Section 4 of Schedule 44 of the Strong Action for Ontario Act (Budget Measures), 2012 has been proclaimed into force effective January 1, 2014. Section 4 amends the Pension Benefits Act by repealing certain provisions relating to the Superintendent’s involvement in approving withdrawals from locked-in retirement savings arrangements. As previously reported, a supporting regulation to…
Industry: Social Services
PBA Amendment Relating to Retroactivity of Certain Regulations Now in Force
Schedule 11 of the Prosperous and Fair Ontario Act (Budget Measures), 2013 has been proclaimed into force effective June 21, 2013. Among other things, Schedule 11 amends the Pension Benefits Act to add a provision allowing for the retroactive effect of regulations relating to the funding of a defined benefit pension plan by allowing a…
Federal Budget Bill Receives Royal Assent
On June 10, 2013, Bill C-60, Economic Action Plan 2013 Act, No. 1, passed Third Reading in the House of Commons. On June 25, 2013 it passed Third Reading in the Senate and on June 26, 2013 it received Royal Assent. As previously reported, Bill C-60 is omnibus legislation which will give effect to certain…
Union Disclosure Bill Amended by Senate and Returned to House of Commons
On June 26, 2013, the Senate adopted a motion to amend Bill C-377, An Act to amend the Income Tax Act (requirements for labour organizations). As previously reported, Bill C-377 is a private member’s bill which, if passed, will amend the Income Tax Act to require labour organizations to disclose certain prescribed information. Amendments adopted…
Draft Regulation under Sections 80 and 81 of the PBA Posted for Comment
On July 2, 2013, the Ontario government posted a draft regulation made under the Pension Benefits Act (“Act”) regarding pension transfers under sections 80 and 81 of the Act. A summary of the draft regulation has also been posted. Approval of the draft regulation is required before the amendments to sections 80 and 81 of…
Time Period for Filing Solvency Funding Relief Reports Extended
On June 20, 2013, the Ontario government filed O. Reg. 186/13 amending O. Reg. 177/11 (as amended by O. Reg. 330/12) which amended Regulation 909 (General) made under the Pension Benefits Act. As previously reported, the definition of “solvency concerns” sets out the circumstances under which defined benefit pension plans are required to file annual actuarial…
PBA Regulatory Amendment Will Change Locked-In Retirement Fund Withdrawal Process
On June 20, 2013, the Ontario government filed O. Reg. 185/13 amending Regulation 909 (General) made under the Pension Benefits Act. As announced by the government, this amendment to Regulation 909 will permit individuals to apply to their financial institutions for financial hardship withdrawals of their locked-in retirement funds, rather than to the Superintendent of…
Access to Information Act/Privacy Act Regulatory Amendments Update Schedules of Designated Investigative Bodies
On May 31, 2013, the federal government registered Regulations Amending the Access to Information Regulations made under the Access to Information Act. These Regulations amend Schedule I (Investigative Bodies) of the Access to Information Regulations to delete the names of investigative bodies that are no longer in existence and to replace the name of one…
House of Commons Adjourns until September 16, 2013
On Wednesday June 19, 2013, the federal House of Commons adjourned until Monday September 16, 2013 at 11:00 a.m.
Ontario Budget Bill Passes Third Reading, Legislature Adjourns
On June 11, 2013, Bill 65, Prosperous and Fair Ontario Act (Budget Measures), 2013 passed Third Reading on recorded division. As previously reported, Bill 65 is legislation which will give effect to certain initiatives contained in the Ontario Budget 2013. On the same date, the Ontario Legislature adjourned until September 9, 2013. Note: On June…