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…
Industry: Non-profit Organizations
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…
2013 Maximum Pensionable Earnings Under CPP Announced
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%.
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.
Alberta Introduces Pension Reform Bill
On October 25, 2012, Bill 10, Employment Pension Plans Act, received first reading in the Alberta Legislature. Bill 10 is introduced further to a report tabled in 2008 by the Alberta and British Columbia Joint Expert Panel on Pension Standards, “Getting Our Acts Together,” regarding pension reform in those two provinces. Pension reform legislation was…
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…