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…
Practice Area: Pensions, Benefits & Compensation
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…
Ontario Releases New Pension Reform Legislation
Following swiftly on the heels of the Report of the Expert Commission on Pensions, the Ontario Government released draft pension reform legislation on December 9, 2009. The draft legislation marks the beginning of what the Government is calling a multi-stage pension reform process to modernize Ontario’s pension system. The legislation covers an array of issues,…
Natasha Monkman Contribute to Benefits and Pensions Monitor
Hicks Morley’s Natasha Monkman wrote an article entitled “A Uniquely Canadian Approach to Solvency Funding Relief” that appeared in the October issue of Benefits and Pensions Monitor and is also included on the magazine’s website. The article discusses in detail the different approaches to solvency funding relief undertaken by the federal and provincial governments in…
Federal Government to Overhaul Federal Pension Laws
On October 27, 2009, the Honourable Jim Flaherty, Minister of Finance, announced proposed changes to the federal Pension Benefits Standards Act, 1985 (“PBSA”) and the associated Regulations. The PBSA and Regulations apply to pensions provided to employees employed in shipping, railway, air transportation, radio broadcasting, banks and other businesses within the legislative authority of the…
Rachel Arbour Quoted in Benefits Canada Across Borders
Rachel Arbour discussed disclosure of DC plan fees with “Benefits Canada Across Borders in an article entitled U.S. litigation prompts a focus on disclosure”. The article investigates a trend in the U.S. of class actions on behalf of DC plan members regarding fees charged to their accounts and the potential implications for DC plans in…
Tax Treatment of Tuition Awards Provided To Employees’ Family Members
The Canada Revenue Agency (“CRA”) has recently reviewed its unpopular characterization of tuition fees, scholarships, and bursaries (“tuition awards”) provided by employers to family members of employees as taxable benefits to the employees. The CRA’s updated position is that a tuition award provided by an arm’s length employer for the post secondary education of an…