On November 4, 2014, Bill 18, the Stronger Workplaces for a Stronger Economy Act, 2014 (“Bill 18”) was reported back to the Legislature as amended by the Standing Committee on General Government, and has been ordered for Third Reading. Among other things, the Committee’s amendments will accelerate the coming into force of key amendments, including the following…
Industry: Social Services
FSCO Consultation on Proposed Investment Guidance Note (Prudent Investment Practices for Derivatives)
On October 24, 2014, the Financial Services Commission of Ontario (“FSCO”) published a new proposed Investment Guidance Note in respect of Prudent Investment Practices for Derivatives (“Derivatives Guidance Note”). Once finalized, the Derivatives Guidance Note will provide plan administrators detailed guidance with respect to prudent investment practices related to derivatives. The Derivatives Guidance Note sets out…
Federal Government Proposes Amendments to Temporary Foreign Worker Program
On October 23, 2014, the federal government introduced Bill C-43, Economic Action Plan 2014 Act, No. 2, omnibus legislation intended to further implement measures first announced in its Budget 2014, Economic Action Plan 2014. Among other matters, Division 24 of Part 4 of Bill C-43 would amend the Immigration and Refugee Protection Act (“Act”) to support a…
HRTO Decision Granting Significant Remedies Upheld on Appeal
The Divisional Court has upheld a decision of the Human Rights Tribunal of Ontario in which the Tribunal ordered significant damages against the Hamilton-Wentworth District School Board and also ordered reinstatement of an employee after an almost decade-long absence from the workplace. The Court agreed with the applicant’s submission that “the goal of the remedial provisions of the Code ought not to…
Ontario Releases Proposed PBA Regulations for Consultation
This past Spring, the Ontario government released proposed amendments to Regulation 909 (the “Regulations”) of the Pension Benefits Act (“PBA”) in respect of four previously announced pension reform initiatives (“April Proposals”). The April Proposals – which described the content of the proposed changes to the Regulations – are summarized in our FTR Now of April…
FSCO Consultation on Proposed Investment Guidance Notes (Buy-In Annuities)
On October 7, 2014, the Financial Services Commission of Ontario (“FSCO”) announced that it will be publishing Investment Guidance Notes (“Guidance Notes”) with respect to various investment activities of Ontario registered pension plans. The Guidance Notes will set out FSCO’s expectations and identify issues that plan administrators should consider and address in respect of the…
Disclosure Reforms and New Defined Contribution Payment Option for Federally Regulated Pension Plans
On September 19, 2014, the federal government released proposed amendments to the Pension Benefits Standards Regulations, 1985 (“PBSR”). Proposals relating to the pension investment rules that apply more broadly – to federally regulated pension plans[1] as well as pension plans that are regulated by the provincial pension legislation in Ontario, Alberta, British Columbia, Manitoba, Newfoundland…
Five PRPP-Licenced Insurers Now Registered for Implementation
On October 7, 2014, the federal government announced that the following five insurance companies have been given licences under the federal Pooled Registered Pension Plan (“PRPP”) framework and have been registered with the Office of the Superintendent of Financial Institutions and the Canada Revenue Agency: Sun Life, Great West Life, Manulife, Standard Life and Industrial-Alliance….
Ontario Proposes Pension Regulations
On October 3, 2014, the Ontario government published proposed amendments (“Proposed Amendments”) to Regulation 909 of the Pension Benefits Act (“PBA”) that incorporate stakeholder feedback received in response to proposed amendments first published on April 25, 2014, as previously discussed. The government is inviting comments from stakeholders on the following new Proposed Amendments: Statements for…
Proposed Investment Rule Changes for Registered Pension Plans
On September 19, 2014, the Department of Finance Canada released proposed amendments to the federal Pension Benefits Standards Regulations, 1985 (“PBSR”). The proposed amendments would modernize the pension investment rules applicable to pension plans registered in many Canadian jurisdictions. Specifically, these changes will, if adopted as drafted, impact the investments that are permitted to be…