News & Events

On October 16, 2024, the Government of Ontario filed the final regulations to implement its long-awaited framework for target benefit pension plans in Ontario.  The release of these regulations follows a long process of consultation, and is being implemented through the enactment of amendments to existing regulations, as well as new regulations governing target benefit

On April 1, 2024, the Financial Services Regulatory Authority of Ontario (FSRA) Information Technology Risk Management Guidance (“the Guidance”) became effective. The Guidance is applicable to all entities and individuals regulated by FSRA including pension plan administrators. Pension plan administrators must consider whether their existing cybersecurity and/or IT risk management policies currently comply with the

On April 5, 2024, Nova Scotia passed the Financial Measures Act (“Bill 419”), which includes changes to the Pensions Benefits Act (“PBA“) pertaining to shortened life expectancy and non-resident unlocking rules. While the PBA currently permits unlocking in cases of shortened life expectancy, it specifies that the pension may be varied to account for shortened

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

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

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

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

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

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

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,