More than six out of every 10 Canadians have no workplace pension plan. Pooled Registered Pension Plans - or PRPPs- is a way for small and medium sized businesses to help their employees save for retirement. PRPPs will also provide individuals and self-employed Canadians with additional options to save for their retirements.
PRPPs will offer lower administrative fees than are associated with larger pension plans and the flexibility that businesses and individuals require to choose retirement savings solutions that fit their needs and resources.
Bill C-25,the federal legislation that sets the framework for PRPPs for federally-regulated employers (including telecommunications, banks, and transportation) and the tax rules at the federal, territorial and provincial levels is moving through Parliament. The government's goal is to have legislation and regulations for PRPPs in place this year and it hopes the provinces and territories will use its legislation and regulations as a model to ensure consistency across Canada.
A pension plan is a draw for many skilled people. PRPPs could give small and medium sized businesses a great option to attract and keep needed talent, and individuals and the self-employed additional retirement options. Millions of Canadians who currently lack adequate retirement savings could benefit.
More information on how PRPPs would work is available from the Department of Finance.
2012 Chamber Executive:
Your new Chamber Executive was elected March 21st. Campbell Watt - The Mortgage Centre (President); Andre Martin - Penticton Herald (Vice-President); Deborah O'Mara - South Okanagan Events Centre (Secretary); Jason Cox - Bayleys Brew Ha Ha (Past President).
Readers' Choice Winners - Again!
Congratulations to Heidi Noble and Michael Dinn, proprietors of chamber member JoieFarm, for being the Vancouver-based publication, Georgia Straight's 15th annual Golden Plates 2012 Readers Choice Winner, as the "Best BC Winery for White Wines". This is the second consecutive win for Michael and Heidi so kudos to them! JoieFarm is located at 2825 Naramata Road and you can view all their labels at www.joiefarm.com
Business After Business Networking
Join us Thursday, April 26th from 5p to 7p at Bonita's Winery located 20623 McDougald Road in Summerland for our next Business after Business networking event. Grape Escapes Wine Tours will offer a low fee shuttle service for the event; staging at the Penticton & Wine Country Visitor Centre at 553 Railway Street. It should be a fun event and I look forward to seeing lots of members out!
