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Canadian endowments and foundations are slowly adapting to the new economic landscape, and are facing obstacles to meet spending objectives.
Alberta’s current Employment Pension Plans Act and the related Employment Pension Plans Regulation (the “New Act and Regulation”) came into force on September 1, 2014.
Bill 57 An Act to amend the Supplemental Pension Plans Act mainly with respect to the funding of defined benefit pension plans was tabled in the Quebec National Assembly on June 11, 2015.
On June 11, 2015, Sam Hamad, Minister of Labour, Employment and Social Solidarity, introduced Bill 58 in the Quebec National Assembly.
Endowments and foundations (E&Fs) play an important role in society by providing ongoing benefits to social, educational, health-related, community, or other types of beneficiaries.
The evolution of the financial situation of pension plans since December 31, 2014
On April 21, 2015, the Quebec government assented to Bill 28, which has important consequences for private insurance plans in Quebec.
Every year, companies must establish an expense for their defined benefit pension plans.
On May 26, 2015, the Federal Government announced an intention to give Canadians the option to voluntarily contribute more to the Canadian Pension Plan (CPP) in order to supplement their current CPP retirement savings.