William Robson & Alexandre Laurin, 2010. "Canada’s Looming Retirement Challenge: Will Future Retirees Be Able to Maintain Their Living Standards upon Retirement?," C.D. Howe Institute Commentary, C.D. Howe Institute, issue 317, December.
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    Cited by:
    1. William B.P. Robson, 2012. "Fixing MP Pensions: Parliamentarians Must Lead Canada's Move to Fairer, and Better-Funded Retirements," C.D. Howe Institute Backgrounder, C.D. Howe Institute, issue 146, January.

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