The Canada Revenue Agency (CRA) has published revised guidance on the process for claiming home office expenses for the 2023 taxation year just in time for tax season. The CRA has confirmed that the two temporary methods for claiming deductions for home office expenses—form T2200S, “Declaration of Conditions of Employment for Working at Home Due…
Practice Area: Pensions, Benefits & Compensation
2023 in Review – Key Legislative Updates
Last week we published “The Year in Review – 2023 Cases of Note.” This week we are back with our review of notable legislative updates from 2023 that we believe will be of interest to employers, human resources professionals and pension plan administrators. We also identify some legislation to watch for in 2024. Ontario Employment…
Final Phase of 2016 CPP Enhancements Takes Effect January 1, 2024
Starting in 2024, mandatory contributions to the Canada Pension Plan (CPP) will increase with the introduction of additional CPP contributions up to a second earnings ceiling. The increase comes as part of the final phase of enhancements to the CPP that was introduced in 2016 through the federal Bill C-26, An Act to amend the…
OSFI Releases Details on New Supervisory Framework
The Office of the Superintendent of Financial Institutions (OSFI) has released information on the renewal of its supervisory framework (Framework) for federally regulated financial institutions and pension plans. The new Framework is part of OSFI’s blueprint for transformation and is the first complete review of the Framework in almost 25 years. Purpose The Framework guides…
Ontario Pension Plan Update: Ongoing Consultations of Interest
Ontario’s Ministry of Finance (Ministry) and the Financial Services Regulatory Authority (FSRA) have issued two separate consultations of interest to employers related to the design and governance of pension plans in Ontario. Consultations on “A Permanent Framework for Target Benefit Plans” The Ministry has published a second consultation paper regarding its proposed target benefit framework….
Ontario Government Consultation on Permanent Framework for Target Benefit Plans
The Ontario government previously announced the launch of consultations on proposed regulations related to the implementation of a permanent legislative framework for target benefit multi-employer pension plans (MEPPs) in the province. The permanent framework would replace temporary funding regulations for Specified Multi-Employer Pension Plans (SOMEPPs) set to expire in 2024. The proposed framework will replace…
Bill C-228 Offering Pension Protection in Bankruptcy Receives Royal Assent
On April 27, 2023, Bill C-228, the Pension Protection Act, received Royal Assent and is now law. As a result, pension plan deficits will be required to be paid in priority to most other creditors, including secured creditors, during bankruptcy and insolvency proceedings. In this FTR Now we consider this development and its implications for…
Ontario Introduces Bill 91, Less Red Tape, Stronger Economy Act, 2023 and Announces Additional Amendments to Reduce Red Tape
On April 3, 2023, the Ontario government announced a range of measures related to pensions and employment (amongst other matters) in the province. On the same day, the government introduced Bill 91, Less Red Tape, Stronger Economy Act, 2023 (Bill 91) to implement some of those measures. Bill 91 and the additional measures are of…
Beyond COVID-19: 2022 Year in Review – Cases and Legislation of Note
Employers and human resource professionals will undoubtedly remember 2022 as another year shaped by the pandemic.
But…there were also legal developments in 2022 that were not related to COVID-19. In this FTR Now, we look at some of the past year’s notable “non-pandemic” cases and legislative developments.
Employment Insurance Sickness Benefits Increase to 26 Weeks
The amendments contained in Bill C-30, Budget Implementation Act, 2021, No. 1, which permanently extend the maximum number of weeks available under employment insurance (EI) sickness benefits, have been proclaimed into force effective December 18, 2022. In this FTR Now we consider this development and its implications for employers. Extension from 15 to 26 Weeks…