On Monday, July 12, 2010, Bill C-9, the Jobs And Economic Growth Act, received Royal Assent. As previously reported, Bill C-9 was introduced on March 29, 2010 and is omnibus legislation that amends various Acts to implement certain key measures outlined in the federal government’s 2010 Budget. Amendments to the Pension Benefits Standards Act (“PBSA”)…
Practice Area: Pensions, Benefits & Compensation
Final Pension Regulations Released for Private Pension Plan Members
On June 25, 2010, the federal government released final regulations amending the Pension Benefits Standards Regulations, 1985. The regulations follow the publication of previously reported draft regulations on May 8, 2010, and are intended to enhance protections for private pension plan members by reducing funding volatility and modernizing the rules for investments by pension funds….
Hicks Morley Introduces Legislative Update Blog
Hicks Morley is pleased to announce the launch of Human Resources Legislative Update, a blog designed to provide human resources professionals with timely information about developments in a range of employment-related areas. In this FTR Now, we highlight the features of this new service. To access the blog click here. BACKGROUND Since 1997, Hicks Morley…
Implementing Phase One of Ontario Pension Reform: A Roadmap for Plan Sponsors and Administrators
On Tuesday, May 18, 2010, Bill 236, the Pension Benefits Amendment Act, 2010 (“Bill 236”), the first major piece of pension reform legislation to be approved by the Ontario Legislature in over two decades, received Royal Assent. The Bill 236 amendments enhance certain individual member rights and entitlements, provide the Superintendent of Financial Services with…
Department of Finance Proposes Changes to HST Calculation Rules Affecting Investment Funds
On May 19, 2010, the Department of Finance released proposed changes to the Harmonized Sales Tax (“HST”) rules covering the supply of financial services relating to the calculation of the provincial component of the HST under the Excise Tax Act. As outlined in the government Backgrounder, the proposed changes would affect, among others, mutual funds,…
Ontario’s Pension Reform Legislation Receives Royal Assent
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,…
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.