On October 14, 2020, the Department of Finance Canada released its latest backgrounder regarding the CEWS. The Extending the Canada Emergency Wage Subsidy backgrounder (Backgrounder) summarizes a number of new and recently announced changes to the CEWS, including the extension of the CEWS to June 2021.
Sponsors of defined benefit (DB) pension plans registered in Ontario have been given significant temporary contribution relief as part of the Ontario government’s response to the COVID-19 pandemic. On September 21, 2020, Ontario Regulation 520/20 (Regulation) was filed. The Regulation amends Regulation 909 made under the Ontario Pension Benefits Act (PBA) to permit temporary contribution deferral for certain eligible DB pension plans, and extend the time over which catch-up contributions following the filing of a new valuation report must be made.
On July 27, 2020, the federal government passed Bill C-20, An Act respecting further COVID-19 measures (Bill C-20), which amends the Canada Emergency Wage Subsidy (CEWS) first enacted in April 2020 with Bill C-14, the COVID-19 Emergency Response Act, No. 2 (Bill C-14). Since April, there have been a number of changes to the CEWS. Bill C-20 implements the modified rules for the CEWS program that apply from June onward.
In this FTR Now we provide a comprehensive summary of the CEWS, including the new details of the CEWS extension to December 19, 2020, and we incorporate content from our previous firm communications dated March 30, 2020, April 2, 2020, April 9, 2020, April 13, 2020, and April 20, 2020.
This FTR Now describes the Funding Framework and the likely transitional rules that will be of considerable interest for employers when planning for 2018 and beyond, as well as related complementary measures.
New legislation has been tabled that will, if passed, change the retirement framework in Ontario – and the rules around pension plan administration, governance and funding. The proposals outlined in Bill 177, Stronger, Fairer Ontario Act (Budget Measures), 2017, include permanent solvency funding measures, discharges for annuity purchases, a new registry for missing beneficiaries, multi-employer pension plans and target benefits changes and a host of other key amendments. Learn more about these important Bill 177 pension proposals and how they could impact your organization in this FTR Now.
The pension industry is undergoing an unprecedented amount of change. In this video, Stephanie Kalinowski highlight some of the developments that are on the horizon, including a new solvency funding regime for defined benefit plans in Ontario, the introduction of administrative monetary penalties, a new regime for target benefit plans and an extended EI parental leave benefit.
On September 30, 2017, the Financial Services Commission of Ontario (FSCO) published a new policy outlining the procedures administrators must follow to obtain a waiver of the requirement to send biennial statements to missing former and retired members. Find out more in this FTR Now.
On November 14, 2017, the Ontario government introduced Bill 177, the Stronger, Fairer Ontario Act (Budget Measures), 2017 (Bill 177), omnibus legislation supporting key reforms outlined in the 2017 Ontario Economic Outlook and Fiscal Review (Fiscal Review), which was also released on that date.
Recent amendments to the Workplace Safety and Insurance Act, 1997 (WSIA) will expand the scope of benefit entitlement for mental stress to include chronic mental stress. The Workplace Safety and Insurance Board (WSIB) has just issued the final version of its operational policy in support of this new entitlement. This expanded entitlement will have significant consequences for employers – read more for what you, as an employer, need to know..
Administrators beware: as of January 1, 2018, the Superintendent of Financial Services (Superintendent) will have the power to levy significant new administrative monetary penalties (AMPs) for certain violations of Ontario’s Pension Benefits Act (PBA)…