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Topping up your pension plan

Article Abstract:

Current Revenue Canada tax laws limit tax assistance for pension savings to the amount needed for registered pensions of up to $60,000 which is less than 1.62 times the 1976 average Canadian industrial wage. However, most executives cannot maintain their lifestyle on $60,000. Thus, companies supplement executive's retirement income by way of nonregistered pension plans. The most financially secure nonregistered pension plan is one that is prefunded, but Revenue Canada ruled that funded supplementary plans must be taxed accordingly. Likewise, letters of credit may also get the axe.

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Tax aspects to consider upon job termination

Article Abstract:

The tax consequences of involuntary termination of employment or early retirement can be considered in advance of their occurrence. The bunching of income from severance payments or pension plan distributions is the primary consequence to avoid. Taxpayers reaching the age of 59.5 at termination of employment have at least four options to reduce the tax rate or spread income received in large lump-sum distributions. Other options include purchasing retirement annuities, rollover of funds to IRAs or new employers, or leaving funds in existing plans.

United States, Employee dismissals, Employment terminations, Employment at will, Severance pay

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Election daze

Article Abstract:

Issues are presented concerning the implications for business enterprises of the employment of a mobile workforce as part of the globalization process. The taxation of foreign pension plans is discussed.

Pension Fund Management, Management, Human resource management, International economic relations, Business enterprises, Financial management

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