News & Events

In its 2021 budget, released on March 24, the Ontario Government announced that it will amend Regulation 909 under the Pension Benefits Act (the “PBA”), to require pension plan administrators to calculate and report their plan’s Pension Benefits Guarantee Fund (“PBGF”) claim exposure.  The Budget does not specify how a plan’s PBGF claim exposure will

On March 16, 2021, The Financial Services Regulatory Authority of Ontario (“FSRA”) released “Defined Benefit Multi-Employer Pension Plans – Leading Practices,” a Guidance document that is the result of a thematic review of a selected sample of 21 Ontario-registered Defined Benefit Multi-Employer Pension Plans (DB MEPPs) conducted in 2020. The Guidance begins by acknowledging the

In its 2020 Fall Economic Statement, the federal government announced that, in light of the large numbers of Canadian taxpayers working from home due to the COVID-19 pandemic, the Canada Revenue Agency (the “CRA”) would simplify the process for claiming the home office expense deduction for the 2020 taxation year.  Details regarding the temporary simplified

On January 11, 2021, the Office of the Superintendent of Financial Institutions Canada (“OSFI“) released a discussion paper Navigating Uncertainty in Climate Change: Promoting Preparedness and Resilience to Climate-Related Risks, to engage federally regulated financial institutions (“FRFIs“), federally regulated pension plans (“FRPPs“) and other interested stakeholders in a dialogue on the risks resulting from climate

We are pleased to announce that, effective December 1, 2020, Lesa MacDonald has assumed the role of Counsel in the Pensions and Benefits Department of Koskie Minsky LLP. In her new role, Lesa will be taking on additional senior-level client relationship management responsibilities. She will continue her legal advisory work for clients of the Pension and

On Friday, November 27, 2020 the Department of Finance released its long awaited legislative proposals to amend the Income Tax Act provisions governing Employee Life and Health Trusts (“ELHTs”).   For the most part, these new draft proposals include some welcome changes and should facilitate the transition to an ELHT.  It should be noted that the

On October 16, 2020, the Supreme Court of Canada (the “Court”) ruled that the Royal Canadian Mounted Police (“RCMP”) pension plan breaches section 15 of the Canadian Charter of Rights and Freedoms (“Charter”) on the ground of sex and perpetuates discrimination against women by precluding members who participate in job-sharing arrangements from purchasing full-time pension

The CRA has issued a Technical Interpretation, acknowledging that Private Health Services Plans (“PHSPs”) members may have been unable to use their allocated Health Care Spending Account (“HCSA”) credits during the COVID-19 pandemic due to the restriction on services available. The CRA advises that in light of the extraordinary circumstances of the crisis, it has

On May 22, 2020, FSRA released Guidance on its approach to reviewing applications for commuted value transfers and annuity purchases under sections 19(4) and 19(5) of the Pension Benefits Act’s Regulation 909. The newly released Guidance addresses what restrictions apply to a Plan Administrator when a defined benefit pension plan’s transfer ratio has declined by

Effective June 8, 2020, all in-person hearings scheduled before the Workplace Safety and Insurance Appeals Tribunal (WSIAT) will be converted to teleconference hearings unless the Scheduling Administration Manager is satisfied that another alternative hearing method is appropriate. If a party objects to proceeding by teleconference, their objection will be addressed by the Vice-Chair or Panel