FTR Now on CRA Temporary COVID-19 Relief for Registered Pension Plans Mentioned in Benefits and Pensions Monitor
An FTR Now published on May 5, 2020 written by Hicks Morley’s Sukhvinder Dulay and Stephanie Kalinowski was mentioned in the May 8, 2020 Benefits and Pensions Monitor Daily News Alert. The alert summarizes the FTR Now titled “Canada Revenue Agency Announces Temporary COVID-19 Relief for Registered Pension Plans.”
The minimum one per cent employer contribution rule applicable to defined contribution pension plans is temporarily suspended. In addition, the federal department of finance has confirmed that it will recommend an amendment to the Income Tax Regulations to extend the deadline for electing to purchase a leave of absence on a current-service basis.