Ontario registered defined benefit (DB) pension plans must be funded on the greater of a going concern or solvency basis, as we outlined in our recent FTR Now Ontario Pension Solvency Funding Framework Under Review. Due to the recent, yet prolonged, low-interest rate environment, most DB plans are in a deficit position on a solvency basis, requiring many employers to make large special payments to fund the deficits over a five-year period…
Tag: Ontario Budget
Ontario Budget Bill 2016 Passes
On April 13, 2016, the Ontario government passed Bill 173, Jobs for Today and Tomorrow Act (Budget Measures), 2016, omnibus legislation giving effect to initiatives contained in the Ontario Budget 2016. See our FTR Now of February 29, 2016, Ontario Budget 2016, for a detailed discussion of those initiatives of interest to employers, human resources professionals and…
Reaching Out – Tenth Edition
Dear Friends, With winter winding down, although not yet completely over, it is time to provide the 2016 Winter Edition of Reaching Out. In it, we discuss legal developments since our last edition that you will want to know about. Carolyn Kay and Stephanie Jeronimo of our Toronto office have provided an update on the…
2016 Ontario Budget and Budget Bill Released
On February 25, 2016, the Ontario government tabled its 2016 Budget “Jobs for Today and Tomorrow” (“Budget”) and the corresponding Budget Bill, Bill 173, Jobs for Today and Tomorrow Act (Budget Measures), 2016 (“Bill 173”), supporting omnibus legislation designed to implement some of the proposals contained in the Budget. Our FTR Now of February 29, 2016, “Ontario Budget 2016”…
Ontario Budget 2016
On February 25, 2016, the Ontario government tabled its 2016 Budget “Jobs for Today and Tomorrow” (“Budget”) and the corresponding Budget Bill, Bill 173, Jobs for Today and Tomorrow Act (Budget Measures), 2016 (“Bill 173”). In this FTR Now, we highlight some of the key proposals that are of particular interest to employers, human resources…
Ontario Budget 2015
On April 23, 2015, the Ontario Minister of Finance tabled the 2015 provincial Budget, “Building Ontario Up” (“Budget”), and Bill 91, Building Ontario Up Act (Budget Measures), 2015 (“Bill 91”), omnibus legislation designed to implement some of the proposals contained in the Budget. In this FTR Now, we highlight some of the key proposals that…
Ontario Announces ORPP Consultation Process
On November 18, 2014, the Ontario government published additional information outlining the Ontario Retirement Pension Plan (“ORPP”) framework, and is presently soliciting feedback on the ORPP design and implementation process through a series of targeted questions for employers and employees. Verbal or written feedback may be provided directly to the Associate Minister of Finance. No…
Mandatory Insurance of LTD Plans: New Federal and Provincial Requirements
As previously reported, effective July 1, 2014, federally-regulated employers, including Crown corporations, who are governed by Part III of the Canada Labour Code and who provide their employees with long-term disability (“LTD”) plan benefits must insure the plan, on a go-forward basis, with an entity that is licensed to provide insurance under the laws of…
Budget Bill Includes Carrigan Pre-Retirement Death Benefit Fix
The Ontario government has taken steps in its 2014 Budget to address the impact of the Ontario Court of Appeal’s 2012 decision in Carrigan v. Carrigan Estate (“Carrigan“). On July 24, 2014, the Ontario Legislature passed Bill 14, the Building Opportunity and Securing Our Future Act (Budget Measures), 2014 (“Bill 14”), which implements some of…
Ontario Passes Budget Bill, Adjourns
On July 24, 2014, the Ontario government passed Bill 14, Building Opportunity and Securing Our Future Act (Budget Measures), 2014, and the House adjourned for the summer break. It will resume sitting in October. More information on Bill 14 and its impact on your organization is available in our FTR Now of July 17, 2014, “Ontario…