On October 31, 2011, the federal government proposed a number of legislative reforms to sections in the Income Tax Act (“ITA”), that if adopted, would in part amend the rules dealing with the valuation and deeming of benefits in respect of employment, benefits conferred on shareholders and rules respecting prohibited investments made by multi-employer pension…
Industry: Financial Services
Regulatory amendment proposed for CPP Post-Retirement Benefit elections
The federal government has proposed a regulatory amendment to the Canada Pension Plan Regulations which prescribes the manner of employee elections (or revocations) regarding the new Post-Retirement Benefit (PRB), which will be available under the Canada Pension Plan (CPP) effective January 1, 2012. The PRB extends participation in the CPP to those employees (and self-employed…
Federal Budget Implementation Bill Introduced (C-13)
On October 4, 2011, the federal government introduced Bill C-13, Keeping Canada’s Economy and Jobs Growing Act, omnibus legislation designed to implement a number of measures proposed in its 2011 Budget (as previously discussed here). If passed, the Bill would, among other things: amend the Canadian Human Rights Act to eliminate the mandatory retirement age…
Hicks Morley Information and Privacy Highlights – Fall 2011
Welcome to the Fall 2011 Hicks Morley Information and Privacy Highlights! This second edition of our new re-vamped publication includes many note-worthy decisions, including Vaughan (City) (Re) , where the Information and Privacy Commissioner of Ontario found that personal information received on an unsolicited basis is not “collected” for the purposes of the Municipal Freedom…
Proposed PIPEDA amendments re-introduced as Bill C-12
On September 29, 2011, the federal government introduced Bill C-12, Safeguarding Canadians’ Personal Information Act, which, if passed, will amend the Personal Information Protection and Electronic Documents Act (“PIPEDA“). Bill C-12 reintroduces Bill C-29 (previously reported here), which expired on the Order Paper when Parliament was proclaimed dissolved in March, 2011. Among other things,…
2012 Basic Rate Set By Superintendent of Financial Institutions
On September 7, 2011, the Office of the Superintendent of Financial Institutions set the basic rate for the Office year beginning on April 1, 2012 at $18.00, pursuant to section 25 of the Pension Benefits Standards Regulations, 1985. This rate applies to the fees paid by federally regulated pension plans with a year-end between October…
Bill 133 (Asset Division on Marriage Breakdown) – Q & A Posted
In anticipation of January 1, 2012, when new legislation related to the division of pension assets on the breakdown of a spousal relationship comes into force, the Financial Services Commission of Ontario (“FSCO”) has published a Question and Answer guide (“Q & A”) for members of the public. As previously reported, the pension division and…
Provincial Election 2011: Employers’ Obligation to Provide Paid Time Off to Vote
The provincial election will be held on October 6, 2011. For most of the province, voting hours will run from 9:00 a.m. to 9:00 p.m. For electoral districts that lie “entirely west of the meridian of 90º W. longitude” (i.e. in the Central Time Zone), voting hours will run from 8:00 a.m. to 8:00 p.m….
Federal Consultations On Employee Profit Sharing Plan Tax Rules
On August 30, 2011, the federal government released a paper outlining proposed tax rules governing Employee Profit Sharing Plans (“EPSPs”) for public consultation, in furtherance of initiatives first announced in its 2011 Budget. Specifically, the government is seeking stakeholder input on the following issues: eligibility of non-arm’s length employees / “related persons” to participate in…
Federal Government Launches EI Consultations
On August 18, 2011, the federal government announced the launch of Employment Insurance (“EI”) rate-setting consultations, and released a related consultation paper. The EI consultations are intended to enhance delivery of benefits, and increase overall premium stability. Individuals and stakeholders may participate in the web-based consultation process online, or via email before November 30, 2011.