18 Jul 2012

New pension rules require provincial approval

New federal rules for small business pension plans will require provincial approval before they can move forward, and many are looking to British Columbia to make the first move, writes The Vancouver Sun.

This year, the federal government approved the Pooled Registered Pension Plan. The legislation is aimed at addressing a major problem for small business owners and their employees – 80 percent have no retirement savings plan. The reason is because most pension plans offered to businesses only make economic sense if the company is large and has multiple employees. Otherwise, the administrative costs to set up the plan are just too high.

This plan would reduce costs over the versions currently available, and will help middle-income earners who own their own business the most. Dan Kelly of the Canadian Federation of Independent Business tells the news source he believes the plan could be a creative way for small companies to retain talent and offer benefits.

However, the federal ruling means nothing unless it is adopted by the provinces. Legislation has stalled in Quebec and Ontario, but small business owners everywhere are hoping British Columbia will come through. Kelly told the news source he believes other provinces will follow suit if B.C. approves the law.

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