Appellate Court Finds Employee Entitled to Bonus Which Vested after the End of the Notice Period

In Bain v. UBS Securities Canada Inc., the Ontario Court of Appeal upheld a lower court decision which awarded an employee who was dismissed without cause in February 2013 his bonus entitlements for 2012 and the first three months of 2013, as well as for the 18-month notice period. David Bain worked for UBS as…

Ontario Moves Forward with BPS Executive Compensation Restraint

On September 6, 2016, the Ontario government published Ontario Regulation 304/16 “Executive Compensation Framework” (Regulation) under the Broader Public Sector Executive Compensation Act, 2014 (BPSECA), which provides the compensation framework in accordance with which compensation programs for “designated executives” under the BPSECA must be developed, including a detailed process and specific one-year timeline for their development…

Pension, Benefits and Executive Compensation: Planning for Tomorrow, Today

Agenda The pension, benefits and executive compensation landscape remains in constant evolution.  Employers and plan administrators are constantly preparing for the next big change on the horizon. In this session, we will provide clients with important information and strategies to assist them in their roles as employers or plan administrators in planning for several near…

Update on Timing of Proposed Changes to Taxation of Stock Options

In remarks accompanying the new federal government’s first fiscal update, on November 20, 2015, Canada’s Minister of Finance provided further guidance on proposed changes to tax rules that would limit the annual deduction from income that employees can claim upon exercising stock options. Significantly, Minister Morneau indicated that any such changes would only apply to…

Government Issues BPS Compensation Information Directive

On March 24, 2015, the Management Board of Cabinet issued the Broader Public Sector Compensation Information Directive (the “Directive”) under the Broader Public Sector Executive Compensation Act, 2014 (the “BPSECA”). The Directive came into effect on April 1, 2015. In this FTR Now, we will briefly review the Directive and its role within the scheme…

Stephen Gleave Quoted in Canadian Lawyer InHouse

Hicks Morley’s Stephen Gleave was quoted in the September 23, 2013 edition of Canadian Lawyer InHouse in an article entitled, “TD exec fully aware of limitations on deferred comp agreement: judge.” The article discusses Justice David M. Brown’s ruling that Blair Levinsky was not entitled to be paid out for long-term cash bonuses, as the forfeiture-on-resignation…