In response to industry requests, the Canada Revenue Agency (CRA) announced on May 5, 2020 that the minimum 1% employer contribution rule applicable to defined contribution (DC) pension plans is temporarily suspended. In addition, the federal Department of Finance issued a comfort letter confirming 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. These measures are intended to temporarily assist the sponsors and administers of DC and defined benefit (DB) registered pension plans in light of the COVID-19 pandemic.
Industry: Arts & Sports
COVID-19 Update: Certain Businesses Permitted to Reopen, and More
In this FTR Now: Province allows businesses to reopen; Ontario announces workplace health and safety guidance; Ontario expands the list of essential workers eligible to receive free emergency child care; Further amendments to the Employment Insurance Act and New Canada Emergency Student Benefit; and more!
Ontario Unveils Framework for Reopening the Province
On April 27, 2020, the Ontario government announced its framework for reopening Ontario (Framework), which sets out the criteria the Chief Medical Officer of Health (CMOH) and health experts will use to advise the government on the timing of and direction for lifting emergency measures, as well as the principles for reopening businesses, services, and…
Further Measures Announced in Relation to COVID-19
Late last week, the Ontario government amended a number of measures already introduced in light of COVID-19. It updated the “COVID-19 Self-Assessment Tool” to include an expanded list of symptoms for which self-isolation is required. It made further orders under the Emergency Management and Civil Protection Act regarding health care, an expanded list of essential workers eligible for child care and seasonal campgrounds. The federal government provided more information on initiatives already underway, including with respect to the eligibility requirements for the Canada Emergency Response Benefit (CERB).
WSIB Claims in Light of COVID-19
The Workplace Safety and Insurance Board (WSIB) has published a “Frequently Asked Questions” page to address questions regarding COVID-19 claims, the impact of COVID-19-related closures on injured workers, and changes in WSIB processes during this period. Below is a brief summary of the key points.
Federal Wage Subsidy Legislation Passed
On April 11, 2020, Bill C-14, the COVID-19 Emergency Response Act, No. 2, (Bill C-14), received Royal Assent after another emergency session of Parliament. Bill C-14 enacts the Canada Emergency Wage Subsidy (CEWS). It includes new details about which employers are eligible, and the calculation of gross revenue and the subsidy. On the same date, the federal government also updated its backgrounder describing the CEWS, reflecting the final form of the legislation.
Additional Details of Canada Emergency Wage Subsidy and Enhanced Summer Jobs Program Released
After making its initial announcement about the significantly expanded Canada Emergency Wage Subsidy (CEWS) program, the federal government announced on April 8, 2020, that it is introducing additional flexibility to the CEWS, and provided additional details about how the program will operate.
Overview of Status and Availability of Ontario Courts in Light of Pandemic
Here you will find an update regarding the current status and availability of Ontario Courts in light of the COVID-19 pandemic. This information is current as of April 2, 2020.
COVID-19 – Continuity of Pension Plan Administration and Related Regulatory Flexibility
During these uncertain times, pension plan administrators must continue to administer their pension plans and provide benefits to members, former members and retired members. Employers and pension plan administrators face a number of upcoming filing and disclosure deadlines and may have challenges in meeting those deadlines as a result of the COVID-19 pandemic.
Federal Government Releases Further Details for COVID-19 Economic Relief
On April 1, 2020, the federal government provided important additional information about the previously announced expanded wage subsidy program and the Canada Emergency Response Benefit (CERB).