Ontario Tables Budget 2016
Date: February 26, 2016
On February 25, 2016, the Ontario government tabled its 2016 Budget “Jobs for Today and Tomorrow” and the corresponding Budget Bill, Bill 173, Jobs for Today and Tomorrow Act (Budget Measures), 2016.
Highlights of the Budget for employers, human resources professionals and pension plan administrators include:
- a report on the government’s progress towards implementation of the Ontario Retirement Pension Plan, including confirmation of the contribution rate for employers in Wave 1 who will start contributing January 1, 2018;
- an announcement of a review of the current pension solvency funding framework, coupled with an extension of the existing temporary solvency funding relief measures;
- an indication that regulations needed to implement the new rules for the establishment of Pension Advisory Committees under the Pension Benefits Act will be finalized later in 2016;
- a final report on a regulatory framework for financial advisory and financial planning services is expected to be delivered in the fall of 2016;
- a report on the government’s progress regarding the Changing Workplaces Review and the Gender Wage Gap Strategy;
- the development of a provincial employment strategy for persons with disabilities; and
- the creation of a Directorate to address racism in Ontario.
We are reviewing the Budget and Bill 173 and will be providing a detailed FTR Now on its contents in the coming days.
Should you have any questions regarding Budget 2016, please contact Stephanie J. Kalinowski at 416.864.7263, Natasha D. Monkman at 416.864.7302, Paul A. Migicovsky at 416.864.7021 or your regular Hicks Morley lawyer.
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