Effective November 28, 2022, FSRA proposed an increase to their pension-sector fees to a minimum of $1,000. The prior fee change in 2019 saw an increase from $250 to $750. The fee is dependent on the number of beneficiaries in the plan, with plans of 91 beneficiaries or fewer subject to a fee of $1,000. […]
Source: www.cra-arc.gc.ca and www.canada.ca If you have any questions about these government benefits and limits, please contact June Smyth at 416-863-9159 ext 233. […]
A new report published by C.D. Howe Institute suggests that plan sponsors should avoid prioritizing Social, Environmental and Governance (ESG) factors when making decisions that could potentially affect the financial outcome of their plan members. As some plan members shift their values in everyday decisions and choices that incorporate ESG factors, there may also be […]
The Financial Services Regulatory Authority of Ontario (FSRA) has released their final guideline on how to avoid a plan’s deregistration under the Income Tax Act (ITA). In the past, plan sponsors could face possible deregistration of their pension plan if over-contributions or excess benefit errors were made. The guidance identifies the documents, timeframes and information […]
The Financial Services Regulatory Authority of Ontario (FSRA) recently released draft Proposed Guidance on Pension Plan Amendments for consultation. The guidance seeks to provide clarity regarding the following: Effective Date of Amendments: Previously, FSRA has allowed effective dates of amendments to be earlier than the filing date with FSRA. The guidance seeks to update the […]
As part of the 2021 federal budget, the government committed to modernizing the Employment Insurance (EI) program in order “to better meet the changing needs of Canadian workers and employers” and “to offer better support to Canadian families”. They have since conducted a series of consultations, carried out in two phases over 12 months (August […]
On May 13, 2022, the Canadian Association of Pension Supervisory Authorities (“CAPSA”) released a consultation for a revised guideline (No. 3) for Capital Accumulation Plans (“CAP”). The revised guideline seeks to implement six recommendations shared by the Office of the Superintendent of Financial Institutions (“OSFI”) and the Financial Services Regulatory Authority of Ontario (“FSRA”) late […]
The Form 7 is an administrative form that plan sponsors must complete within the first 60 days of the pension plan’s fiscal year to provide an estimate of expected contributions to the trustees of the plan. The trustee is expected to monitor the contributions and advise FSRA if contributions received do not match the Form […]
Auto features have long been used in DC pension plans across the United States, the United Kingdom, and Australia, as a method to encourage employees to join the plan initially and continually increase their contribution as they accrue more service in the plan. Research and evidence has shown the benefits of automated features to potentially […]
Effective February 11, 2022, the Financial Services Regulatory Authority of Ontario (FSRA) has confirmed amendments to the Pension Benefits Act removing the requirement for plan administrators of member-directed Defined Contribution Pension Plans (DCPP) to prepare a Statement of Investment Policies and Procedures (SIPP). FSRA also confirmed the requirement for plan administrators of DCPPs to file […]