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Pensions Employee Benefits Canada

Bennett Jones LLP

Ontario Introduces Amendments to Support a Permanent Framework for Target Benefit Pension Plans

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On March 26, 2024, the Ontario government published their 2024 Budget, in which it was announced that draft regulations to Ontario’s Pension Benefits Act (PBA) would be introduced for review in the summer of 2024, with the...more

Blake, Cassels & Graydon LLP

Budget de l’Ontario 2024 : Mise à jour au sujet des régimes à prestations cibles et du Fonds ontarien pour la construction

Le 26 mars 2024, le gouvernement de l’Ontario a déposé son budget 2024 (le « Budget ») et a présenté le projet de loi 180, Loi de 2024 visant à bâtir un Ontario meilleur (mesures budgétaires) (le « projet de loi 180 »). Le...more

Blake, Cassels & Graydon LLP

2024 Ontario Budget: Update on Target Benefit Plans and the Building Ontario Fund

On March 26, 2024, the Ontario government tabled its 2024 Budget (Budget) and introduced Bill 180, Building a Better Ontario Act (Budget Measures), 2024 (Bill 180). The Budget contains pension-related announcements, and Bill...more

Stikeman Elliott LLP

Québec’s Unique Pension and Benefits Law Requirements for Employers: Two Illustrations

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When engaging employees (or acquiring a business that engages employees) in the Canadian province of Québec, employers and prospective employers should note two unique pension and benefit law requirements, which are absent in...more

Stikeman Elliott LLP

Eternal Sunshine of the Stock-less Mind: The Judicial Saga on Treatment of Equity-Based Incentives upon Termination of Employment

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What is the appropriate treatment under Quebec law of the equity-based incentives of an employee, upon termination of their employment without cause (serious reason)? Twenty years of case law suggest the question is all but...more

Blake, Cassels & Graydon LLP

Canadian Pension Law: 2023 Year in Review

Canadian pension law went through numerous changes in 2023. Below is an overview of certain significant developments from the previous year as we look ahead to what may be coming next....more

Blake, Cassels & Graydon LLP

Nouvelle année, nouvelle politique de l’ARC relative aux retenues sur la paie des employés à distance

L’Agence du revenu du Canada (l’« ARC ») a adopté une nouvelle politique administrative (la « nouvelle politique administrative ») qui est entrée en vigueur le 1er janvier 2024. La nouvelle politique administrative permet de...more

Littler

Canada Entered Last Phase of CPP Enhancements on January 1, 2024

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All Canadian employers other than those in Quebec are required to: Deduct Canada Pension Plan (CPP) contributions from their employees’ pensionable earnings if the employee meets certain conditions; Contribute an...more

Blake, Cassels & Graydon LLP

New Year, New CRA Payroll Policy for Remote Workers

Effective January 1, 2024, the Canada Revenue Agency (CRA) has a new administrative policy (New Administrative Policy) for determining the province or territory of employment (POE) for payroll deduction purposes of employees...more

Blake, Cassels & Graydon LLP

What You Need to Know About the Pension Investment Landscape in 2024

The new year brings new considerations for pension fund and sovereign investors. Below are a few key topics to keep in mind going into 2024...more

Bennett Jones LLP

Supplemental Pension Plans Secured with a Letter of Credit may Soon Receive Much Anticipated Refundable Tax Relief

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On November 30, 2023, the federal government introduced Bill C-59, Fall Economic Statement Implementation Act, 2023 (Bill C-59), which included proposed amendments to the Income Tax Act (Canada) (ITA) to implement changes...more

Stikeman Elliott LLP

OSFI Releases New Supervisory Framework for FRFIs and Pension Plans

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On October 4, 2023, the Office of the Superintendent of Financial Institutions (“OSFI”) released details of a new supervisory framework (“New Framework”) that will apply as of April 1, 2024 to federally-regulated financial...more

Bennett Jones LLP

Correcting Contribution Errors in Respect of Defined Contribution Pension Plans—New Rules Now in Force

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On June 22, 2023, Bill C-47 received royal assent, implementing a variety of amendments to the Income Tax Act (Canada) (ITA) and its regulations (ITA Regulations) tabled as part of the 2023 Federal Budget. As we previously...more

Bennett Jones LLP

New Pension Priorities in Bankruptcy and Insolvency Are Now Reality

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This is an update of our original blog dated April 24, 2023. Bill C-228, An Act to amend the Bankruptcy and Insolvency Act, the Companies’ Creditors Arrangement Act and the Pension Benefits Standards Act, 1985 received Royal...more

Bennett Jones LLP

Supplemental Pension Plans Secured with a Letter of Credit—Federal Budget 2023 Proposes Refundable Tax Relief

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Retirement compensation arrangements (RCAs) are, in appropriate circumstances, a useful tool for employers to provide supplemental pension benefits to employees, but such arrangements come at a cost of refundable tax under...more

Stikeman Elliott LLP

Every Benefit Everywhere All at Once: A Detailed Analysis of the 2023 Federal Budget’s Pension and Benefit Proposals

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On March 28, 2023, the federal government tabled its 2023 budget, “A Made-in-Canada Plan: Strong Middle Class, Affordable Economy, Healthy Future” (the “Budget”). Last week, our Tax Group released its comprehensive Budget...more

Blake, Cassels & Graydon LLP

Budget fédéral 2023 : Mesures visant les régimes de retraite, les avantages sociaux et la rémunération des hauts dirigeants

Le 28 mars 2023, le gouvernement fédéral a déposé son budget de 2023 (le « Budget 2023 »), lequel comporte un certain nombre de mesures concernant les régimes de retraite, les avantages sociaux et la rémunération des hauts...more

Bennett Jones LLP

Governance and Funding Policies Reintroduced for Ontario Pension Plans

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On November 14, 2022, Ontario introduced Progress on the Plan to Build Act (Budget Measures), 2022 (Bill 36) to implement certain budget measures introduced as part of Ontario's 2022 Ontario Economic Outlook and Fiscal...more

Stikeman Elliott LLP

Case Law Update: Age-Based Distinction in Long-Term Disability Benefit Plan Justified under Section 1 of the Charter

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In Rayonier v. Unifor, Locals 256 and 89 (the “Decision”) the long-term disability (“LTD”) coverage provided by Rayonier (the “Employer”) under the parties’ collective agreement was challenged by Unifor, Locals 256 and 89...more

Bennett Jones LLP

Age 65 Cut-Off for Long-Term Disability Benefits Coverage Not a Charter Violation

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In Rayonier v Unifor, Locals 256 and 89 arbitrator Paula Knopf dismissed a union policy grievance which alleged that an age 65 cut-off for long-term disability (LTD) benefits coverage under the parties' collective bargaining...more

Blake, Cassels & Graydon LLP

Budget 2022 : Mise à jour et modifications proposées à la correction des erreurs de cotisations aux régimes de retraite à...

Le 9 août 2022, le ministère des Finances du Canada a publié un avant-projet de loi (l’« avant-projet de loi d’août 2022 ») proposant de modifier la Loi de l’impôt sur le revenu (Canada) (la « LIR ») et le Règlement de...more

Blake, Cassels & Graydon LLP

Update on 2022 Budget and Proposed Amendments to the Correction of Contribution Errors to Defined Contribution Pension Plans

On August 9, 2022, the Department of Finance Canada released draft legislation (August 2022 Draft Legislation) that would amend the Income Tax Act (Canada) (ITA) and the Income Tax Regulations (Regulations) with respect to...more

Blake, Cassels & Graydon LLP

New Incentive for Late Remittance of Unclaimed Pension Benefits

Under the Unclaimed Property Act (Act), pension plan administrators are required to remit to Revenu Québec the value of the benefits of members and/or beneficiaries that remain unclaimed at the end of a three-year period...more

Blake, Cassels & Graydon LLP

Nouvelle mesure incitative pour la remise tardive des droits non réclamés détenus par les régimes de retraite

En vertu de la Loi sur les biens non réclamés (la « Loi »), les administrateurs de régimes de retraite ont l’obligation de remettre à Revenu Québec la valeur des droits des participants et/ou des bénéficiaires qui sont non...more

Bennett Jones LLP

CAPSA Consultation on ESG, Leverage, Cyber and Risk Management Guidelines for Pension Plans

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On June 9, 2022, the Canadian Association of Pension Supervisory Authorities (CAPSA) published consultation drafts of pension plan guidelines covering environmental, social and governance (ESG) considerations, as well as...more

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