News & Events
Budget 2024 – Pension and Employee Benefit Plan Roundup
April 17, 2024
The Federal Government issued Budget 2024 yesterday. In this post, we discuss announcements relating to pension funds, employee ownership trusts, and worker cooperatives. Budget 2024 did not introduce any significant substantive measures relating to pension plans or employee life and health trusts. Moreover, Budget 2024 did not address the application of the new trust reporting
Practice Area
Pension and Benefits
Ontario Budget Proceeds with Pension Benefits Act Amendments to Implement a New Target Benefit Pension Plan Framework
April 8, 2024
On March 26, 2024, the Government of Ontario released its 2024 budget. The budget reaffirmed the Ontario Government’s intention to implement a permanent framework for target benefit pension plans as of January 1, 2025. The Government indicated that it intends to publish draft regulations in the summer of 2024, which will take into consideration feedback
Practice Area
Pension and Benefits
Ontario Not-for-Profit Corporations Act, 2010 (ONCA)
January 18, 2024
The Not-for-Profit Corporations Act, 2010 (Ontario) (the “ONCA”) came into force and replaced the predecessor legislation governing Ontario not-for-profit corporations, the Corporations Act (Ontario) (the “OCA”). Among other things, the ONCA streamlines the incorporation of Ontario not-for-profit corporations (“NFPs”), simplifies certain processes including those in connection with registrations, searches and filing annual returns, introduces a
Practice Area
Labour Law, Pension and Benefits
2023 Fall Economic Statement – Pension Fund Investment Announcements
December 5, 2023
The Federal Government’s 2023 Fall Economic Statement included three significant announcements regarding pension fund investments, which we unpack in this post: That the Government will “work collaboratively” with Canadian pension funds to “create an environment that encourages and identifies more opportunities for investments in Canada”. That the Government will “explore” removing the “30 per cent
Practice Area
Pension and Benefits
Ontario Ministry of Finance Releases Revised Consultation Paper on Target Benefit Plans
September 14, 2023
Overview On September 1, 2023, the Ontario Ministry of Finance released a revised consultation paper on proposed amendments to the Pension Benefits Act (the “PBA”) and the regulations under the PBA to implement a permanent regulatory framework governing target benefit plans. The revised consultation paper, entitled “A Permanent Framework for Target Benefits: Revised Proposals,” reflects
Practice Area
Pension and Benefits
Federal Government Releases Consultation Draft Of Amendment To Rules Governing Specified Multi-Employer Pension Plans
August 10, 2023
On August 4, the federal government released a series of technical draft amendments to the Income Tax Act (Canada) and the Income Tax Regulations (the “ITRs”) to implement previously announced commitments in Budget, 2023. Among the proposed measures included in these amendments are changes to the rules governing specified multi-employer plans (“SMEPs”) under s. 8510
Practice Area
Pension and Benefits
CAPSA Opens Consultation on New Risk Management Guideline
July 31, 2023
In June 2023, the Canadian Association of Pension Supervisory Authorities released detailed draft guidelines on pension plan risk management. CAPSA is inviting submissions from pensions stakeholders until September 30, 2023. This guidance builds on previously released CAPSA guidelines on governance, funding, and investment practices, and provides specific recommendations on risk management, third-party risk, cyber risk,
Practice Area
Pension and Benefits
Ontario Government Proposes Extension to SOMEPP Regulations
July 28, 2023
On July 1, 2023, the Ontario government published proposed regulations that would extend the Specified Ontario Multi-Employer Pension Plan (“SOMEPP”) regime for the period from January 1, 2024 to January 1, 2025. The proposed regulations are publicly available online on the Ontario Regulatory Registry. These regulations were initially introduced in 2007, to provide temporary solvency
Practice Area
Pension and Benefits
Mark Zigler and George Dzuro to Speak at the 56th Annual Employee Benefits Conference
July 13, 2023
Mark Zigler and George Dzuro will be speaking at the IF’s 56th Annual Employee Benefits Conference, September 10-13, 2023. The Conference will take place at the Palais des congrès de Montréal in Montréal, Québec. Mark will take part in a panel discussion on Legal/Legislative Developments — Central Canada and George will participate in a panel
Practice Area
Pension and Benefits
2023 Federal and Ontario Budget Proposals in Support of Skilled Trades
March 30, 2023
Both the federal and Ontario 2023 budgets include measures intended to draw and maintain workers in the skilled trades. Both budgets tie the need for more workers in the skilled trades to plans to increase the building of new homes in the coming years. Canada’s 2023 Budget aims to assist tradespeople in purchasing equipment through
Practice Area
Pension and Benefits, Labour Law