On May 18, 2010, Bill 236, the Pension Benefits Amendment Act, 2010 received Royal Assent. A number of the Bill 236 amendments are now in force, while others will come into force later this year. Supporting regulations are also expected to be introduced. As previously reported, Bill 236 carried at Third Reading on May 5,…
Practice Area: Pension, Benefits & Executive Compensation
Private Member’s Pension Bill Passes Second Reading, Referred to Committee
On May 13, 2010, Bill 54, the Retirement Savings Plans for Employees and Self-Employed Persons Act, 2010 was referred to the Standing Committee on Finance and Economic Affairs. Bill 54 is a Private Member’s Public Bill, first introduced on May 5, 2010. As outlined in our FAQ section, historically, very few Private Member Bills progress beyond the…
New Federal Pension Regulation Amendments Proposed
On May, 8, 2010, the Federal government published proposed amendments to the Pension Benefits Standards Regulations, 1985. The proposed amendments would: amend the funding rules to adopt a new standard for establishing minimum funding requirements on a solvency basis using average (rather than current) solvency ratios to determine minimum funding requirements; introduce a solvency margin…
Ontario Introduces New Healthcare Accountability Legislation for Hospitals
On May 3, 2010, the Ontario government introduced Bill 46, the Excellent Care for All Act, 2010 (the Act). The Act would, if passed, make healthcare providers and executives accountable for improving patient care and enhancing the patient experience. Although aimed at the hospital sector specifically, the government has indicated that following an assessment of…
Ontario Passes New Pension Reform Legislation
On May 5, 2010, Bill 236, the Pension Benefits Amendment Act, 2010 carried at Third Reading, and is expected to receive Royal Assent. Bill 236 was reported as amended by the Standing Committee on Finance and Economic Affairs on April 19, 2010.
Federal Pension Reform Proceeds
Bill C-9, the Jobs and Economic Growth Act, was introduced in the House of Commons on March 29, 2010 as an omnibus bill which proposes to implement many of the significant pension reform initiatives announced by the Minister of Finance on October 27, 2009, certain measures announced in the March 4th federal Budget, as well…
Ontario Budget 2010 – Highlights for Employers
On March 25, 2010, the Ontario Government tabled Bill 16, Creating the Foundation for Jobs and Growth Act, 2010, omnibus legislation that will amend various statutes to give effect to initiatives outlined in its 2010 Budget – Open Ontario: Ontario’s Plan for Jobs and Growth (the “Budget”). This FTR Now provides a summary of those…
Federal Government Tables 2010 Budget
On March 4, 2010, the federal Minister of Finance, the Honourable Jim Flaherty, tabled the Government of Canada’s 2010 Budget (the “Budget”) in the House of Commons. The Budget represents the second phase of the Government’s “Economic Action Plan”, which was initiated in the 2009 Budget with a view to lifting the Canadian economy out…
CPP Deductions on Disability Payments: New Guidance from the Federal Court of Appeal
On January 28, 2010, the Federal Court of Appeal rendered its decision in Toronto Transit Commission v. Minister of National Revenue (“TTC”), which will be of interest to employers who provide long term disability (“LTD”) benefits to their employees through self-funded or administrative services only (“ASO”) arrangements. According to the Court’s decision in TTC, Canada…
Ontario Introduces Draft Pension Reform Legislation
INTRODUCTION Following on the heels of the Report of the Ontario Expert Commission on Pensions (“OECP”), the Ontario Government released draft pension reform legislation on December 9, 2009. Bill 236, Pension Benefits Amendment Act, 2009 (“Bill 236”) marks the beginning of what the Government is calling a multi-stage pension reform process to modernize Ontarios pension…