Federal Legislation for Pooled Registered Pension Plans
To help improve Canadians' retirement savings planning, on November 17 the federal government introduced legislation providing for the implementation of Pooled Registered Pension Plans (PRPPs).
PRPPs will be voluntary, and each province will introduce its own enabling legislation. The federal government will also develop PRPP tax rules that will be released in draft form for public comment.
This measure could benefit thousands of BC REALTORS® who currently don't have workplace pension plans. "The province supports an initiative where people currently without occupational pension plans are able to take advantage of a low-cost option, " said Finance Minister Kevin Falcon.
