Regulatory Amendments Enacted to Allow CPPIB/PSPIB to Rely on Prudent Person Standard

On December 14, 2012, Regulations Amending the Canada Pension Plan Investment Board Regulations were registered. As previously reported and of particular note, this amendment repeals section 12 of the Canada Pension Plan Investment Board Regulations (“CPPIBR”) which established quantitative investment limits in respect of Canadian resource and real properties. The repeal of this section aligns…

Federal Court of Appeal Interpretation Stands: Remuneration of Office-Holders Pensionable for CPP Purposes

On October 4, 2012, the Supreme Court of Canada denied leave to appeal from the Federal Court of Appeal’s decision in Minister of National Revenue and Real Estate Council of Alberta (“RECA”), and in doing so has helped to clarify how certain amounts paid to board members, council members and office-holders are to be treated…

Regulatory Amendments Proposed to Allow CPPIB/PSPIB to Rely on Prudent Person Standard

On June 23, 2012, the federal government published a proposed amendment to the Canada Pension Plan Investment Board Regulations which would repeal section 12 of the Regulations. That section establishes quantitative investment limits in respect of Canadian resource and real properties. Repeal of this section would align the Regulations with the Pension Benefits Standards Regulation,…

Ontario Budget – Highlights for Employers

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…

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 FCA’s 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…

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.