Tag: Act s. 48
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Saskatchewan Amends Regulations to Freeze Transfer Payments
Effective April 16, 2020, Saskatchewan amended The Pension Benefits Regulations, 1993 to require administrators to obtain prior written consent from the Superintendent to transfer monies or make payments out of defined benefit plans if, in the Superintendent’s opinion, the transfer or payment would impair the solvency of the pension fund . . .
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Quebec Passes Bill 149 re QPP Enhancement & SPPA Amendments
Quebec passed Bill 149, An Act to enhance the Québec Pension Plan and to amend various retirement-related legislative provisions, on February 22, 2018.* The Bill amends the Act respecting the Québec Pension Plan to make enhancements to the Québec Pension Plan (QPP) similar to those made to the Canada Pension Plan.
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Cotnam v. Rousseau, 2018 ONSC 216 – Court Splits Death Benefit between Spouse & Dependent Child
Cotnam died leaving certain life insurance benefits and RRSPs to his former spouse, children and current spouse, Rousseau. At the time of his death, he was still paying support to his adult daughter who is developmentally delayed.
After the distribution of the life insurance and RRSPs, the only remaining asset was a pre-retirement death benefit from Cotnam's pension plan. Rousseau was designated as both his spouse and beneficiary under the plan.
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Rehel Estate v. Methot, 2017 ONSC 7529 – Ontario & Quebec Spousal Entitlement Provisions have Same Meaning
Rehel and Methot were married in Quebec in 2005. They subsequently moved to Ontario where Rehel opened a Life Income Fund Account (LIF). The money in the LIF was from a Quebec pension plan that he had converted years earlier. Rehel and Methot separated in 2014 and Rehel died the following year.
When Rehel opened the LIF, he designated Methot as his beneficiary. Just before his death, however, Rehel drafted a will, which specified that the LIF was to be used by his estate to pay off his debts.
I DIRECT my Trustees to cash in my Locked in Retirement Account and RRSP accounts with ScotiaBank in Barrie, Ontario and use the proceeds to pay off the debts owing by my Estate.
The Ontario Superior Court was asked to consider who was entitled to the LIF.
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Quebec Bill 149 re QPP Enhancement & SPPA Amendments
Quebec introduced Bill 149, An Act to enhance the Québec Pension Plan and to amend various retirement-related legislative provisions, for first reading on November 2, 2017. The Bill amends the Act respecting the Québec Pension Plan to make enhancements to the Québec Pension Plan (QPP) similar to those made to the Canada Pension Plan.
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Hewlett v. Ontario (Superintendent Financial Services), 2015 ONFST 31 – Carrigan Decision Still Applies Where Member Died Pre-Bill 14
Hewlett and the plan member had been living together as a common law spouses when the plan member died on September 8, 2012. At the time of his death, the plan member was still legally married to NN and had two designated beneficiaries.
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