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…
Industry: Municipalities & Municipal Agencies
Second Window for Broader Public Sector Solvency Funding Relief Announced
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…
2012 EI Premium Rate Parameters Set, Work-Share Program Enhancement Extended
On November 8, 2011, the federal government announced a reduction in the maximum potential increase in Employment Insurance (“EI”) premium rates for 2012 from 10 cents, to 5 cents. Under these new parameters, the 2012 premium rate will not exceed $1.83 per $100 of insurable earnings. In addition, the government announced a temporary extension of…
Ontario’s Legislative Assembly to Convene November 21, 2011
The Ontario government announced that the Legislature will convene on November 21, 2011 for the election of the new Speaker. A Speech from the Throne will follow on November 22, 2011.
Standing Committee Reports on the Federal Budget Bill (C-13)
On November 4, 2011, the Standing Committee on Finance presented its Report to the House on the federal government’s omnibus Budget implementation Bill C-13, Keeping Canada’s Economy and Jobs Growing Act. As previously reported, the Bill was introduced on October 4, 2011.
2012 Pension and Retirement Savings Limits Announced
The Canada Revenue Agency (“CRA”) has released the 2012 limits for pension plan and retirement savings plans: The 2012 annual pension for the year in which a pension commences to be paid under a Defined Benefit pension plan will be limited to $2,646.67 per year of service. The 2012 Money Purchase (Defined Contribution) limit will…
New Legislative Tax Proposals for Benefits, Tuition Awards and Shareholders
On October 31, 2011, the federal government proposed a number of legislative reforms to sections in the Income Tax Act (“ITA”), that if adopted, would in part amend the rules dealing with the valuation and deeming of benefits in respect of employment, benefits conferred on shareholders and rules respecting prohibited investments made by multi-employer pension…
Regulatory amendment proposed for CPP Post-Retirement Benefit elections
The federal government has proposed 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 PRB extends participation in the CPP to those employees (and self-employed…
Federal Budget Implementation Bill Introduced (C-13)
On October 4, 2011, the federal government introduced Bill C-13, Keeping Canada’s Economy and Jobs Growing Act, omnibus legislation designed to implement a number of measures proposed in its 2011 Budget (as previously discussed here). If passed, the Bill would, among other things: amend the Canadian Human Rights Act to eliminate the mandatory retirement age…
Hicks Morley Information and Privacy Highlights – Fall 2011
Welcome to the Fall 2011 Hicks Morley Information and Privacy Highlights! This second edition of our new re-vamped publication includes many note-worthy decisions, including Vaughan (City) (Re) , where the Information and Privacy Commissioner of Ontario found that personal information received on an unsolicited basis is not “collected” for the purposes of the Municipal Freedom…