My Updates
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Ray-Ellis v. Goodtrack et al., 2021 ONSC 3102 – Subsequent Beneficiary Designation Not in Plan Administrator’s Records is Valid
In 1997, Goodtrack executed a beneficiary designation form, designating Ray-Ellis, his then spouse, as the beneficiary of his Locked in Retirement Account (LIRA). In 2001, the couple divorced and Goodtrack signed another beneficiary designation, designating his parents as the beneficiaries of the LIRA . . .
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CAPSA Updates Guideline re Pension Plan Funding Policy
Further to consultations last fall, the Canadian Association of Supervisory Authorities published an updated CAPSA Guideline No. 7 Pension Plan Funding Policy . . .
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OSFI Guides re DB & DC Plan Termination
The Office of the Superintendent of Financial Institutions published final instruction guides regarding termination of federally regulated defined benefit (DB) and defined contribution (DC) pension plans . . .
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Federal Government Introduces Bill C-30 re Budget
The federal government introduced Bill C-30, An Act to implement certain provisions of the budget tabled in Parliament on April 19, 2021 and other measures, for first reading on April 30, 2021. Bill C-30 includes amendments to the Pension Benefits Standards Act, 1985 (PBSA), Old Age Security Act (OAS Act), Canada Recovery Benefits Act (CRBA), Employment Insurance Act (EI Act) and Canada Labour Code (Code), as well as pension and benefit related amendments to the Income Tax Act (ITA) and the Bank of Canada Act (BCA . . .
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Charlton v. Manulife Securities Inc., 2021 NBQB 75 – Court Grants Rectification of RRSP Documents
Robert and Janet Charlton had a spousal RRSP and individual RRSPs with Manulife Securities Incorporated. Janet was listed as the contributor and Robert as the annuitant of the spousal RRSP. In 2019, both Robert and Janet were reassessed by the Canada Revenue Agency, requiring them to repay amounts in relation to previous deductions . . .
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OSFI Updates PRRP AIR Guide
OSFI has updated its Guide to the Pooled Registered Pension Plan Annual Information Return (AIR), Auditor’s Report and Pension Plan Annual Corporate Certification . . .
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York University v. York University Faculty Association, 2021 CanLII 31520 – University Must Provide Life Insurance for Professors Aged 71+
Professor Laxer worked until 2018, when he died at age 76. His surviving spouse contacted York University regarding Laxer's life insurance benefits. She was advised that Laxer’s coverage had ceased when he commenced mandatory receipt of pension benefits at age 71 . . .
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Carvalho v. Amorim, 2021 ONSC – Couple Living Separate & Apart for Purposes of Joint & Survivor Pension
Carvalho and Amorim were married in Portugal in 1980. Carvalho moved to Canada in 1985, and Amorim joined him 1990. A couple of months later, Amorim moved back to Portugal, and never again lived with Carvalho in Canada . . .
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Ontario FSRA Pension Update April 2021
The Ontario Financial Services Regulatory Authority published its Pension Update for April 22, 2021 . . .
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Nova Scotia Passes Bill 87 re Pension Benefits
Nova Scotia Bill 87, Pension Benefits Act (amended), received Royal Assent on April 19, 2021 . . .
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