My Updates
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CAPSA Consultation re Updates to Plan Funding Policy Guideline
The Canadian Association of Supervisory Authorities published a draft update to CAPSA Guideline No. 7 Pension Plan Funding Policy for consultation . . .
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Quebec Final Regulation re Temporary Measures in Response to COVID-19
Quebec filed a final regulation, Measures related to supplemental pension plans to reduce the consequences of the public health emergency declared on 13 March 2020 due to the COVID-19 pandemic, which provides a number of temporary relief measures for Quebec pension plans . . .
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Cousin v. Cousin, 2020 ABQB 636 – Outstanding Spousal Support Cannot be Secured Against Pension
Danielle and Bryan Cousin entered into a comprehensive Separation Agreement, agreeing, among other things, to divide certain matrimonial property, while also releasing claims to specific entitlements. This included Danielle giving up her right to apply for a share of Bryan's pension . . .
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Federal Government Passes Bill C-9 re Canada Emergency Wage Subsidy
The federal government passed Bill C-9 , An Act to amend the Income Tax Act (Canada Emergency Rent Subsidy and Canada Emergency Wage Subsidy), on November 19, 2020. Bill C-9 includes amendments to the Canada Emergency Wage Subsidy (CEWS) provisions in the Income Tax Act . . .
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Ontario FSRA Report re Commuted Value Transfer Applications
In May 2020, the Ontario Financial Services Regulatory Authority provided guidance on how it would review applications to transfer commuted values (CV) when a plan’s transfer ratio has declined by 10% and is below 0.9. FSRA has now published "Report to the pension sector on: FSRA’s New Approach on Reviewing s.19 Commuted Value Transfer Applications . . .
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B.C. Publishes Regulatory Road Map
The British Columbia Financial Services Authority published a regulatory road map, which outlines planned regulatory guidance that will be issued in 2020/21 . . .
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Federal Consultation Paper re Plan Funding & Governance
The federal government published a consultation paper which explores a number of issues related to federally-regulated pension plan funding and governance. Comments are due by January 14, 2021 . . .
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Ontario Bill 229 re Budget Amendments
Ontario introduced Bill 229, Protect, Support and Recover from COVID-19 Act (Budget Measures), 2020, for first reading on November 5, 2020. Bill 229 includes amendments to the Pension Benefits Act, Financial Services Commission of Ontario Act, 1997 and Financial Services Regulatory Authority of Ontario Act, 2016 . . .
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Ontario 2020 Budget
The Ontario government released its budget for 2020, and it included pension and benefit related announcements . . .
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CRA 2021 Retirement Savings Limits
CRA has posted the annual money purchase (MP), defined benefit (DB), registered retirement savings plan (RRSP), deferred profit sharing plan (DPSP) and the tax-free savings account (TFSA) limits, as well as the year’s maximum pensionable earnings (YMPE . . .
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