On June 6, 2011, the federal government re-introduced “Budget 2011, the Next Phase of Canada’s Economic Action Plan—A Low-Tax Plan for Jobs and Growth” (PDF). As anticipated, the Budget includes all of the measures previously introduced by the government in March of 2011, which are outlined in our FTR Now of March 24, 2011, “Federal…
Business Operation: Québec
House of Commons Resumes Sitting
On June 2, 2011, the 41st Parliament commencement its first session. The government is expected to re-introduce its 2011 pre-election Budget, on June 6, 2011.
Ontario Signs Multi-Jurisdictional Pension Plan Agreement
On May 20, 2011, the Ontario government announced that it has signed the Agreement Respecting Multi-Jurisdictional Pension Plans (the “MJPPA”) (PDF) with the government of Quebec. The MJPPA will be effective July 1, 2011 for multi-jurisdictional pension plans where the “major authority” (province of registration) is Ontario or Quebec, and the pension plans have Ontario and…
Bill C-9 Pension Reforms Come Into Force
Effective April 1, 2011 and July 1, 2011, certain sections of the federal Jobs and Economic Growth Act (Bill C-9) and the Pension Benefits Standards Act, 1985 (“PBSA”) come into force. As previously reported, amendments to the PBSA which were brought into force effective April 1, 2011 include provisions: permitting plan sponsors to secure letters…
Federal Parliament Dissolved; Writs of Election Issued
On March 26, 2011, Parliament was proclaimed dissolved following adoption of a motion of non-confidence in the House of Commons. As a result, all outstanding business before the House, including all government and Private Members’ Bills, expired on the Order Paper. At the present time, Parliament is scheduled to reconvene on May 30, 2011, following…
Federal Pension Regulations in Effect April 1, 2011
On April 1, 2011, regulatory amendments to the Pension Benefits Standards Regulations, 1985 will come into force. These amendments support the changes to the Pension Benefits Standards Act, 1985 (PBSA) made by Bill C-9, which is discussed here. As previously reported, these amendments will: permit plan sponsors to secure properly structured letters of credit in…
Federal Mandatory Reporting of Internet Child Pornography Bill Receives Royal Assent
On March 23, 2011, Bill C-22, an Act respecting the mandatory reporting of Internet child pornography by persons who provide an Internet service, received Royal Assent. As previously reported, Bill C-22 imposes a mandatory duty on persons providing an “internet service” (a service providing internet access, e-mail or internet content hosting) to the public to…
Federal 2011 Budget Introduced
On March 22, 2011, the federal government introduced its 2011 Budget “A Low-Tax Plan for Jobs and Growth”. Highlights in the Budget of interest to employers include: elimination of the mandatory retirement age for federally regulated employees volunteer firefighters tax credit anti-avoidance rules for RRSPs increase in EI premiums limited to 5 cents in 2011…
Québec proposes stronger retirement income system
On March 17, 2011, the Québec government tabled its 2011-2012 Budget. The Budget proposed, among other things, to strengthen Québec’s retirement income system by: making adjustments to the Québec Pension Plan, as of January 1, 2012, to guarantee a new basic income to Québecers at retirement; and undertaking to implement new Voluntary Retirement Savings Plans…
Québec Budget Announces New Voluntary Retirement Savings Plans for Employees
In its March 17, 2011 budget, Québec announced that it would implement voluntary retirement savings plans (VRSPs) for all workers who do not have access to a private pension plan. VRSPs will be capital accumulation plans (defined contribution savings plans) administered by third parties such as financial institutions. The financial institutions that offer these VRSPs…