On May 2, 2024, the federal government introduced Bill C-69, An Act to implement certain provisions of the budget tabled in Parliament on April 16, 2024, for first reading. Bill C-69 contains legislation that, if passed, would enact certain measures outlined in the 2024 Budget, “Fairness for Every Generation” (Budget) that was previously tabled on…
Tag: Income Tax Act
Federal Government Introduces Changes to the Canada Emergency Wage Subsidy
On June 10, 2020, the federal government introduced Bill C-17, An Act respecting additional COVID-19 measures (Bill C-17). Among other changes, if passed in its current form, Bill C-17 would amend the Income Tax Act to revise the eligibility criteria for the Canada Emergency Wage Subsidy (CEWS).
Federal Government Postpones Changes to Stock Options
In June 2019, the federal government tabled a Notice of Ways and Means Motion to limit the benefit of the employee stock option deduction for high income individuals employed at large, long-established, mature organizations. Stakeholders were invited to provide input on the characteristics of small, growing companies that should not be subject to the new…
The End of Health and Welfare Trusts: Proposed Amendments to the Income Tax Act (Canada)
On May 27, 2019, the federal Department of Finance announced proposed amendments to the Income Tax Act (Canada) (ITA), to facilitate the conversion of existing Health and Welfare Trusts (HWTs) into Employee Life and Health Trusts (ELHTs), and to improve the existing ELHT rules. Comments on the proposed ITA amendments are invited by July 31, 2019…
Advanced Planning Required for New Changes to OMERS
Since we first reported on the recently adopted changes to the Ontario Municipal Employees Retirement System (OMERS) to eliminate the 35-year cap on credited service; and expand the normal retirement age 60 opportunity to paramedic employee groups.
Ontario’s New Variable Benefits Regime for Defined Contribution Plans – Draft Regulations
With the release of draft regulations, Ontario moves a step closer to allowing variable benefits to be paid directly from defined contribution pension plans.
Federal Government Tables 2019 Budget Bill
On April 8, 2019, the federal government introduced Bill C-97, Budget Implementation Act, 2019, No. 1, for first reading. Bill C-97 is omnibus legislation enacting certain measures outlined in the 2019 Federal Budget. Below are some of the key amendments of interest to employers, pension plan administrators and human resources professionals.
The Lawyer’s Daily Publishes an Article Authored by Natasha Monkman on Addressing Salary Overpayments
LexisNexis Canada’s The Lawyer’s Daily published an article authored by Hicks Morley’s Natasha Monkman titled, “Navigating New Options Proposed for Addressing Salary Overpayments.”
Federal Government Proposes Legislative Amendments to Address Salary Overpayments
On January 15, 2019 the federal government announced proposed amendments to the Income Tax Act (ITA), Employment Insurance Act (EI Act) and Canada Pension Plan (CPP) that would more readily facilitate the correction of salary overpayments made to employees.
Quebec Passes Legislation to Mirror CPP Enhancements and Makes Changes to its Pension Legislation
On February 21, 2018, Bill 149, An Act to enhance the Québec Pension Plan and to amend various retirement-related legislative provisions, was passed by the Quebec legislature. QPP Enhancements As outlined in our previous update, Bill 149 enhances the Quebec Pension Plan (QPP), in a manner similar to the forthcoming enhancements to the Canada Pension…