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Payroll

Pension & Benefit Complexities and the Ongoing Focus on Financial Wellness Call for Compliance Knowledge from Payroll Practitioners and Employers

The Canadian Payroll Association's Seminars Support Payroll Compliance Knowledge in Highly Regulated Pensions and Benefits Environments

Toronto - Even before the new Liberal government took office, the need to provide additional retirement savings to Canadians was a crucial topic. The Canadian Payroll Association's (CPA's) National Payroll Week research continually shows that Canadians are challenged in saving enough for their retirement goals.

With financial wellness high on the agenda of governments and employers, payroll, accounting and HR practitioners involved in pensions and benefits processing and administration must stay abreast of developments and regulation by taking ongoing pensions and benefits training to enhance their payroll compliance knowledge.

The CPA offers three pension and benefit seminars: Pensions and Benefits from a Payroll Perspective, Advanced Pension Case Studies from a Payroll Perspective, and Best Practices of Employee Group Benefits, offering the most up-to-date payroll compliance knowledge practitioners require to successfully administer their plans.

Pensions Highly Valued Among Employees and Payroll Practitioners, Survey Shows
The CPA's recent Employment and Retirement Benefits Survey ranks pensions plans (including RRSPs, defined benefit and defined contribution pension plans) among the top 15 most common employer-provided benefits. These types of pension benefits are also viewed by payroll professionals as one of their most valued benefits, according to Hays Canada's 2016 Payroll Salary Survey.

"With the spotlight on pensions, and their role in supporting Canadians' retirement goals, employers and payroll practitioners must be knowledgeable in payroll compliance so they can accurately administer these plans," said Janet Spence, the CPA's Manager of Compliance Services and Programs. "The Canadian Payroll Association's Professional Development Seminars help to achieve this goal."

Pension Legislation and Regulations Have Payroll Implications

Governments continue to discuss pension legislation – from potential Canada Pension Plan (CPP) enhancements to the Ontario Government's proposed Ontario Retirement Pension Plan (ORPP). The CPA's Professional Development Seminars help payroll practitioners and their employers navigate legislation and regulation to ensure compliance.

"The Association works collaboratively with all levels of government to enhance the efficiency and effectiveness of payroll-impacting legislation, regulations and administration for all stakeholders," says Rachel De Grâce, the CPA's Manager of Advocacy and Legislative Content. "We are thankful to be a part of the Ontario Government's ongoing Pre-Budget and ORPP consultations to provide our recommendations on pension reform from an employer perspective and we look forward to carrying on this working relationship."

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