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…
Practice Area: Pension, Benefits & Executive Compensation
Highlights of the 2024 Ontario Budget
On March 26, 2024, the Ontario government tabled its 2024 budget, “Building a Better Ontario” (Budget) and Bill 180, Building a Better Ontario Act (Budget Measures), 2024 (Bill 180). In this FTR Now, we highlight information contained in the Budget and Bill 180 that is of broad interest to employers, human resources professionals and pension…
Ontario Budget 2024 Tabled
On March 26, 2024, the Ontario government tabled its 2024 budget, “Building a Better Ontario” (Budget). Among other things, the Budget describes developments in the province’s plan to release a new legislative framework for multi‐employer pension plans that provide target benefits. Bill 180, Building a Better Ontario Act (Budget Measures), 2024 was introduced on the…
Employment Expenses: Updated Process and T2200 Form
The Canada Revenue Agency (CRA) has published revised guidance on the process for claiming home office expenses for the 2023 taxation year just in time for tax season. The CRA has confirmed that the two temporary methods for claiming deductions for home office expenses—form T2200S, “Declaration of Conditions of Employment for Working at Home Due…
2023 in Review – Key Legislative Updates
Last week we published “The Year in Review – 2023 Cases of Note.” This week we are back with our review of notable legislative updates from 2023 that we believe will be of interest to employers, human resources professionals and pension plan administrators. We also identify some legislation to watch for in 2024. Ontario Employment…
Final Phase of 2016 CPP Enhancements Takes Effect January 1, 2024
Starting in 2024, mandatory contributions to the Canada Pension Plan (CPP) will increase with the introduction of additional CPP contributions up to a second earnings ceiling. The increase comes as part of the final phase of enhancements to the CPP that was introduced in 2016 through the federal Bill C-26, An Act to amend the…
OSFI Releases Details on New Supervisory Framework
The Office of the Superintendent of Financial Institutions (OSFI) has released information on the renewal of its supervisory framework (Framework) for federally regulated financial institutions and pension plans. The new Framework is part of OSFI’s blueprint for transformation and is the first complete review of the Framework in almost 25 years. Purpose The Framework guides…
Ontario Pension Plan Update: Ongoing Consultations of Interest
Ontario’s Ministry of Finance (Ministry) and the Financial Services Regulatory Authority (FSRA) have issued two separate consultations of interest to employers related to the design and governance of pension plans in Ontario. Consultations on “A Permanent Framework for Target Benefit Plans” The Ministry has published a second consultation paper regarding its proposed target benefit framework….
Ontario Government Consultation on Permanent Framework for Target Benefit Plans
The Ontario government previously announced the launch of consultations on proposed regulations related to the implementation of a permanent legislative framework for target benefit multi-employer pension plans (MEPPs) in the province. The permanent framework would replace temporary funding regulations for Specified Multi-Employer Pension Plans (SOMEPPs) set to expire in 2024. The proposed framework will replace…
Bill C-228 Offering Pension Protection in Bankruptcy Receives Royal Assent
On April 27, 2023, Bill C-228, the Pension Protection Act, received Royal Assent and is now law. As a result, pension plan deficits will be required to be paid in priority to most other creditors, including secured creditors, during bankruptcy and insolvency proceedings. In this FTR Now we consider this development and its implications for…