FSRA Guidance on Avoiding Pension Deregistration

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 under exemptions to amend these errors and avoid deregistration. Specific actions including:

  • Providing written notice to FSRA
  • Pension plan member communication
  • Other considerations, such as certification, exemptions and requests for more information