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
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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
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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
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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
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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
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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
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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,
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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
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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
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Pension and Benefits, Labour Law
2023 Federal Budget – Registered Savings Plan and Employee Benefit Plan Roundup
March 30, 2023
Canada’s 2023 Budget proposes to increase RESP withdrawal limits and to make various changes that will make it easier for individuals to establish and maintain Registered Education Savings Plan (“RESP”) and Registered Disability Savings Plan (“RDSP”) for family members. Budget 2023 also proposes approximately $13 billion over the next five years to implement the national
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Pension and Benefits
Ontario Releases Consultation Paper on Framework for Target Benefits
March 16, 2023
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
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Pension and Benefits
Ontario launches consultation on portable benefits program
October 17, 2022
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
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Pension and Benefits
Mason v. The Queen, 2022 TCC 65
August 10, 2022
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
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Pension and Benefits
Revenu Quebec Announces New Incentive for Remittance of Unclaimed Financial Assets
August 5, 2022
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
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Pension and Benefits
Federal Government Releases 2022 Budget
April 8, 2022
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
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Pension and Benefits
Ontario Adopts Regulations Regarding Defined Contribution Pension Plans
February 24, 2022
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
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Pension and Benefits
Department of Finance Releases Draft Amendments to the Income Tax Act Regarding Defined Contribution Pension Plans
February 24, 2022
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”
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Pension and Benefits
Canadian Securities Administrators Issue Staff Notice 81-334 Regarding ESG-Related Investment Fund Disclosure
February 8, 2022
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,
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Pension and Benefits
Ontario Introduces Protections for Pension Whistle-Blowers
February 4, 2022
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
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Pension and Benefits
Updated FSRA Advice for Plan Administrators regarding Pension Division upon Marriage Breakdown
November 25, 2021
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
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Pension and Benefits
OSFI Summarizes Responses to Its Climate Risk Discussion Paper
November 8, 2021
On January 11, 2021, the Office of the Superintendent of Financial Institutions Canada (“OSFI“) published a discussion paper, Navigating Uncertainty in Climate Change: Promoting Preparedness and Resilience to Climate-Related Risks (the “Discussion Paper“), and launched a three-month consultation period in regards to it. The goal of the consultation was to engage federally regulated financial institutions (“FRFIs“), federally
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Pension and Benefits
Legal Opinion released in response to a request by the Canada Climate Law Initiative concludes pension fiduciaries must take climate change into account in their management of plan assets
July 21, 2021
Randy Bauslaugh’s “Climate Change: Legal Implications for Canadian Pension Plan Fiduciaries and Policy-Makers”,[1] a legal opinion written at the request of the Canada Climate Law Initiative, is the latest contribution to the discussion of whether pension plan administrators should be factoring climate change into their decision-making on investments. Bauslaugh concludes that the current scientific consensus
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Pension and Benefits
Federal Government Releases 2021 Budget
April 20, 2021
On April 19, 2021, Finance Minister Chrystia Freeland tabled the federal government’s 2021 budget, “A Recovery Plan for Jobs, Growth, and Resilience.” In addition to confirming the federal government’s intention to proceed with certain previously announced tax measures affecting specified multi-employer pension plans (“SMEPs”) and health and welfare trusts, the 2021 budget does contain some
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Pension and Benefits
Ontario Proposes to Require PBGF Claim Exposure Reporting as Part of 2021 Budget
March 25, 2021
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 be determined and
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Pension and Benefits
FSRA Releases Guidance on Leading Practices for Defined Benefit Multi-Employer Pension Plans
March 18, 2021
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 three
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Pension and Benefits
CRA ISSUES TEMPORARY COVID-19 RELIEF MEASURES – SIMPLIFIED CLAIM FOR HOME EXPENSES FOR 2020 TAXATION YEAR
February 2, 2021
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
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Pension and Benefits
OSFI Releases Discussion Paper and Seeks Industry Feedback on Climate-Related Risks
January 19, 2021
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
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Pension and Benefits
Lesa MacDonald has assumed the role of Counsel in the Pensions and Benefits Department
December 1, 2020
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
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Pension and Benefits, Labour Law
DEPARTMENT OF FINANCE RELEASES NEW DRAFT LEGISLATIVE PROPOSALS FOR CONVERSION OF HEALTH AND WELFARE TRUSTS TO EMPLOYEE LIFE AND HEALTH TRUSTS
November 30, 2020
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
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Pension and Benefits
Fraser v. Canada (Attorney General): Supreme Court of Canada rules that RCMP pension plan discriminates against women, breaches section 15 of the Charter
October 23, 2020
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
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Pension and Benefits
CRA allows COVID related extension of carry forward rules for health care spending accounts
June 8, 2020
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
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Pension and Benefits
FSRA Releases Guidance on Commuted Value Transfers and Annuity Purchases for DB Plans
May 25, 2020
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
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Pension and Benefits
Workplace Safety and Insurance Appeals Tribunal Releases Best Practices Guidelines for Teleconference Hearings
May 25, 2020
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
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Pension and Benefits
Federal Government decides no CERB top-ups from Supplemental Unemployment Benefit Plans
May 13, 2020
The Government of Canada has apparently decided that it will not permit Supplemental Unemployment Benefit (“SUB”) plans to make Canada Emergency Response Benefit (“CERB”) top-up payments to members. Although the government has not formally announced this apparent decision, it has published the following on the ‘Questions and Answers on the Canada Emergency Response Benefit’ page. Q:
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Pension and Benefits
Federal Wage Subsidy Backgrounder
May 12, 2020
Union locals, pension funds, and employee benefit funds may be eligible for the Temporary Wage Subsidy and the Canada Emergency Wage Subsidy in their capacity as employers. Employers will generally be eligible for the Temporary Wage Subsidy (TWS) if they have one or more employees and had a business number for the purpose of making
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Pension and Benefits
FSRA Releases Guidance Regarding Ongoing Impact of COVID-19
April 29, 2020
Ontario’s pension regulator, the Financial Services Regulatory Authority (“FSRA”), has released new guidance for pension plan administrators, sponsors, members, retirees, and other stakeholders navigating the ongoing COVID-19 crisis. This statement, effective April 24, 2020, follows two earlier releases from FISRA regarding the impact of COVID-19. You can read more about these prior statements in our
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Pension and Benefits
Canada’s Pension Regulators Release New Measures in Response to COVID-19
April 24, 2020
This post provides a round-up of recent measures taken by Canada’s federal and provincial pension regulators in response to COVID-19. Federal The Office of the Superintendent of Financial Institutions has released an updated Q&A in respect of its decision to temporarily prohibit portability transfers and buy-out annuity purchases in order to protect pension fund solvency.
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Pension and Benefits
FSRA posts financial hardship withdrawal criteria amid Covid-19 Pandemic
April 17, 2020
Ontario’s Financial Services Regulatory Authority (FSRA) has posted information with respect to withdrawing from locked-in accounts as a result of financial hardship. Although the criteria have not changed under Ontario’s Pension Benefits Act (PBA), the information has recently been posted to remind those finding themselves in financial hardship amid the Covid-19 pandemic of the options
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Pension and Benefits
WSIB – Employer Relief Package
April 13, 2020
As part of its response to the COVID-19 pandemic, the Workplace Safety and Insurance Board (“WSIB”) has announced a relief package allowing employers to defer premium reporting and payments until August 31, 2020. The WSIB has also announced that the costs for COVID-19 claims will be allocated on a Schedule-wide basis, and will not result
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Pension and Benefits
Provincial Pension Regulators Release Statements on the Impact of COVID-19 on Pension Plans
April 3, 2020
Pension regulators across Canada have released numerous relief measures in response to the COVID-19 pandemic. Two recent Koskie Minsky blog posts on March 26 and March 30 summarize the action taken at the Federal level and in Ontario. Here we provide a summary of the measures which have been taken by other provincial regulators across
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Pension and Benefits
Operations at the WSIB and the WSIAT
April 3, 2020
Both the Workplace Safety and Insurance Board (WSIB) and the Workplace Safety and Insurance Appeals Tribunal (WSIAT) have modified their services in response to the COVID-19 crisis. WSIB The WSIB’s offices are closed and they are not accepting any mail or deliveries. Their phone lines are open Monday to Friday 7:30 a.m. to 5:00 p.m.,
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Pension and Benefits
WSIB Policy on Claims due to COVID-19
April 1, 2020
On March 23, 2020 the Workplace Safety and Insurance Board (WSIB) issued a policy document outlining their approach to claims for occupational exposure to COVID-19. The policy states that, like other WSIB claims, the WSIB will adjudicate COVID-19 claims on a case-by-case basis “based on the merits and justice of the case, taking into account
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Pension and Benefits
OSFI Issues Letter on COVID-19 to Federally Regulated Pension Plans
March 30, 2020
The Office of the Superintendent of Financial Institutions (OSFI) has issued a letter concerning COVID-19 to the federally-registered pension plans that it regulates. The letter summarizes actions that OSFI is taking to address issues stemming from COVID-19, and announces a regulatory freeze on portability transfers and annuity purchases, as well as the extension of certain
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Pension and Benefits
FSRA Releases Statement on the Impact of COVID-19 on Pension Plans
March 26, 2020
Ontario’s pension regulator, the Financial Services Regulatory Authority (“FSRA”), has released a statement on how the COVID-19 situation has impacted its operations. The statement also includes responses to some questions which may be arising for pension plan administrators, members, retirees and other stakeholders across Ontario during these uncertain times. FSRA’s statement can be accessed at
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Pension and Benefits
Ontario’s Legislature Passes Bill 132, Amending Various Provisions of the Pension Benefits Act
December 17, 2019
Bill 132 – entitled An Act to reduce burdens on people and business by enacting, amending and repealing various Acts and revoking various Regulations (“Bill 132”) – was tabled in the Ontario Legislature on October 28, 2019, proceeded to second reading on October 31, 2019, and received Royal Assent on December 10, 2019. It includes
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Pension and Benefits
Department of Finance Clarifies Requirements for Converting Health and Welfare Trusts to Employee Life and Health Trusts
June 6, 2019
Last week, the Department of Finance released a set of draft legislative proposals clarifying the requirements for converting Health and Welfare Trusts (HWTs) to Employee Life and Health Trusts (ELHTs) and revising certain rules resecting ELHTs. The proposed changes are generally welcome and address many of the concerns raised by stakeholders. The proposed process for
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Pension and Benefits
Minister Morneau Tables Budget 2019
March 22, 2019
On March 19, 2019, Finance Minister Bill Morneau tabled the federal government’s 2019 budget. The budget contained a number of surprises, both in terms of what it included and what it omitted. Perhaps most significantly for the pension and employee benefits industry, while the government reaffirmed its commitment to introduce tax measures to facilitate the
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Pension and Benefits
Naming the Correct Parties Correctly: A note on common corporate law errors made by union-sponsored pension and benefit plans
October 31, 2018
The application of commercial law concepts to pension and benefit plans often creates confusion for stakeholders in the pension and benefits industry. This article seeks to shed light on two basic but fundamental issues trustees and their advisors should keep in mind when acting for a pension or benefit fund and entering into legal relationships.
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Pension and Benefits
Eggleton Tables Bill to Protect Pensioners Before and During a Company’s Insolvency
October 4, 2018
On September 25, 2018, just days before his retirement, Senator Art Eggleton moved second reading of Bill S-253, An Act to amend the Bankruptcy and Insolvency Act and other Acts and Regulations (pension plans). Bill S-253 seeks to accomplish two things: To amend the Bankruptcy and Insolvency Act (“BIA”) and the Companies’ Creditors Arrangement Act
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Pension and Benefits
Talos v. GEDSB: Ontario’s Human Rights Code Violates Section 15(1) of the Charter in allowing age discrimination in the provision of workplace benefits in Ontario
August 14, 2018
The recent Ontario Human Rights Tribunal decision in Talos v. Grand Erie District School Board has shifted expectations on the ability of benefits plans to treat workers over 65 differently, on the basis that this is particular type of discrimination is excepted explicitly under the Ontario Human Rights Code (the “Code“). When Bill 211, “An
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Pension and Benefits
Ontario Introduces New Funding Requirements for Defined Benefit Pension Plans
May 8, 2018
On April 20, 2018, the Government of Ontario filed long anticipated amendments to the general regulations under the Pension Benefits Act, which significantly change the funding requirements for defined benefit pension plans. The regulations are the product of a public consultation begun by the Ontario government, initially announced in the 2015 Ontario Economic Outlook and
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Pension and Benefits
Benefit plans can discriminate against marijuana: Canadian Elevator Industry Welfare Trust Fund v Skinner, 2018 NSCA 31
April 24, 2018
In Canadian Elevator Industry Welfare Trust Fund v Skinner, the Nova Scotia Court of Appeal considered what constituted discrimination in the denial of access to coverage for medicinal marijuana, emphasizing the deference that courts and tribunals will give to the administrator of a benefit plan in choosing what drugs the plan will cover. The case
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Pension and Benefits
2018 Federal Budget: The Death of Health and Welfare Trusts and Other Items of Interest
March 1, 2018
The 2018 Federal Budget was released on February 27, 2018, and amongst other things, included a major and somewhat surprising announcement regarding the phase out of the CRA’s Health and Welfare Trust Policy, which has governed health and welfare trusts (HWTs) since 1966. The announcement was included in the Tax Measures: Supplementary Information document released
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Pension and Benefits
Tax Court Releases Precedent Setting Decision on Taxability of Certain Benefit Claims in Nortel Insolvency Proceeding
December 21, 2017
On November 11, 2017, the Tax Court of Canada released Scott v. The Queen, 2017 TCC 224 (CanLII), a precedent setting decision regarding the taxation of payments made in relation to the termination of employment benefits in the context of the Nortel insolvency. The Tax Court “overruled”, in part, an Advanced Tax Ruling issued by
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Pension and Benefits
Omnibus Provincial Budget (Bill 177) Takes Aim at Pension Reform
November 20, 2017
Bill 177, the Stronger, Fairer Ontario Act (Budget Measures) (the “Act”), was introduced to the Ontario Provincial Parliament for first reading on November 14, 2017. Schedule 33 of the Act provides changes to the Pension Benefits Act (the “PBA”), which will have broad implications for pension regulation in Ontario. While sweeping changes have been announced,
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Pension and Benefits
Private Members’ Bills Seek to Amend Insolvency Legislation to Better Protect Pensioners and Employees
October 20, 2017
On October 17th, MP Marilène Gill of the Bloc Québécois introduced Bill C-372, a private member’s bill which would amend the Bankruptcy and Insolvency Act (BIA) and the Companies Creditors’ Arrangement Act (CCAA). The Bill would provide for priority status for claims in respect of underfunded pension plans as well as for claims arising as
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Pension and Benefits
Federal Government Confirms that Employee Discounts will Remain Non-Taxable
October 13, 2017
In recent days, the policy and interpretation choices made by the Canada Revenue Agency (“CRA”) have taken a rare step into the public discourse. At issue are employee discounts enjoyed by retail workers. While tax issues are often widely discussed, it is normally in relation to legislative changes being considered by the Federal Government rather
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Pension and Benefits
Ontario brings in Administrative Monetary Penalties for Breaches of the Pension Benefits Act
October 4, 2017
The regulatory environment applicable to pension plan administrators will shift in 2018, with the Superintendent of Financial Services gaining the power to impose monetary penalties for breaches of the Pension Benefits Act (“PBA”). On January 1 new provisions of the PBA come into force, which, along with a new Regulation on Administrative Penalties, create a
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Pension and Benefits
The difficulties in using the Charter to remedy pension and benefit issues: Bemister v. Canada
August 25, 2017
The recent Federal Court decision in Bemister v. Canada highlights some of the difficulties that litigants face in attempting to use the Canadian Charter of Rights and Freedoms to remedy pension and benefit issues. Background The Applicants in Bemister were federal retirees who participated in the Public Service Health Care Plan (“PSHCP”) and the National
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Pension and Benefits
Ontario Announces New Funding Framework for Defined Benefit Pension Plans
May 19, 2017
On May 19, 2017, the Ontario government announced that it intends to implement new funding rules for defined benefit pension plans and make certain other changes to the legislation governing pensions. This announcement follows up on the Solvency Consultation process that we previously reported on. The new funding framework described in the May 19th announcement includes:
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Pension and Benefits
Ontario Budget: Highlights for Unions, Employees and Benefit Plans
May 12, 2017
In a previous Blog Post we reviewed highlights from the 2017 Federal Budget. The 2017 Ontario Budget was released on April 27, 2017. The Ontario Budget contains the significant commitment to a universal pharmacare program for persons under 25, as well as a number of updates with respect to various pension reform efforts. OHIP+ Children
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Pension and Benefits
Federal and Provincial Budgets: Highlights for Employees, Trade Unions and Benefit Plans
April 25, 2017
The 2017 Federal Budget was presented by Finance Minister Bill Morneau last month, on March 22, 2017. Though it has far fewer major commitments than the previous budget from 2016, there are still some noteworthy provisions. Most provincial budgets have also been released by now, with Nova Scotia and Ontario being the two exceptions. Read
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Pension and Benefits
Denying access to medical marijuana can be discriminatory
March 24, 2017
In Skinner v. Board of Trustees of the Canadian Elevator Industry Welfare Trust Fund (2017 CanLII 3240 (NS HRC)), the Nova Scotia Human Rights Commission has confirmed that denying access to medical marijuana can be discriminatory in certain contexts. Mr. Skinner was involved in a motor vehicle accident while working at ThyssenKrupp Elevator Canada in
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Pension and Benefits
Federal Government Announces that Employees will not be Taxed on Employer-Provided Health and Dental Benefits
February 6, 2017
Last week, Prime Minister Trudeau announced that the upcoming budget will not include a provision to tax employees on their employer-provided health and dental benefits. The question remains, however, whether the rumoured tax is really off the table for good or whether it is still in consideration as part of an ongoing review of tax
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Pension and Benefits
Ontario Enacts the Financial Services Regulatory Authority of Ontario Act, 2016
December 23, 2016
On December 8, 2016, the Building Ontario Up for Everyone Act (Budget Measures), 2016 (“Bill 70”) received Royal Assent. Among other things, the omnibus budget legislation enacts the Financial Services Regulatory Authority of Ontario Act, 2016, (the “FSRA Act”) setting out the framework for the creation of the new Financial Services Regulatory Authority (“FSRA”). By way of background, the Minister appointed
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Pension and Benefits
Bill C-27: Federal Framework for Target Benefit Plans
November 11, 2016
With little fanfare, the Federal Government has introduced legislation to amend the Pension Benefits Standards Act (“PBSA”) to regulate “target benefit” plans. These are plans that offer a formula-style “target” benefit that looks much like a defined benefit but that is not assured. Target benefit plans do not require past service funding guarantees from the
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Pension and Benefits
Two Approaches to Solvency Funding Reform: A summary of Ontario’s Consultation Paper
September 19, 2016
Ontario is currently in the process of reviewing solvency funding rules for single employer defined benefit (“DB”) pension plans under the Pension Benefits Act. On July 26, 2016, the Ministry of Finance released a “Review of Ontario’s Solvency Funding Framework for Defined Benefit Pension Plans” Consultation Paper soliciting feedback on a number of potential reforms
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Pension and Benefits
Finally, Canada Pension Plan (CPP) Enhancement
August 8, 2016
On June 20, 2016, Canada’s Finance Ministers reached an historic agreement to improve core retirement income benefits under the CPP. The agreement followed years of tumultuous pension politics, including an outright refusal in December 2013 by the Harper Government to consider any changes to the CPP. Following the breakdown in federal-provincial CPP discussions, the Wynne
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Pension and Benefits
Co-op Atlantic CCAA highlights the need for Representative Counsel at an early stage
July 8, 2016
On June 25, 2015 Co-op Atlantic, a co-operative wholesaler operating across Atlantic Canada and Quebec obtained protection from its creditors under the CCAA. Ten months later, in April, 2016, Co-op’s pension plan members received a letter that no retiree ever wants to receive. An actuarial and consulting firm, which had been appointed by the New Brunswick
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Pension and Benefits