Human Resources Legislative Update
Federal Government Introduces Sustaining Canada’s Economic Recovery Act
Date: October 1, 2010
On September 30, 2010, the federal government introduced Bill C-47, the Sustaining Canada’s Economic Recovery Act.
As outlined in the government announcement, Bill C-47 is omnibus legislation and addresses numerous measures of interest to employers including:
- income tax reforms relating to stock option plans and employee life and health trusts as outlined in the March 2010 Budget previously reported on August 30, 2010; and
- reforms to the Pension Benefits Standards Act to satisfy benefit payments due to un-located pension plan beneficiaries, to create a “safe harbour” for member-directed defined contribution pension plan investments meeting certain criteria, and to address electronic communications with pension plan beneficiaries.
Hicks Morley is reviewing Bill C-47 and will be publishing a more detailed analysis of these reforms on our website.