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New Legislation Could Make Savings Plans More Accessible

Friday, January 6, 2012

In an attempt to make saving for the future a reality for more Canadians, many provincial governments are discussing ways in which new Pooled Registered Pension Plan (PRPP) legislation can be implemented.

Students enrolled in the Accounting and Payroll Administrator program at CDI College may find that changes to legislation such as this could affect them in the future. A solid understanding of legislative changes, and how they affect consumers, is crucial for aspiring accounting and payroll professionals.

Experts say that the ways in which the PRPP legislation is introduced could have a significant impact on millions of Canadians working for small- to mid-sized businesses.

"For the first time in Canada's history, PRPPs will allow millions of Canadians who work for small or medium-sized businesses to have access to a workplace pension plan to help them save for retirement," Sue Reibel, Senior Vice President of Manulife Financial's Group Retirement Solutions, said in a statement. "Access to this kind of retirement savings plan will allow small business owners to take care of their employees the way we know they want to."

For many Canadians who are facing retirement, the proposed legislative changes will mean savings and responsible management of personal finances will be even more important. According to the New Brunswick Business Journal, consulting an accounting and financial expert should be a priority for many Canadians in the new year.

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