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%.
Practice Area: Pension, Benefits & Executive Compensation
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 Introduces Second Budget Implementation Bill
On October 18th, the federal Government introduced Bill C-45, the Jobs and Growth Act, 2012. This is the second Budget Bill introduced in Parliament to enact measures announced in the federal Budget, which was tabled on March 29, 2012. In addition to enacting various Budget measures, Bill C-45 would also enact changes to the Canada…
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…
Hicks Morley Introduces Case Law Blog
Hicks Morley is pleased to announce the launch of Case In Point, a blog designed to provide human resources professionals with timely information about interesting case law developments in a range of employment-related areas. In this FTR Now, we highlight the features of this new service. BACKGROUND In 2010, Hicks Morley launched Human Resources Legislative…
Federal Court of Appeal Interpretation Stands: Remuneration of Office-Holders Pensionable for CPP Purposes
On October 4, 2012, the Supreme Court of Canada denied leave to appeal from the Federal Court of Appeal’s decision in Minister of National Revenue and Real Estate Council of Alberta (“RECA”), and in doing so has helped to clarify how certain amounts paid to board members, council members and office-holders are to be treated…
Tax Measures from Federal Budget 2012 to be Implemented
On October 15, 2012, the federal government tabled a Notice of Ways and Means Motion to implement certain tax measures contained in the government’s March 2012 budget, the Economic Action Plan, 2012 – A Plan for Jobs, Growth and Long-Term Prosperity. Among other things, the Notice of Ways and Means Motion includes implementation of the…
Operation of Pension and Benefit Plans do not Discriminate on the Basis of Age: Human Rights Tribunal of Ontario
Recent decisions of the Human Rights Tribunal of Ontario (the “Tribunal”) provide welcome guidance for employers who have been confronted with allegations that provisions of their pension and benefit plans discriminate on the basis of age under the Ontario Human Rights Code (the “Code”). In several decisions the Tribunal has held that some age-based distinctions…