On November 27, 2012, Bill C-377, An Act to amend the Income Tax Act (requirements for labour organizations), was deemed reported without amendment back to the House of Commons from the Standing Committee on Finance. As previously reported, Bill C-377 is a private member’s bill which, if passed, will amend the Income Tax Act to…
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PBA Letters of Credit Amendment Proclaimed Into Force
Section 3 of Schedule 44 to the Strong Action for Ontario Act (Budget Measures), 2012, has been proclaimed into force effective January 1, 2013. This section repeals and replaces 55.2(12) of the Pension and Benefits Act to provide that section 55.2, Letters of Credit, will not apply with respect to a jointly sponsored pension plan…
Contribution Limit for TFSA Raised $500
The federal government has announced that it will be raising the annual contribution limit for the Tax-Free Savings Account (“TFSA”) by $500, from the current $5000.00 to $5500.00, commencing in 2013.
Regulatory Proposal Issued Regarding School Bus Driver Requirements
On November 22, 2012, the Ontario government (Ministry of Education) issued a regulatory proposal regarding the requirement that school bus drivers have a clear criminal record check report in order to qualify for and hold the requisite driver’s licence. That requirement is currently found in a regulation under the Highway Traffic Act. Under this proposal,…
Helping Families in Need Act Passes Third Reading
On November 20, 2012, Bill C-44, Helping Families in Need Act, was passed at Third Reading in the House of Commons and was referred to the Senate. As previously reported, if passed Bill C-44 will, among other things, make certain amendments to the Canada Labour Code regarding an employee’s right to take leave if his…
Letters of Credit Amendment to PBA Proclaimed into Force
Section 18 of the Securing Pension Benefits Now and for the Future Act, 2010 has been proclaimed into force effective January 1, 2013. This section amends the Pension Benefits Act (“PBA”) to add section 55.2, Letters of Credit. As previously reported, the supporting regulation to section 55.2, O. Reg. 364/12, was filed on November 15,…
Morneau Report on Pooling of Pension Fund Assets in BPS Released
On November 16, 2012, the Ontario government released “Facilitating Pooled Asset Management for Ontario’s Public-Sector Institutions,” a report from Pension Investment Advisor, William Morneau, to the Deputy Premier and Minister of Finance (“Morneau Report”). As previously reported, the Ontario government appointed Mr. Morneau further to its Budget 2012 initiatives, specifically to develop recommendations for the…
Federal Committee Considers Bill Requiring Disclosure of Information by Labour Organizations
On November 7, 2012, Bill C-377, An Act to amend the Income Tax Act (Requirements for labour organizations) was considered before the House of Commons Standing Committee on Finance. Bill C-377 is a private member’s bill which, if passed, will amend the Income Tax Act to require labour organizations to file a public information return…
HRTO and Developments in the Law of Reconsideration
Organizations which have experience litigating matters at the Human Rights Tribunal of Ontario (the “Tribunal”) are likely aware that unsuccessful parties often utilize the Tribunal’s “reconsideration” process to attempt to overturn those decisions. While the Tribunal regularly issued reconsideration decisions, it was quite rare for it to grant a reconsideration request. However, recent decisions suggest…
Pension Solvency Funding Relief Is Here…Again
INTRODUCTION On November 1, 2012, important amendments were made to the Pension Benefits Act Regulation 909 (the “Regulation”). The amendments extend the temporary solvency relief measures for eligible defined benefit pension plans and make housekeeping changes to the sections requiring defined benefit pension plans to file annual, rather than triennial, actuarial valuations. This FTR Now…