November 13, 2019

Are tax-free workplace pension plans an idea whose time has come?

When tax-free savings accounts accounts were created, Canadians gained incentives to save more money for their retirement. Over the years, pension plans have become smaller or even non-existent at some businesses, but a tax-free option could improve those numbers. Tax free pension plans could take some burden off the government social assistance programs, while making it easier for employers to provide these plans. Pensions that are not taxed as income could also improve business environments as employees have an incentive to work and save.

“Better options are needed to support employers’ efforts to offer pension plans that help their entire workforce — benefitting not only workers, but also employers’ business objectives. For example, financially secure employees are better positioned to meet their retirement goals and retire on time, which supports employers’ succession planning needs.”

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