Human Resources Legislative Update
Ontario Budget Bill Receives Royal Assent
Date: May 23, 2024
As discussed in our April 3, 2024 FTR Now, on March 26, 2024, the Ontario government tabled its 2024 Budget and introduced Bill 180, Building a Better Ontario Act (Budget Measures), 2024 (Bill 180). Bill 180 received Royal Assent on May 16, 2024.
Employers, human resources professionals and pension plan administrators should be aware of the following effective dates for the Bill 180-related amendments discussed in our FTR Now article:
- Permanent Target Benefit Framework. The amendments to the yet-to-be-proclaimed provisions of the Ontario Pension Benefits Act (PBA) and new provisions to support the implementation of a target benefit plan framework take effect when the earlier related amendments to the PBA introduced in the Stronger, Fairer Ontario Act (Budget Measures), 2017 are proclaimed in force. This date has not yet been confirmed.
- Ontario Infrastructure Bank. The Building Ontario Fund Act, 2024 is in force as of May 16, 2024. This will continue the Ontario Infrastructure Bank under the name of the Building Ontario Fund.
- Film and Television Tax Credit. The amendments to the eligibility requirements for the Ontario Computer Animation and Special Effects Tax credit are in force as of May 16, 2024.
Should you have any questions about the Budget or Bill 180, please contact your regular Hicks Morley lawyer.
The article in this client update provides general information and should not be relied on as legal advice or opinion. This publication is copyrighted by Hicks Morley Hamilton Stewart Storie LLP and may not be photocopied or reproduced in any form, in whole or in part, without the express permission of Hicks Morley Hamilton Stewart Storie LLP. ©
