Canadian Pension Reform—Saskatchewan

Government Resources:

• Governments of Canada and Saskatchewan Release Proposals to Improve the Saskatchewan Pension Plan 
  December 7, 2010
  
  Backgrounder: Saskatchewan Pension Plan and Changes to the Income Tax Act
  
  Legislative Proposals and Explanatory Notes
  
  Canada’s Minister of Finance, together with Saskatchewan’s Deputy Premier and Minister of Finance, have released draft legislative amendments to accommodate changes to the Saskatchewan Pension Plan, as outlined by the Government of Saskatchewan in its 2010 budget.
  The Saskatchewan Pension Plan is a voluntary defined contribution pension plan established by the Government of Saskatchewan.
  It offers an alternative for small businesses that do not offer their own pension plans, provides cost-effective professional investment management of retirement savings, and allows employees full portability of pension savings between employers. The amendments proposed to the Income Tax Act accommodate an increase in the annual contribution limit to the Saskatchewan Pension Plan to $2,500 from $600, and align its tax treatment with that of other tax-assisted retirement savings vehicles. These changes will ensure that Saskatchewan Pension Plan members benefit from additional features of the Registered Retirement Savings Plan and Registered Pension Plan rules that were not previously available to them. The proposed changes will apply to 2010 and subsequent taxation years. The Government of Saskatchewan is simultaneously proceeding with amendments to provincial legislation and regulations required to enact these changes.
• Proposed Tax Changes Related to the Saskatchewan Pension Plan- Questions and Answers,  March 10, 2011