The federal government has announced that it will be raising the annual contribution limit for the Tax-Free Savings Account (“TFSA”) by $500, from the current $5000.00 to $5500.00, commencing in 2013.
Industry: Financial Services
Helping Families in Need Act Passes Third Reading
On November 20, 2012, Bill C-44, Helping Families in Need Act, was passed at Third Reading in the House of Commons and was referred to the Senate. As previously reported, if passed Bill C-44 will, among other things, make certain amendments to the Canada Labour Code regarding an employee’s right to take leave if his…
Proposed Amendments to CIRB Regulation Published for Comment
On November 17, 2012, the federal government published proposed Regulations Amending the Canada Industrial Relations Board Regulations, 2001, inviting interested parties to comment on the proposed regulatory text within two weeks of the date of publication. The proposed Regulations follow consultations conducted by the Canada Industrial Relations Board (“CIRB”) throughout 2011 with labour and management…
Enjoying a Safe Holiday Office Party
Once again, the holiday season is upon us and it is that time of year when employers begin to plan for seasonal and holiday celebrations. Whether these celebrations are large or small, it is important that employers take proactive steps to ensure the health and safety of their employees who attend office parties or other…
Letters of Credit Amendment to PBA Proclaimed into Force
Section 18 of the Securing Pension Benefits Now and for the Future Act, 2010 has been proclaimed into force effective January 1, 2013. This section amends the Pension Benefits Act (“PBA”) to add section 55.2, Letters of Credit. As previously reported, the supporting regulation to section 55.2, O. Reg. 364/12, was filed on November 15,…
Letters of Credit Pension Regulation Filed
On November 15, 2012, the Ontario government filed O. Reg. 364/12, which amends Regulation 909 made under the Pension Benefits Act (“PBA”) and implements the framework for letters of credit under the yet to be proclaimed section 55.2 of the PBA. Section 55.2 of the PBA will allow the use of letters of credit in…
Federal Committee Considers Bill Requiring Disclosure of Information by Labour Organizations
On November 7, 2012, Bill C-377, An Act to amend the Income Tax Act (Requirements for labour organizations) was considered before the House of Commons Standing Committee on Finance. Bill C-377 is a private member’s bill which, if passed, will amend the Income Tax Act to require labour organizations to file a public information return…
New Solvency Funding Relief Regulations Filed
On November 1, 2012, the Ontario government filed O. Reg. 329/12 and O. Reg 330/12, each of which amends Regulation 909 (General) made under the Pension Benefits Act. Further to the government’s Budget 2012, O. Reg 329/12 extends temporary solvency funding relief measures for private sector defined benefit pension plans, as first introduced in 2009…
Helping Families in Need Act Reported Back to House of Commons
On November 2, 2012, Bill C-44, Helping Families in Need Act, was reported back to the House of Commons without amendment by the Standing Committee on Human Resources, Skills and Social Development and the Status of Persons with Disabilities. As previously reported, if passed Bill C-44 will, among other things, make certain amendments to the…
2013 Pension and Retirement Savings Limits Announced
On November 1, 2012, the Canada Revenue Agency (“CRA”) released the “2013 Rates for Money Purchase limits, RRSP limits, YMPE, DPSP limits and Defined Benefits limits,” which are as follows: The 2013 annual pension for the year in which a pension commences to be paid under a Defined Benefit pension plan will be limited to…