Saskatchewan will likely be one of the only Provinces in a position to boast of its balanced budget in 2010-11; March 25th 2010, the government of Saskatchewan forecast a surplus of $20 million. The validity of the surplus is contested by opposition members, see here for example.
Saskatchewan is ahead of other jurisdictions in some aspects of pension access coverage. They allow full unlocking of Life Income Funds (LIFs), they have the highest rate of coverage of occupational pension plans in the country and they have a province wide plan. Saskatchewan’s Pension Plan (the SPP) was created in 1986 to provide individuals with no employer sponsored plans access to a retirement savings vehicle. The SPP is an opt-in defined contribution plan.
Of interest is the fact that in budget 2010-2011 the government of Saskatchewan has expanded the contributions limit to $2500 per year. This is a major change because the plan’s contribution limit had previously been $600 per year. This limit change, as set out in the Income Tax Act, had not been in changed in a whopping 24 years!
To see a list of the Saskatchwan Budget highlights, please Posted in Archive, In The News