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

  • James Pierlot

    (Pierlot Pension Law)

  • Faisal Siddiqi

    (Buck Consultants)

Registered author(s):

    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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    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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    1. 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.
    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. 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.
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