News & Events

On March 14, 2023, the Ontario Ministry of Finance released its long-anticipated consultation paper on the regulatory framework intended to govern target benefit plans, “A Permanent Framework for Target Benefits.”  The proposal can be accessed online at https://www.ontariocanada.com/registry/view.do?postingId=44107&language=en. BACKGROUND In 2007, the Ontario government introduced temporary funding measures, permitting multi-employer pension plans that satisfied prescribed

The Ontario government is conducting a consultation regarding a portable benefits program for part-time, temporary and contract workers. This program would attach health and dental benefits to workers rather than to employers. No potential aspects of plan design or administration have yet been shared. The Ontario Health Insurance Plan (“OHIP”) covers services such as visits

In a recent decision in Mason v. The Queen, the Honourable Justice Dominique Lafleur of the Tax Court of Canada held that motor vehicle expenses that a construction foreman incurred driving to and from his home and his employer’s worksites were deductible under section 8(1)(h.1) of the Income Tax Act, R.S.C., 1985, c. 1 (5th

On June 1, 2022, Revenu Quebec announced a new incentive program to encourage holders of unclaimed financial assets to remit these assets to Revenu Quebec. The Unclaimed Property Act imposes obligations on holders of unclaimed property – which includes benefits under a registered pension plan – to report and remit unclaimed financial assets to Revenu

On April 7, 2022, Finance Minister Chrystia Freeland tabled the federal government’s (the “Government“) 2022 budget  (the “2022 Budget“), entitled “A Plan to Grow Our Economy and Make Life More Affordable”. Of particular interest to unions and pension and benefit plan administrators are announcements concerning public dental and pharmacare programs, the loosening of borrowing rules

On February 11, 2022, the Government of Ontario filed Ontario Regulation 66/22 (the “Regulation”), which amends the General regulations under the Pension Benefits Act to exempt defined contribution pension plans from certain regulatory requirements.  The Regulation specifically exempts such pension plans from 1) the requirement to file an auditor’s report with FSRA where the assets

On February 4, 2022, the Department of Finance released draft legislation that will, subject to certain conditions, permit administrators of defined contribution (“DC”) pension plans to correct past contribution errors.  The proposed amendments can be accessed at https://fin.canada.ca/drleg-apl/2022/ita-lir-0222-1-eng.html. The current Income Tax Act (the “ITA”) rules governing DC pension plans do not allow for “catch-up”

Interest in environmental, social and governance (“ESG“) factors is increasing quickly among Canadian investors, spurred in part by the view that redirecting investments towards the climate crisis and our collective social and governance challenges may be an effective way to address portfolio risk and, at the same time, to resolve these larger issues. To date,

In its fall economic statement, Ontario introduced amendments to the Financial Services Regulatory Authority of Ontario Act, 2016 that would protect whistle-blowers. The bill, which also included amendments to numerous other statutes, came into force on December 9, 2021. The new legislation defines whistle-blowers as persons or entities who, in good faith, disclose to the

The Financial Services Regulatory Authority of Ontario (“FSRA”) has finalized its guidelines for pension plan administrators dealing with the valuation and division of pension benefits upon marriage breakdown. These guidelines became effective on November 9, 2021, and will be reviewed by November 9, 2026. Scope These guidelines only apply to administrators of pension plans governed