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Individual Pension
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New
Regulations set out in Bill C13 specify that the PSPA
(and therefore, the required qualifying transfer to
be made out to the IPP on plan implementation) is based
on the Member's total RRSP (also including RRIF and
DC RPP) account prorated over the period from age 18
to current age up to a maximum of 35 years. Thus, the
revised rules will only impact a connected person who
has a relatively high RRSP balance. (Nov 22, 2011)
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The Westcoast Actuaries Team participated in the Scotiabank Charity
Challenge event held on June 26, 2011. Thanks
for all the support and donations from our friends. We
have raised $2,445 for the Canadian Red Cross.
Please
click here
to see the photo. (June 30, 2011)
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2011
Federal Budget Update Proposed Changes to Individual Pension
Plans (IPPs)
Please
click here
to see Westcoast Actuaries' commentary. (June 7, 2011)
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Westcoast Actuaries Inc. is participating in the
Scotiabank Charity Challenge and supporting
the
Canadian Red Cross.
Living in the beautiful and vibrant city of Vancouver,
we strongly believe that we should contribute by
aiding both our community and our world in difficult
times.
The Canadian Red Cross is instrumental in providing
emergency relief and long-term reconstruction assistance
in Canadian disaster areas such as the floods in
Manitoba and fires in Slave Lake, Alberta. By providing
household repair, clean-up materials and replacement
items for children such as cribs, occupational and
transportation support and replacement of essential
health items, The Canadian Red Cross greatly supports
families in their recovery.
The
Canadian Red Cross is also heavily involved in raising
funds to be used for assistance in internationally
ravaged areas, such as the earthquakes in Japan
and Haiti. Generous Canadians have raised $5 million
for relief efforts in Japan.
Please click here
to donate and support us. (June 2, 2011)
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March
22, 2011 Federal Budget Proposed changes to IPPs
– Voice your concerns to our Government
The Federal Budget tabled on March 22, 2011 proposed
changes to IPPs which could under certain circumstances
significantly reduce the tax advantages of future
new IPPs. Westcoast Actuaries, together with a group
of Canadian actuaries who practice in the IPP area
have put together a joint submission which has been
delivered to the Minister of Finance and his Deputy
expressing our concerns.
We feel that this proposed amendment to the Income
Tax Act can be removed from the Budget proposals
if there is enough support for this deletion. We
encourage you to read our
commentary and the
joint submission and would ask you to please
write or send an email to your local member of parliament,
the Minister of Finance and his Deputy as well as
the Prime Minister (enclosing a copy of the submission)
requesting them to remove this measure from the
new budget, which will be presented in June. (May
12, 2011)
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The 2011 Federal Budget was presented on March 22, 2011.
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Although the Conservative Government has been dissolved, there
is a chance that the proposed changes on IPPs which
were mentioned in the Budget Papers be reintroduced
retroactive to the original March 22, 2011 date. We
invite you to visit our website for our 2011
Federal Budget Commentary on IPPs and find out how
these potential changes in the budget may affect your
clients who might be thinking of, or are in the process
of implementing new IPPs. (April 26, 2011)
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Stephen Cheng, our Managing Director and Senior Consulting Actuary,
presented at the B.C. Medical Association Annual General
Meeting on June 12, 2010 at the Four Seasons Hotel in
Vancouver on the subject of Individual Pension Plan (IPP).
For a copy of the Power-point presentation slides, please
click here.
Individual Pension Plan (IPP) is the most tax-efficient
and tax-effective strategy for business owners and incorporated
professionals to achieve their pension and retirement
savings objectives through their corporation. As illustrated
in the case study near the end of the IPP presentation
at the BCMA AGM, an individual who established three
years ago as at January 1, 2007 with full past service
recognition for the years 1991 to 2006 would have $747,000
more of registered plan assets under the IPP strategy
as compared to an RRSP-only strategy for retirement
savings. (June 2010)
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Westcoast
Actuaries Inc. is pleased to introduce Mr.
Steve O'Grady as our new Senior Consulting Actuary,
to replace our former actuary, Ian Baker.
Mr. O'Grady has over 30 years of experience in actuarial
and pension consulting. (August 05, 2008)
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Meeting
the primary purpose test for a registered pension
plan – Financial
Post, Wednesday.
(September 26, 2007)
please click here
for a copy of the full article.
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Westcoast
Actuaries Inc. in the News – CJOB Radio
(Winnipeg) (September 15, 2007)
Our consulting actuary was interviewed on CJOB Radio
(Winnipeg) on Saturday, September 15, 2007 by Patrick
Cooney of Jory Capital Inc. This 7-minute interview
provides a general overview of Individual Pension
Plans and can be heard by clicking here.
(We recommend that you download the recording to your
local computer instead of hearing it directly online
if you have a slow internet connection.)
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Westcoast
Actuaries Inc. in the News – Financial
Post, Monday (August 20, 2007)
Please click here
for the full article.
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Westcoast
Actuaries Inc. has changed its logo
starting August, 2007. (August 01, 2007)
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The 2007 Federal Budget
received Royal Assent on June 22, 2007. Please refer to
the Department of Finance website. Click
here for the link.
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Westcoast
Actuaries Inc. has moved into downtown
Vancouver. (March 23, 2007)
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Westcoast Actuaries Inc. revised 2007
IPP FAQ now
available. (January 09, 2007)
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July 9, 2003 - The
federal pension regulator (Office of the Superintendent
of Financial Institutions, Canada or OSFI) has sent a
letter to Air Canada outlining issues that they wish to
have addressed with respect to the Air Canada Pension Plans during discussions scheduled
to begin July 22nd. Click Here
for a copy of the letter as well as other documents concerning
Air
Canada Pension Plans available at OSFI's
website.
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May 14,
2003 - The Alberta government has passed an amendment
to the Employment Pension Plans Regulation that
will allow locked-in fund owners to apply for permission
to unlock their account. This amendment applies to all
Alberta locked-in RRSPs, Locked-in Retirement Accounts
(LIRA), Life Income Funds (LIF), and Locked-in Retirement
Income Funds (LRIF).
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