On November 1, 2012, the federal government announced that in 2013, the maximum pensionable earnings under the Canada Pension Plan will be $51,100. The maximum employer and employee contribution rates will remain at the 2012 rate of 4.95%.
Business Operation: Saskatchewan
Federal Budget Bill Passes Second Reading, Referred to Committee
On October 30, 2012, Bill C-45, Jobs and Growth Act, 2012, passed Second Reading in the House of Commons and was referred to the Standing Committee on Finance. As previously reported, Bill C-45 is the second omnibus budget bill giving effect to certain initiatives contained in the federal government’s Budget 2012.
Second and Final Tranche of Pooled Registered Pension Plans Regulations Published for Comment
On October 26, 2012, the federal government announced that it was pre-publishing proposed Regulations Amending the Pooled Registered Pension Plans Regulations (“Proposed Regulations”) for public commentary and that once the Proposed Regulations are finalized, the Pooled Registered Pension Plans Act (“Act”) and its supporting regulations will come into force. As stated in the announcement, the…
Federal Government Registers Pooled Registered Pension Plans Regulations
On October 5, 2012, Pooled Registered Pension Plans Regulations were registered by the federal government. The Regulations provide supporting details for the Pooled Registered Pension Plans Act (“Act”). Among other things, the Regulations establish: the licensing conditions for a Pooled Registered Pension Plan (“PRPP”) administrator; the management and investment of funds in PRPP members’ accounts;…
Second Federal Omnibus Budget Bill Tabled
On October 18, 2012, the federal government tabled Bill C-45, Jobs and Growth Act, 2012, the second omnibus budget bill giving effect to the initiatives found in its Budget 2012, Economic Action Plan 2012 – A Plan for Jobs, Growth and Long-term Prosperity. If passed, Bill C-45 will, among other things: amend the rules applicable…
Tax Measures from Federal Budget 2012 to be Implemented
On October 15, 2012, the federal government tabled a Notice of Ways and Means Motion to implement certain tax measures contained in the government’s March 2012 budget, the Economic Action Plan, 2012 – A Plan for Jobs, Growth and Long-Term Prosperity. Among other things, the Notice of Ways and Means Motion includes implementation of the…
Helping Families in Need Act Passes Second Reading, Referred to Committee
On October 2, 2012, Bill C-44, Helping Families in Need Act, passed Second Reading and was referred to the Standing Committee on Human Resources, Skills and Social Development and the Status of Persons with Disabilities. As previously reported, among other things Bill C-44, if passed, will make certain amendments to the Employment Insurance Act and…
Information Bulletins on Anti-spam Legislation Published
Two information bulletins have been published by the Canadian Radio-Television Communications Commission (CRTC) to help businesses better understand Bill C-28, the federal anti-spam legislation. The bulletins include, among other things, examples of acceptable practices. As previously reported, Bill C-28 enacts comprehensive anti-spam legislation and specifically amends the Personal Information Protection and Electronic Documents Act (“PIPEDA”)…
EI Rates Set for 2013
On September 14, 2012, the 2013 employment insurance premium rate for residents of all provinces (with the exception of Québec) was set at $1.88 per $100 of insurable earnings by resolution of the Canada Employment Insurance Financing Board. The 2013 employment insurance premium rate for Québec residents was set at $1.52 per $100 of insurable…
2013 Basic Rate Set By Superintendent of Financial Institutions
On September 7, 2012, the Office of the Superintendent of Financial Institutions set the basic rate for the Office year beginning on April 1, 2013 at $10.00, pursuant to the Assessment of Pension Plans Regulations. This rate applies to pension plans with a year-end between October 1, 2012, and September 30, 2013 and for newly…