On July 28, 2016, the Ontario government announced its plans to repeal the Ontario Retirement Pension Plan Administration Corporation Act, 2015 (Act) when the Legislature resumes sitting in the Fall, 2016. The Act created the Ontario Retirement Pension Plan (ORPP) Administration Corporation to administer the ORPP, Ontario’s stand-alone solution to address retirement security concerns for…
Tag: Canada Pension Plan (CPP)
CPP Expansion and the (Likely) Demise of Ontario’s Provincial Pension Plan
On June 20, 2016, following a highly anticipated meeting between the federal, provincial and territorial Ministers of Finance…
Countdown to ORPP: Ontario Tables New Implementation Legislation
Long-awaited Ontario Retirement Pension Plan (ORPP) legislation was introduced on Thursday, April 14, 2016, which, if passed in its present form, will provide the statutory framework and timeline for full ORPP implementation by January 1, 2020…
Preparing the Municipal Sector for the Ontario Retirement Pension Plan
The Ontario Retirement Pension Plan (“ORPP”) is coming and all municipal sector employers need to consider and prepare for the potential of ORPP participation and associated additional payroll costs commencing as early as January 1, 2017. In this FTR Now we provide an overview of the ORPP and highlight key issues that you should be…
2015 Federal Election Update: ORPP or CPP – Which Will it be?
Editor’s Note: Following publication of this communication, the Ontario government announced that the first wave of ORPP implementation will be delayed by one year to January 1, 2018. Please be sure to read our FTR Now of February 17, 2016 for updated information on this significant development, or contact your regular Hicks Morley lawyer for…
Federal Government Announces Possible Canada Pension Plan Expansion
On May 26, 2015, the federal government announced that it will conduct public consultations regarding potential changes to the Canada Pension Plan (“CPP”) to allow Canadians to voluntarily contribute more. No details were released at the time of the announcement. We will continue to monitor any developments regarding a possible expansion of the CPP.
Disclosure Reforms and New Defined Contribution Payment Option for Federally Regulated Pension Plans
On September 19, 2014, the federal government released proposed amendments to the Pension Benefits Standards Regulations, 1985 (“PBSR”). Proposals relating to the pension investment rules that apply more broadly – to federally regulated pension plans[1] as well as pension plans that are regulated by the provincial pension legislation in Ontario, Alberta, British Columbia, Manitoba, Newfoundland…
Proposed Investment Rule Changes for Registered Pension Plans
On September 19, 2014, the Department of Finance Canada released proposed amendments to the federal Pension Benefits Standards Regulations, 1985 (“PBSR”). The proposed amendments would modernize the pension investment rules applicable to pension plans registered in many Canadian jurisdictions. Specifically, these changes will, if adopted as drafted, impact the investments that are permitted to be…
CPP Regulations Amended to Define “Substantially Gainful” Occupation
On June 18, 2014, Regulations Amending the Canada Pension Plan Regulations were published in the Canada Gazette. As previously reported, the Regulations amend the Canada Pension Plan Regulations to prescribe the meaning of “‘substantially gainful’, in respect of an occupation” in subsections 42(1) and 89(1) of the Canada Pension Plan, one of the factors relevant…
Proposed Amendment to CPP Regulations Defining “Substantially Gainful” Occupation
On February 15, 2014, the federal government published proposed Regulations Amending the Canada Pension Plan Regulations. If adopted, the proposed Regulations would prescribe the meaning of “‘substantially gainful’, in respect of an occupation” in subsections 42(1) and 89(1) of the Canada Pension Plan (“CPP”), one of the factors relevant to determining when a person is…