Practice Area: Pensions, Benefits & Compensation

2012 Car Expense Benefit Rates, Deduction Limits Set

· 1 min read

On December 29, 2011, the federal government announced automobile expense deduction limits and the prescribed rates for the automobile operating expense benefits that will apply in 2012. A number of deduction limits will remain the same, including: the existing, $30,000 capital cost allowance (“CCA”) ceiling with respect to passenger vehicles used for business purposes; the…

CPP Amendments – New Requirements for Employer-Paid Disability Benefits

· 3 min read

On December 15, 2011, Bill C-13, Keeping Canada’s Economy and Jobs Growing Act received Royal Assent. Bill C-13 is omnibus legislation designed to implement a number of measures proposed in the federal government’s 2011 Budget. This FTR Now discusses one aspect of Bill C-13 that amends the Canada Pension Plan (CPP) and creates new requirements…

CPP Post-Retirement Benefit Elections Established

· 1 min read

The federal government filed 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 amendment was first proposed in October of 2011, as previously reported.

Ontario Enhances Pension Benefits Guarantee Fund (“PBGF”)

· 1 min read

On December 21, 2011, the Ontario government announced changes to the Pension Benefits Guarantee Fund (“PBGF”) that will become effective January 1, 2012. The enhancements to the PBGF were introduced with Phase II of Ontario’s pension reform and the passage of Bill 120, Securing Pension Benefits Now and for the Future Act, 2010, and are…

Federal Pooled Registered Pension Plan (“PRPP”) Income Tax Amendments Proposed

· 1 min read

On December 14, 2011, the federal government released draft legislative proposals outlining proposed amendments to the Income Tax Act (“ITA”) and the Income Tax Regulations to facilitate the implementation of Pooled Registered Pension Plans (“PRPPs”) for public commentary. The proposed amendments would incorporate PRPPs into the existing ITA regime for registered retirement savings vehicles and…

Supreme Court of Canada Grants Leave to Appeal in Indalex Decision

· 2 min read

Earlier today, the Supreme Court of Canada granted leave to appeal in Sun Indalex Finance, LLC v. United Steelworkers (“Indalex“). The appeal relates to a decision rendered by the Ontario Court of Appeal in April 2011 in which that Court granted “super priority” to pension funding deficits in a Companies’ Creditors Arrangement Act proceeding. A…

Pooled Registered Pension Plan Framework Introduced

· 10 min read

On November 17, 2011, the federal government introduced the much anticipated Bill C-25, An Act relating to pooled registered pension plans and making related amendments to other Acts, also known as the Pooled Registered Pension Plans Act (the “PRPP Act”). The proposed legislation follows high-profile consultations with the provinces and the industry, which resulted in…

Federal Pooled Registered Pension Plan (“PRPP”) Legislation Introduced

· 1 min read

On November 17, 2011, the Minister of State (Finance) and the Minister of Industry announced the introduction of Bill C-25, An Act relating to pooled registered pension plans and making related amendments to other Acts, new legislation implementing the framework for the federal component of the PRPP. The government will shortly release draft tax rules…

Second Window for Broader Public Sector Solvency Funding Relief Announced

· 1 min read

On November 2, 2011, the Ontario government announced the second window of eligibility for broader public sector (“BPS”) solvency funding relief. As previously discussed in our FTR Now of February 11, 2011, “Solvency Funding Relief Details for Broader Public Sector Released by Ontario Government”, BPS solvency funding relief provides BPS pension plans two stages of…