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Practice Area: Pension, Benefits & Executive Compensation
Ontario Tables Its 2013 Budget
On Thursday May 2, 2013, the Ontario government introduced its 2013 Budget, entitled A Prosperous and Fair Ontario (the “Budget”). The government also introduced Bill 65, the Prosperous and Fair Ontario Act (Budget Measures), 2013 (“Bill 65”), omnibus legislation designed to implement some of the proposals contained in the Budget. The Budget announced that the…
Ontario Government Introduces Budget 2013
On May 2, 2013, the Ontario government tabled its Budget 2013, “A Prosperous and Fair Ontario” as well as Bill 65, Prosperous and Fair Ontario Act (Budget Measures), 2013, legislation which, if passed, would implement certain initiatives contained in the Budget. Among other things, the measures contained in the Budget of interest to employers…
Expert Committee on Québec Retirement System Tables Report
The Expert Committee on the Future of the Québec Retirement System has rendered its Report “Innovating for a Sustainable Retirement System.” The Committee has made a number of recommendations regarding supplemental pension plans, in particular defined benefit (“DB”) plans, which fall under the supervision of the Régie des rentes du Québec (“Régie”). Key recommendations include:…
PBA Regulation Relating to OTPP Filed
On April 11, 2013, O. Reg. 131/13, amending Regulation 909 (General) made under the Ontario Pension Benefits Act, was filed and came into force on that date. O. Reg. 131/13 amends subsection 47.7.2 (1) of Regulation 909 to add the following paragraph: 4. Ontario Teachers’ Pension Plan, registered under the Act as number 0345785. As…
Court Clarifies Interpretation of Subsection 80(3) of the Pension Benefits Act
The Ontario Divisional Court recently rendered a significant decision under the Pension Benefits Act (Ontario Pension Board v. Ratansi). It overturned a finding of the Financial Services Tribunal that subsection 80(3) of the Pension Benefits Act (“Act”) did not prevent a plan member from commencing his or her pension while continuing to work for the…
Saskatchewan Introduces PRPP Legislation
On April 8, 2013, the government of Saskatchewan introduced Bill 92, The Pooled Registered Pension Plans (Saskatchewan) Act. If passed, Bill 92 would authorize pooled registered pension plans (“PRPPs”) to be made available to provincially regulated employees and self-employed persons in Saskatchewan. Subject to the legislation and any supporting regulations, the requirements set out in…
New EI Benefit Rate Calculation to Come Into Force April 7, 2013
On April 7, 2013, certain amendments to the Employment Insurance Act (“EI Act”) made by the federal government’s Budget 2012 legislation, Jobs, Growth and Long-term Prosperity Act, will come into force and create a new benefit rate calculation for employment insurance benefits. As of April 7, 2013, the calculation of the benefit rate of most…
Supreme Court of Canada Denies Leave to Appeal in Carrigan
Today, the Supreme Court of Canada denied leave to appeal from the Ontario Court of Appeal decision in Carrigan v. Carrigan. The Court of Appeal’s decision awarded the payment of the pre-retirement death benefit payable under an Ontario registered pension plan to a member’s designated beneficiaries rather than to his common law spouse (Ms Quinn),…
Supreme Court Denies Leave in Carrigan
The Supreme Court of Canada will not be providing further clarification regarding the administration of pre-retirement death benefits under section 48 of the Ontario Pension Benefits Act (“PBA”). Today, the Court denied leave to appeal in Quinn v. Carrigan. As first discussed in our FTR Now “Ontario Court of Appeal Decision Rewrites the Pension Pre-Retirement…