In addition, British Columbia has announced that it is the first province to introduce enabling legislation for PRPPs.
PRPPs are intended to be a broad-based, low-cost, defined pension contribution vehicle that will be available to all employees, employers and self-employed individuals. The PRPP will offer these individuals the benefits of participating in a large pension plan like the defined contribution plans many large companies offer, and will also allow employers to offer retirement savings without the cost of setting up a pension plan and administering it.
Legislation for the PRPP framework was included in Bill C-45, which received Royal Assent on December 14, 2012, bringing the Pooled Registered Pension Plans Act into force.
New Information Circular
The CRA's new IC13-1 discusses:
- What is a PRPP?
- Registration process
- PRPP administration
- General information.
For more information, contact your KPMG adviser.
Information is current to March 05, 2013. The information contained in this publication is of a general nature and is not intended to address the circumstances of any particular individual or entity. Although we endeavour to provide accurate and timely information, there can be no guarantee that such information is accurate as of the date it is received or that it will continue to be accurate in the future. No one should act upon such information without appropriate professional advice after a thorough examination of the particular situation. For more information, contact KPMG's National Tax Centre at 416.777.8500