On Tuesday, March 27, the Ontario Government introduced its 2012 Budget, which is entitled Strong Action for Ontario (the “Budget”). The Government also introduced Bill 55, the Strong Action for Ontario Act (Budget Measures), 2012 (“Bill 55”), omnibus legislation designed to implement a number of the proposals contained in the Budget. The Budget sets out…
Tag: Canada Pension Plan (CPP)
Federal Court of Appeal Interprets Term “Fixed or Ascertainable” for CPP Purposes
On November 16, 2011, the Federal Court of Appeal (“FCA”) released its decision in Minister of National Revenue v. Her Majesty the Queen in Right of Ontario (“HMQ”). The FCAs decision overturns the January 17, 2011 decision of the Tax Court of Canada (“Tax Court”) in which it had held that per diem amounts paid…
CPP Amendments – New Requirements for Employer-Paid Disability Benefits
On December 15, 2011, Bill C-13, Keeping Canada’s Economy and Jobs Growing Act received Royal Assent. Bill C-13 is omnibus legislation designed to implement a number of measures proposed in the federal government’s 2011 Budget. This FTR Now discusses one aspect of Bill C-13 that amends the Canada Pension Plan (CPP) and creates new requirements…
Changes to the Canada Pension Plan (CPP): Important Information For Employers
Changes to required employer deductions for CPP contributions are coming into effect on January 1, 2012. This FTR Now reviews these changes to the CPP. NO WORK INTERRUPTION As of January 1, 2012, employees will no longer be required to either stop working or reduce their earnings in order to receive their CPP pension. As…
CPP Post-Retirement Benefit Elections Established
The federal government filed a regulatory amendment to the Canada Pension Plan Regulations which prescribes the manner of employee elections (or revocations) regarding the new Post-Retirement Benefit (“PRB”), which will be available under the Canada Pension Plan (“CPP”), effective January 1, 2012. The amendment was first proposed in October of 2011, as previously reported.
Regulatory amendment proposed for CPP Post-Retirement Benefit elections
The federal government has proposed a regulatory amendment to the Canada Pension Plan Regulations which prescribes the manner of employee elections (or revocations) regarding the new Post-Retirement Benefit (PRB), which will be available under the Canada Pension Plan (CPP) effective January 1, 2012. The PRB extends participation in the CPP to those employees (and self-employed…
CPP Regulatory Amendments In Force
On January 1, 2011, Regulations Amending the Canada Pension Plan Regulations came into force (SOR/2010-300). The regulations implement the legislative amendments in the Economic Recovery Act (stimulus) (which received Royal Assent on December 15, 2009) and are intended to restore and enhance the actuarial adjustments made to Canada Pension Plan retirement pensions taken before and…