Category: Regulators
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OSFI Solvency Information Return
The Office of the Superintendent of Financial Institutions has updated its Instruction Guide to assist federally-registered defined benefit plan administrators when completing Solvency Information Returns (SIR . . .
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OSFI Consultation re Climate-Related Risks
The Office of the Superintendent of Financial Institutions has published a discussion paper: Navigating Uncertainty in Climate Change: Promoting Preparedness and Resilience to Climate-Related Risks . . .
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B.C. Guidance re Plan Termination
The British Columbia Financial Services Authority published Regulatory Statement PENS 20-006: Plan Termination Requirements and Checklist . . .
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B.C. Regulation re Target Benefit Plan Funding
British Columbia amended the Pension Benefits Standards Regulation to provide short-term funding relief for target benefit plans . . .
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CRA Announcements re Home Office Expenses & Employer Benefits
In response to COVID-19, the Canada Revenue Agency (CRA) announced changes to the process for claiming a deduction for home office expenses and the tax treatment of certain employer benefits . . .
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Ontario FSRA Update re PBA Exemptions & Waivers
The Financial Services Regulatory Authority (FSRA) announced changes in response to Bill 213 receiving Royal Assent . . .
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Ontario FSRA Guidance re Missing Plan Members
Further to its consultation earlier this year, the Financial Services Regulatory Authority published final Guidance documents: Principles and Practices Regarding Missing Members and Waiver of Biennial Statements for Missing Former and Retired Members . . .
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Alberta Update re Electronic Beneficiary Designations
The Alberta Superintendent of Pensions published EPPA Update 20-07 regarding electronic beneficiary designations . . .
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OSFI Updates Maximum Amounts Payable from LIF, RLIF & VBA
OSFI has revised the table setting out the maximum annual amount of income that may be paid from a Life Income Fund, a Restricted Life Income Fund and a Variable Benefit Account to include factors applicable in 2021 . . .
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Ontario Passes Bills 213 & 229
Ontario Bill 213, Better for People, Smarter for Business Act, 2020 and Bill 229, Protect, Support and Recover from COVID-19 Act (Budget Measures), 2020 received Royal Assent on December 8, 2020. Both Bills include amendments to the Pension Benefits Act (PBA). Bill 229 also includes amendments to the Financial Services Commission of Ontario Act, 1997 and the Financial Services Regulatory Authority of Ontario Act, 2016 . . .
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