On March 21, 2013, the Minister of Finance, the Honourable James M. Flaherty, tabled the 2013 Federal Budget “Jobs, Growth and Long Term Prosperity – Economic Action Plan 2013.” In this FTR Now we review those Budget items that are of most interest to employers, human resources professionals and pension plan administrators. These include: Amendments…
Tag: Pooled Registered Pension Plans (PRPP)
B.C. PRPP Legislation Does Not Proceed Past First Reading
As previously reported, the British Columbia government tabled Bill 16, Pooled Registered Pension Plans Act on February 28, 2013. With the adjournment of the Legislature on March 14, 2013 in anticipation of the May 14, 2013 provincial election, Bill 16 did not proceed past First Reading. Once the Legislature dissolves prior to the election, Bill…
British Columbia Introduces PRPP Legislation
On February 28, 2013, the government of British Columbia introduced Bill 16, Pooled Registered Pension Plans Act. If passed, Bill 16 would authorize pooled registered pension plans (“PRPPs”) to be made available to provincially-regulated employees and self-employed persons in British Columbia, subject to the requirements set out in the federal Pooled Registered Pension Plans Act…
Federal Pooled Registered Pension Plan (PRPP) Framework Now in Force
On December 14, 2012, the federal government announced that the second and final tranche of the regulations under the Pooled Registered Pension Plans Act (“Act”) came into force on that day, following the conclusion of a period for public comment. As previously reported, these supporting regulations address provisions of the Act, including: general requirements regarding…
Second and Final Tranche of Pooled Registered Pension Plans Regulations Published for Comment
On October 26, 2012, the federal government announced that it was pre-publishing proposed Regulations Amending the Pooled Registered Pension Plans Regulations (“Proposed Regulations”) for public commentary and that once the Proposed Regulations are finalized, the Pooled Registered Pension Plans Act (“Act”) and its supporting regulations will come into force. As stated in the announcement, the…
Federal Government Registers Pooled Registered Pension Plans Regulations
On October 5, 2012, Pooled Registered Pension Plans Regulations were registered by the federal government. The Regulations provide supporting details for the Pooled Registered Pension Plans Act (“Act”). Among other things, the Regulations establish: the licensing conditions for a Pooled Registered Pension Plan (“PRPP”) administrator; the management and investment of funds in PRPP members’ accounts;…
Tax Measures from Federal Budget 2012 to be Implemented
On October 15, 2012, the federal government tabled a Notice of Ways and Means Motion to implement certain tax measures contained in the government’s March 2012 budget, the Economic Action Plan, 2012 – A Plan for Jobs, Growth and Long-Term Prosperity. Among other things, the Notice of Ways and Means Motion includes implementation of the…
Québec VRSPs Bill Expires on Order Paper
As previously reported, in its March 2012 Budget the Québec government signalled its commitment to establish Voluntary Retirement Savings Plans (“VRSPs”), mandatory group pension plans that all employers in Québec employing at least five employees would have been required to implement, if they did not already provide a retirement savings plan for employees. The VRSPs…
Federal Government Publishes Pooled Registered Pension Plan Regulations
On August 10, 2012, the federal government published proposed regulations to support the Pooled Registered Pension Plans Act (“PRPP Act”). The Pooled Registered Pension Plan Regulations provide supporting details for the provisions of the PRPP Act respecting: the licensing conditions for a Pooled Registered Pension Plan (“PRPP”) administrator; the management and investment of funds in…
Pooled Registered Pension Plan Act Receives Royal Assent
The federal government has announced that Bill C-25, An Act relating to pooled registered pension plans and making related amendments to other Acts, will receive Royal Assent today, June 28, 2012. As previously reported, Bill C-25 is new legislation implementing the framework for federally regulated pooled registered pension plans (“PRPPs”).