A gov’t delay may be hurting your clients’ pensions

Your clients’ CPP cheques may be a few dollars short because of a lag in information sharing between two federal departments, reports the Toronto Star.

Tax information collected by CRA in recent years may not yet have been transferred to Employment and Social Development Canada, which administers the Canada pension plan.

Read: CRA announces max earnings under CPP

For those who have recently retired, their final two years of work may not be factored into your payout.

While the government knows about this delay and automatically retroactively gives you the money once its records are updated, one former official says in some cases that’s not happening any more, the Star reports.

Read more here.

Also read:

Seniors say they know it all when it comes to finance

Low rates squeeze Canadian pensions

Staff

The staff of Advisor.ca have been covering news for financial advisors since 1998.