On May 5, 2020, the Minister of National Revenue confirmed CRA will remove the 1% employer contribution requirement for the remainder of 2020. Plan sponsors are required to amend their plan text to reflect the change and apply to the Registered Plan Directorate and the applicable provincial regulator for approval. […]
Category: Defined Contribution Registered Pension Plans - Retire
If we decide to reduce or suspend contributions to our registered pension plan, what is required?
Any changes to the contribution formula requires an amendment to the plan text and notice to plan members. […]
Has there been an extension to regular contribution remittance?
No, all contributions have to be remitted within 30 days of deduction from an employee’s pay, or in accordance with the terms of the plan and applicable legislation. […]
Is an employer required to continue pension contributions to employee who has been temporary laid-off due to COVID-19?
Yes, in May 2020, the government of Ontario introduced the Infectious Disease Emergency Leave regulation, providing job protection for employees impacted by COVID-19. Similar to other emergency leaves, employers are required to continue providing benefits, including pension contributions, unless the employee elects in writing not to do so. The leave entitlements are retroactive to January […]
An employee is on unpaid leave to care for children due to school closures. Do we have to continue contributing to the employee’s pension plan?
Yes. The government of Ontario recently amended the Employment Standards Act (2000) to include an unpaid, job-protected infectious disease emergency leave. Employers are required to continue pension contributions during these emergency leaves. The leave entitlements for COVID-19 are retroactive to January 25, 2020. Employees can take infectious disease emergency leave if they will not be performing the duties […]
Is the government offering extensions on filing requirements?
In Ontario, FSRA has extended the filing deadlines for various requirements, including Annual Information Returns, Valuation Reports, and Financial Statements (audited) until December 31, 2020. If an extension beyond the new deadline is required, Plan Administrators should contact their designated Pension Officer directly, preferably by email. […]
Are Ontario Pension Assessment fees being waived?
No, fees have not been waived, however, FSRA is deferring invoices for 2020-21 until further notice. […]