Category: Pensions, Benefits & Executive Compensation

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Ontario Files Regulations in Support of Pension Plan Administrator Discharge Upon Annuity Purchase

April 18, 2018

The Ontario government recently filed O. Reg. 193/18, Purchase of Pension Benefits From an Insurance Company – Section 43.1 of the Act (Regulation) under the Pension Benefits Act (PBA). The Regulation supports the provision in section 43.1 of the PBA that provides a discharge to the administrator of a single-employer defined benefit pension plan where the administrator complies with specified…

Alberta Announces Temporary Solvency Funding Relief for Defined Benefit Pension Plans

April 10, 2018

The Alberta Superintendent of Pensions (Superintendent) recently announced long-anticipated measures providing potential funding relief to sponsors of Alberta-registered defined benefit plans. In September 2017, the Superintendent granted sponsors of defined benefit pension plans a six-month filing extension for actuarial valuation reports required as of December 31, 2016, in order to further study whether circumstances warranted the provision of temporary funding…

2018 Ontario Budget: Registered Pension Plan Issues

April 2, 2018

On March 28, 2018, the Ontario government tabled its 2018 budget (Budget), which included a number of registered pension plan related provisions. On that same day, the government introduced Bill 31, Plan for Care and Opportunity Act (Budget Measures), 2018, which, if passed, will implement certain provisions of the Budget (Bill 31). The Budget reiterated the government’s leadership role in…

Quebec’s Updated Act Respecting Labour Standards Presents New Challenges for Employers

March 23, 2018

On March 20, 2018, Quebec’s Minister responsible for Labour, Dominique Vien, presented Bill 176: An Act to amend the Act respecting labour standards and other legislative provisions mainly to facilitate family-work balance (Bill) in the Quebec National Assembly. Despite numerous announcements promising a major restructuring of labour standards, the Bill does not overhaul the Act respecting labour standards (Act) to…

2018 Federal Budget: Proposal to Discontinue the Health and Welfare Trust Regime

March 1, 2018

On February 27, 2018, the Minister of Finance introduced Canada’s 2018 Federal Budget: Equality and Growth for a Strong Middle Class (2018 Budget), as well as an annexed Tax Measures: Supplementary Information (Supplementary Tax Measures), which include a proposal to discontinue the Health and Welfare Trust regime and provide for the transition of existing Health and Welfare Trusts into Employee…

2018 Federal Budget: Selected Tax Measures

February 28, 2018

On February 27, 2018, the Minister of Finance introduced Canada’s 2018 Federal Budget (2018 Budget). The 2018 Budget includes measures affecting the taxation of passive income earned by private corporations, as was expected, although the changes are not as wide-spread as had been previously suggested. In addition, the 2018 Budget includes a mix of targeted anti-avoidance rules, legislative responses to…

Ontario Pension Funding Reform: Changes to Pension Benefits Guarantee Fund Assessments

January 23, 2018

On January 19, 2018, the Ontario government released a description of proposed changes (Proposed Regulation) to the formula for calculating a pension plan’s annual assessment for purposes of the Pension Benefits Guarantee Fund (PBGF). Specifically, the Proposed Regulation pertains to the regulations to the Pension Benefits Act (PBA), which set out the PBGF assessment formula. The Proposed Regulation is intended…

Ontario Pension Funding Reform and Administrator Discharge upon Annuity Purchase

January 9, 2018

On December 14, 2017, the Ontario government posted descriptions of two proposed regulations to the Ontario Pension Benefits Act (PBA) regarding the funding rules for defined benefit pension plans and the availability of an administrator’s discharge upon purchase of an annuity (together, the “Proposed Regulations”). The Proposed Regulations relate to some of the changes to the PBA announced by the…

Amended SPPA Regulation Comes into Force, Filling a Gap in Quebec’s Supplemental Pension Plan Framework

January 8, 2018

On January 4, 2018, the Regulation to amend the Regulation respecting supplemental pension plans came into force, filling a regulatory void in Quebec’s supplemental pension plans framework that lasted just over two years. This amendment brings the Regulation respecting supplemental pension plans (SPPA Regulation) up to speed with its enabling statute — the Act respecting supplemental pension plans (SPPA) —…

Pensions Newsletter – December 2017

December 19, 2017

Welcome to the 20th issue of the Blakes Pensions Newsletter. This newsletter provides a summary of recent jurisprudential developments that affect pensions and benefits and is not intended to be legal advice. For additional information or to discuss how any aspect of these developments may affect you, please contact a member of the Blakes Pensions, Benefits & Executive Compensation group….

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