Tag Archives: Financial Post

Mar 11: Best from the blogosphere

A look at the best of the Internet, from an SPP point of view

House as bank machine – or, how to pay your mortgage forever

Our parents bought houses, paid off their mortgages (and had a mortgage-burning ceremony), and then retired.

Those of us who are not yet retired, on the other hand, seem to want to continue paying for our houses long into retirement. What’s going on?

An article by Bloomberg printed in the Financial Post lets us in on the dirty little secret most of us share – we are using the equity in our homes to pay for our lives.

The article warns that Canadians “are ramping up borrowing against their homes even as the real estate market slumps,” a practice that could put our financial system at risk.

According to rating company DBRS, the article notes, home equity lines of credit, or HELOCs, “reached a record $243 billion as of Oct. 31,” an astounding 11.3 per cent of all household debt.

“In the event of a correction, borrowers could find themselves with a debt load that exceeds the value of their home, which is often referred to as negative equity,” the article notes.

An obvious reason for this particular problem is the high cost of owning a home. Houses today can be 10 or 20 times more expensive that what our parents and grandparents paid back in the 1950s and 1960s.

So getting into the housing market is a difficult yet high priority for younger Canadians, reports Yahoo! Finance Canada. One in five younger Canucks admits to not saving for retirement, and instead saving “to afford their property,” the article reports, citing research by Sotheby’s International Realty Canada.

Another eye-opening stat from this story is that 31 per cent of those surveyed dipped into RRSPs for their down payments. That move, possible via the Home Buyers’ Plan, allows one to withdraw up to $25,000 to put towards a down payment if they are a first-time home buyer; the HBP expects the money to be repaid within 15 years. If the money withdrawn is not repaid, the borrower has to pay income tax on it – and the RRSP doesn’t grow back to where it was.

“The dream of home ownership remains compelling for today’s young families, but the reality is that many are facing serious obstacles to achieving this given rising costs of living, rising costs of housing, and other financial needs, such as saving for retirement,” states Brad Henderson, president and CEO of Sotheby’s International Realty Canada, in the article. The piece goes on to report that the number of RRSP contributors “between 25 and 54 years old fell 16 per cent between 2000 and 2013.”

So, let’s arrange these three thoughts together. Those with homes are using them as bank machines. Those without them are making ownership a high priority, over paying off debt and saving for retirement. As a result, retirement savings rates are dipping, and the new home owners may also decide to dip into their home equity to help with cashflow.

Our grandparents succeeded because they kept the concepts of home ownership, debt repayment, and retirement savings separate. They paid off the mortgages, they paid down their debts, and they used the proceeds to save towards retirement.

If, as they say, everything old is new again, it is time these old school concepts were re-introduced.

If you lack a retirement plan at work, and are looking for a way to set aside some of your hard-earned dollars for your retirement future, the Saskatchewan Pension Plan offers all the tools you need to get the job done. Check them out today at www.saskpension.com.

Written by Martin Biefer
Martin Biefer is Senior Pension Writer at Avery & Kerr Communications in Nepean, Ontario. After a 35-year career as a reporter, editor and pension communicator, Martin is enjoying life as a freelance writer. He’s a mediocre golfer and beginner line dancer who enjoys classic rock and sports, especially football. He and his wife Laura live with their Shelties, Duncan and Phoebe, and their cat, Toobins. You can follow him on Twitter – his handle is @AveryKerr22

Jul 9: Best from the blogosphere

A look at the best of the Internet, from an SPP point of view

Canadians begin to make a dent on their collective debt
As interest rates begin to creep up, it appears that Canadians’ thirst for low-interest debt is finally starting to be slaked.

According to Bloomberg News via the Financial Post, the debt to income ratio for Canadians “dipped” to 168 per cent in the first quarter of 2018. That means that the average working Canuck owes $1.68 for every dollar he or she earns. It’s down from 170 per cent in the last quarter of 2017, the Bloomberg article notes.

Debt is often described as the destroyer of retirement dreams. If you are maxed out on all your credit cards and credit lines, there is precious little money left to put away for retirement. If you don’t have a workplace pension plan and are relying on your own savings for your future retirement, the pressure is doubled.

It appears that Canadians are beginning to turn the corner on debt. If you’re in that situation, consider starting to put a little away for life after work. Start small and build up your savings as debts are paid off. The Saskatchewan Pension Plan provides the ideal way to put a little away now so that there’s a bit of security later on – visit their site at www.saskpension.com for full details.

What are the habits of those who retire rich?
Writing in Business Insider, financial advisor Roberto Pascuzzi says there are several key characteristics he has noticed in wealthy retirees.

First, he says, they don’t get distracted from their overall plan. They are realistic about their wealth creation plan and aren’t hoping for “magical” investment gains. And they don’t worry about what others think – they don’t seek approval, he writes.

They make smart, long-term financial decisions and don’t look for a “get rich quick” home run. They are mentally tough and well organized.

They visualize the goal of retiring rich, and they dream big “with a realistic foundation.”

A systematic approach to retirement can help you get there in style. Pay yourself first. Be consistent and methodical in your savings – don’t lose focus and keep a steady stream of income directed at the target. Get rich slowly and avoid trying to hit home runs via your investments. With a little homework we can all get there.

Written by Martin Biefer
Martin Biefer is Senior Pension Writer at Avery & Kerr Communications in Nepean, Ontario. After a 35-year career as a reporter, editor and pension communicator, Martin is enjoying life as a freelance writer. He’s a mediocre golfer, hopeful darts player and beginner line dancer who enjoys classic rock and sports, especially football. He and his wife Laura live with their Sheltie, Duncan, and their cat, Toobins. You can follow him on Twitter – his handle is @AveryKerr22

Jun 18: Best from the blogosphere

A look at the best of the Internet, from an SPP point of view

Workplace pensions disappearing, putting savings onus on you
Writing in the Financial Post, Jason Heath notes that while most Canadian retirees think they saved enough for retirement (42 per cent said they had saved enough, 44 per cent wished they had saved a little more), much of that saving – about 25 per cent on average — came from their workplace pension plans. That’s a problem going forward, Heath writes, because workplace pension plans are becoming quite scarce.

“There have been trends in Canada towards reducing employee pension coverage, shifts towards temporary and contract workers and an increase in self-employment,” he writes. “These all put more personal responsibility onto today’s workers to save proactively to be tomorrow’s happy retirees.

Many of us already know that the Saskatchewan Pension Plan provides a great way for us to save on our own. Those savings can augment your company’s plan or can represent your own personal retirement plan. Sign up today – visit saskpension.com for more details.

What are the best places to retire in Canada?

MoneySense magazine recently put together a video on how to choose a place to retire in Canada.

The magazine says that retirees want to live somewhere that is close to an airport, has a thriving arts and culture scene, good weather, and good healthcare.

What places made their list? Number 1 choice was Victoria, B.C. MoneySense says B.C. has the warmest weather in Canada, and Victoria, while a bit pricey (over $574,000 for the average home), is steeped in history and culture and blessed with fine hospitals.

Taking second place was Ottawa, a larger city with more than 974,000 residents, which has many museums and art galleries, a good and mid-sized airport, and excellent healthcare. Housing is still a bit expensive, with the average price around $481,000.

Number 3 was Orillia, Ontario, which is about two hours’ north of Toronto. This beachfront town of 32,000 has lots of history and culture, a large casino nearby, and boasts affordable housing averaging under $300,000.

An unofficial runner-up selected by the Save with SPP blog might be Saskatoon, Saskatchewan, a fine, young-feeling university city with great healthcare and those long, sunny, and non-humid summer days of bright sunshine. Northern lights in the winter, too.

Written by Martin Biefer
Martin Biefer is Senior Pension Writer at Avery & Kerr Communications in Nepean, Ontario. After a 35-year career as a reporter, editor and pension communicator, Martin is enjoying life as a freelance writer. He’s a mediocre golfer, hopeful darts player and beginner line dancer who enjoys classic rock and sports, especially football. He and his wife Laura live with their Sheltie, Duncan, and their cat, Toobins. You can follow him on Twitter – his handle is @AveryKerr22

Jun 11: Best from the blogosphere

The pros and cons of annuities

Annuities are usually insurance against something bad – but there’s a kind of insurance that you can look forward to, explains Moshe Milevsky, Professor of Finance at York University’s Schulich School of Business.

In his YouTube video, Why Annuities Now?, Prof. Milevsky talks about how annuities are really insurance “against something that is a blessing, longevity.” Longevity insurance is “the insurance you buy to protect you against the cost of living for a very long time.”

An annuity is certainly something to think about when converting your SPP savings into retirement income. It’s a way to set up your savings to provide you with a fixed monthly income for your life – and there are ways to also provide for your survivors. Check SPP’s retirement guide for an overview of the annuity options the plan provides.

The retirement spending “smile”

Writing in the Financial Post, Jason Heath talks about the “retirement spending smile” that seems to occur for most of us. What is the smile? We generally spend more money in our early retired years, see a decline in the middle, and then see spending increase in the end – on a chart, it looks like a smile.

Research, the article notes, finds that “spending tends to rise by more than the rate of inflation in later years, on average.” This, the article notes, is likely due to the fact that in extreme old age, “few 95-year-olds cut their own grass, live independently in their homes, or avoid prescription drugs.”

The article warns us that spending may rise modestly if we are fortunate enough to live into our late 80s, and advises that idea to be part of our financial planning.

Written by Martin Biefer
Martin Biefer is Senior Pension Writer at Avery & Kerr Communications in Nepean, Ontario. After a 35-year career as a reporter, editor and pension communicator, Martin is enjoying life as a freelance writer. He’s a mediocre golfer, hopeful darts player and beginner line dancer who enjoys classic rock and sports, especially football. He and his wife Laura live with their Sheltie, Duncan, and their cat, Toobins. You can follow him on Twitter – his handle is @AveryKerr22

Best from the Blogosphere: 2018 Federal Budget Edition

SOURCE: 2018 FEDERAL BUDGET, P. 47

What I find most interesting about budgets are the provisions that are often buried in the fine print and don’t make the front page of the newspaper. You will find links below to some widely-reported features of the 2018 Federal Budget and others you may not yet be aware of.

The graphic above illustrates how the new EI parental-sharing benefit will operate. The Investment Executive reports that in an initiative that was widely-anticipated in the lead-up to the February 27th budget, the Liberal government introduced a new Employment Insurance (EI) parental sharing benefit that will provide extended EI parental benefits when both parents agree to share parental leave. The proposed “use-it-or-lose-it” benefit will increase the duration of EI parental leave by up to five weeks for parents who share a standard 12-month parental leave, or up to eight weeks for parents who share an extended 18-month leave. This incentive is expected to be available starting June 2019.

And while details are sketchy, MPs may finally be entitled to long over-due maternity and parental leave. According to the Budget Papers (p.52):

“The Government is supportive of, and will work with Parliament on, the recommendations put forward in the report of the Standing Committee on Procedure and House Affairs entitled Support for Members of Parliament with Young Children. This includes…improving work-life balance, providing access to child care and designated spaces for the use of Members with infants and children, and a change to the Standing Orders of the House of Commons to allow an infant being cared for by a Member of Parliament to be present on the floor of the House of Commons. The Government will also bring forward amendments to the Parliament of Canada Act to make it possible for Parliamentarians to take maternity and parental leave.”

The government has backtracked on key tax measures for small businesses. Mark Burgess at advisor.ca explains how the federal government will tie the passive income threshold to the small business deduction. He notes that the plan put forward in Tuesday’s federal budget takes a different approach to the one the government proposed last summer that received considerable blowback from business owners.

If a corporation earns more than $50,000 of passive investment income in a year, the amount of income eligible for the small business tax rate is reduced and more of the company’s active income is taxed at the general corporate rate. The $50,000 threshold originally announced in changes the government made to its proposals while under pressure from business groups in October is equivalent to $1 million in passive investment assets at a 5% return.

Julie Cazzen at Maclean’s lists 15 ways Budget 2018 will affect your wallet.  Here are a few of the interesting budget provisions she highlights:

  • The Canadian Child Benefit will be indexed to inflation starting July 2018.
  • You will be able to open an RESP and claim the $500 Canada Learning Bond grant at the same time that you apply for a birth certificate for your child. This will automatically enroll children born into low-income families for the grant.
  • Canada Student Grants and Loans has expanded eligibility for part time students, as well as full and part time students with children, and introduced a three-year pilot project that will provide adults returning to school on a full-time basis after several years in the workforce with an additional $1,600 in grant money starting Aug 1, 2018.
  • A new Apprenticeship Incentive Grant for Women will give women in male-dominated trades fields $3,000 per year of training (or up to $6,000 over two years). Almost all Red Seal trades are eligible.
  • The CPP death benefit is now $2,500 for all eligible contributors (whereas before it was pro-rated.)

Rob Carrick in the Globe and Mail discusses seven changes that could affect your finances. For example, following up on public consultations in 2016, the federal government is poised to announce improvements to Canada Deposit Insurance Corp. The consultations looked at adding registered disability savings plans (RDSPs) and registered education savings plans (RESPs) to the list of registered accounts that are covered and adding foreign currency deposits to covered products.

This would benefit snowbirds keeping large deposits in U.S.-dollar accounts. Other reforms could add coverage for guaranteed investment certificates of longer than five-year terms. Increasing the current $100,000 coverage limit for eligible deposits does not appear to be in the government’s plans.

Some other lesser known and unexpected Budget proposals reported by the Financial Post are:

  • The government will create an advisory council to begin “a national dialogue” on a national pharmacare program.
  • The government is moving to provide more support for Canadians suffering from mental health issues – including veterans – by helping them with the cost of psychiatric service dogs. Specifically, starting this year, the Medical Expense Tax Credit will be expanded to cover costs associated with the animals.

The federal government also announced in the budget that it will eventually move away from its problem-plagued Phoenix pay system – which has overpaid, underpaid or completely failed to pay tens of thousands of public servants – and invest $16-million over two years to develop a new pay system.

You can see the full document tabled in the House of Commons here.

Do you follow blogs with terrific ideas for saving money that haven’t been mentioned in our weekly “Best from the blogosphere?” Share the information on http://wp.me/P1YR2T-JR and your name will be entered in a quarterly draw for a gift card.

Written by Sheryl Smolkin
Sheryl Smolkin LLB., LLM is a retired pension lawyer and President of Sheryl Smolkin & Associates Ltd. For over a decade, she has enjoyed a successful encore career as a freelance writer specializing in retirement, employee benefits and workplace issues. Sheryl and her husband Joel are empty-nesters, residing in Toronto with their cockapoo Rufus.

Nov 6: Best from the blogosphere

We are again going to sample recent material from a series of bloggers who participated in The Canadian Financial Summit in September.

This week headlines across the country blared that CRA has changed their position on allowing diabetics to claim lucrative disability tax credits in certain cases.

On Your Money, Your Life, accountant Evelyn Jacks discusses why these changes are being made and how audit-proofing strategies must be implemented by tax professionals and their diabetic clients.

Andrew Daniels writes at Family Money Plan about how he paid off his mortgage in 6 years. Five of the 28 things he and his wife gave up to quickly pay down his mortgage are noted below:

  • Eating out, largely due to food sensitivities and allergies with the added bonus that they saved big bucks.
  • For the first five years of the pay down period they gave up travel.
  • They went without cell phones for four of the six years of paying off their mortgage
  • They opted to repair their old cars as required rather than buying new ones.

Jonathan Chevreau, CEO of the Financial Independence Hub notes in the Financial Post that Only a quarter of Canadians have a rainy day fund, but more than half worry about rising rates.

This is based on a survey of 1,350 voting-age adults by Forum Research Inc. conducted after the Bank of Canada raised its benchmark overnight rate from 0.75% to 1% on Sept. 6, the second increase in three months. That said, 17% believe rate hikes will have some positive aspects: Not surprisingly, debt-free seniors welcome higher returns on GICs and fixed-income investments. Another 38% don’t think it will have an effect either way.

Do you know how long it will take to double the money you have invested? MapleMoney blogger Tom Drake explains the rule of 72 which take into account the impact of compound interest and  allows you to get a quick idea of what you can achieve with your money.

For example, if you were expecting a rate of return of 7% you would divide 72 by 7, which tells you it would take about 10.3 years to double your money at that rate. If you want $50,000, you would need to invest $25,000 today at 7% and let it sit for 10.3 years.

Kyle Prevost explores 5 stupid reasons for not getting life insurance on lowestrates.ca. If your rationale is that you are healthy and never get sick, Prevost says, “Glass half-full thinking is a positive thing, but pretending that your full glass is indestructible is a recipe for disaster.”

And if you have avoided buying life insurance because you have so many other bills you can’t afford it, he says, “You seriously need to ask yourself what sort of situation you’d leave behind if tragedy struck. Those bills that look daunting right now would look downright insurmountable.”

Do you follow blogs with terrific ideas for saving money that haven’t been mentioned in our weekly “Best from the blogosphere?” Share the information on http://wp.me/P1YR2T-JR and your name will be entered in a quarterly draw for a gift card.

Written by Sheryl Smolkin
Sheryl Smolkin LLB., LLM is a retired pension lawyer and President of Sheryl Smolkin & Associates Ltd. For over a decade, she has enjoyed a successful encore career as a freelance writer specializing in retirement, employee benefits and workplace issues. Sheryl and her husband Joel are empty-nesters, residing in Toronto with their cockapoo Rufus.

Jul 24: Best from the blogosphere

By Sheryl Smolkin

When you are finally ready to come inside to beat the heat on a hot, steamy July day, here are some personal finance videos and podcasts for your viewing and listening pleasure.

CBC’s Asha Tomlinson interviews consumer advocate Ellen Roseman who answers questions about what Air Canada’s break up with Aeroplan could mean for you.

On the Money Mastermind Show, Linda P. Jones (Be Wealthy & Smart) interviews Hilary Hendershott from Profit Boss Radio. Although  Hendershott was working as a certified financial planner, she was unable to pay her own bills during the 2008 financial crisis. She worked her way out of this crisis and now offers her solutions to others.

Trips to the grocery story keep going up with the price of food. The CBC’s Marivel Taruc looks at how you can save some money on your grocery bill with the help of your smartphone.

In a Save your #@%* money video for the Financial Post, Melissa Leong hits the streets to find out the stupidest ways people lose money.

And finally, perennial favourite Jessica Moorhouse shares some of the ways she and her husband manage money together without getting into heated arguments.


Do you follow blogs with terrific ideas for saving money that haven’t been mentioned in our weekly “Best from the blogosphere?” Share the information on http://wp.me/P1YR2T-JR and your name will be entered in a quarterly draw for a gift card.

Written by Sheryl Smolkin
Sheryl Smolkin LLB., LLM is a retired pension lawyer and President of Sheryl Smolkin & Associates Ltd. For over a decade, she has enjoyed a successful encore career as a freelance writer specializing in retirement, employee benefits and workplace issues. Sheryl and her husband Joel are empty-nesters, residing in Toronto with their cockapoo Rufus.

Feb 13: Best from the blogosphere

By Sheryl Smolkin

There is always lots of speculation prior to the federal budget about possible tax changes. Last week we noted that Prime Minister Trudeau publically backed off from rumoured changes to the taxability of employer-contributions to group health and dental plans.

However, in the Financial Post Jamie Glombek writes about more tax changes to watch out for in the upcoming federal budget. He covers tax rates, “boutique tax credits,” employee stock options, capital gains inclusion rates and possible changes that may be of interest to small business owners.

MoneySense has a great slide show profiling 10 personal finance heroes you really need to meet. For example, star tennis player Milos Raonic learned to save 90% of his income. Philippe Alberigo, from Whitby, Ont worked several jobs and started stock investing at a young age. When he hit 22 in 2014, he had a $100,000 portfolio.

Financial trainer and blogger Avraham Byers writes in the Huffington Post that The Snowball Method Can Help You Put Your Debt On Ice. Method 1 which he calls the Debt Avalanche prioritizes paying off your debts from the highest to lowest in order to minimize the amount of interest you pay. In contrast, Method 2 – Debt Snowball tells you to pay off your debts from smallest balance to largest — ignoring your interest rates. The idea is that paying off your smaller debts sooner will give you confidence and financial momentum to stick with your plan to the end.

Leo T. Ly, a blogger who is new to this space blogs at ISaved5k. He says the first step to save $1 M is for young people to research the jobs/career that have the potential to make six figures salary a year in the industry in which they want to build a career and get the required training. The second step is to minimize various kinds of debt.

In 2016, millennial personal finance expert and award-winning blogger Jessica Moorhouse announced she was quitting her 9 to 5 job to become a full-time entrepreneur. In Here’s What Happened to My Finances After I Quit My Job she explains that in 2016 she made just over $34,000 from her side business and she made sure she had an emergency fund of $25,000 before she took the plunge. She also embarked on a “spending cleanse” to simplify her life and be smarter with her money.


Do you follow blogs with terrific ideas for saving money that haven’t been mentioned in our weekly “Best from the blogosphere?” Share the information on http://wp.me/P1YR2T-JR and your name will be entered in a quarterly draw for a gift card.

Jan 16: Best from the blogosphere

By Sheryl Smolkin

With Brexit, the election of Donald Trump and the stock market’s long bull run in 2016, the big question everyone is asking is what is in store for the Canadian economy in 2017?

Well, it depends who you ask and on what day. Here are a few recent predictions in the mainstream media, which may or may not pan out. You be the judge.

Not surprisingly, there’s one risk that “Trumps” them all for Canada’s economy in 2017, said Royal Bank Chief Economist Craig Wright in early January at the Economic Outlook 2017 event in Toronto.

The impact of U.S. growth on Canada depends on the policies that are put in place across the border under President-elect Donald Trump, but at a minimum Wright noted the U.S. is headed in a more competitive direction, while Canada seems to be moving the other way. “So it’s not yet clear whether Canada will see a ‘Trump bump’ or perhaps a ‘Trump slump,'” he told iPolitic reporter Ainslie Cruickshank.

The Financial Post reports that the best loonie forecaster in the world believes the Canadian dollar will beat all its G10 peers this year. The loonie will nudge an additional 0.75 per cent higher to 75.75 US cents by the end of the year, according to Konrad Bialas, chief economist at Warsaw-based foreign-exchange broker Dom Maklerski TMS Brokers SA, who topped a Bloomberg ranking of Canadian dollar forecasters in the fourth quarter. That would extend the loonie’s three percent gain from last year, which made it the best performer among its Group-of-10 peers.

In the Globe and Mail economist Todd Hirsch makes a series of bold (and some not-so-bold) predictions for Canada’s economy in 2017 and beyond. For example:

  1. Canada-U.S. trade disputes will intensify.
  2. The Canadian dollar will dip below 70 cents early in the year, but finish 2017 at 78 cents.
  3. The Keystone XL pipeline will get Washington’s approval.
  4. And for sports fans, Montreal will win the Stanley Cup; University of Calgary Dinos will win the Vanier Cup; and, the Winnipeg Blue Bombers will win the Grey Cup.

On CBC News, Paul Evans offers the following  five reasons why Canada’s economy is looking up in 2017.

  1. The job market is recovering.
  2. Oil could be headed higher – finally.
  3. Despite of predictions to the contrary, the loonie could be headed higher.
  4. Trade is picking up.
  5. The TSX is near an all-time high.

Nevertheless, analysis from the Centre for Economics and Business Research (a UK think tank), published in co-operation with Global Construction Perspectives says Canadawill have the world’s 10th largest economy in 2017, but will be overtaken in a few years by South Korea.


Do you follow blogs with terrific ideas for saving money that haven’t been mentioned in our weekly “Best from the blogosphere?” Share the information on http://wp.me/P1YR2T-JR and your name will be entered in a quarterly draw for a gift card.

Jun 13: Best from the Blogosphere

By Sheryl Smolkin

Next week Federal Finance Minister Bill Morneau will again be meeting with provincial and territorial finance ministers to talk about options for improving Canada Pension Plan benefits. This protracted discussion has been going on for as long as I can remember, but the hurdles remain the same.

CPP changes require the support of Ottawa plus seven of the 10 provinces representing two-thirds of the population. When the finance ministers last met in December 2015, Ontario which is currently going at it alone, PEI, Manitoba, Nova Scotia and New Brunswick gave CPP improvements a “thumbs up.” Quebec, B.C. Saskatchewan and Alberta vetoed the idea.

Here are some links to recent articles in the mainstream media that will bring you up-to-date on the various arguments made by stakeholders in the debate.

Larry Hubich, president of the Saskatchewan Federation of Labour says the proportion of their incomes that Canadians put into CPP, and will someday get back as pension payments, “is not enough.” Nevertheless he is optimistic since many Canadian politicians — including Prime Minister Justin Trudeau — agree there’s a pension problem because many Canadians can’t retire on what they’ll get from the CPP under current rates.

After the finance ministers met in December 2015, Dan Kelly, president and CEO of the Canadian Federation of Independent Business (CFIB), and Marilyn Braun-Pollon, Saskatchewan vice-president of CFIB told the Regina Leader-Post that small business owners are relieved that Canada’s finance ministers have put plans to expand the Canada Pension Plan (CPP) on hold. “They are relieved but they’ve expressed a desire to see a shift in the conversation,” Braun-Pollon said.

The Globe and Mail reports that a coalition of business groups and youth advocates is calling for an expanded Canada Pension Plan, but only if it is targeted at middle-income levels. The coalition argues that higher premiums to pay for more generous retirement benefits should kick in at annual earnings of about $27,500. They argue helping Canadians who earn less than that is better accomplished through Old Age Security and the related Guaranteed Income Supplement.

The Ontario government recently announced it is delaying the introduction of its Ontario Retirement Pension Plan until 2018 while it negotiates with the federal government and other provinces on an enhanced CPP. However, at this point, the government says it still intends to proceed with the ORPP as it’s unlikely that all provinces can agree on a CPP enhancement large enough to take the place of the ORPP. Here’s what you need to know about the ORPP:

And Fred Vettese, the Chief Actuary of Morneau Shepell writes in the Financial Post that he is actually in favour of CPP expansion if it is done right. He says one thing it will certainly do is to raise the under-savers (and there are many of them) closer to the standard of living they enjoyed while working. The unanswered question is how much closer should they be without having to save on their own?

Do you follow blogs with terrific ideas for saving money that haven’t been mentioned in our weekly “Best from the blogosphere?” Share the information on http://wp.me/P1YR2T-JR and your name will be entered in a quarterly draw for a gift card and