Ontario extends deadlines for annual member statements and other requirements
On June 18, 2020, the Ontario government filed Regulation 287/20 (the Regulation), which extends deadlines for certain filings and for issuing certain member notices and statements.
The Financial Services Regulatory Authority of Ontario (FSRA) has revised its guidance document Information No. PE0204INF to reflect the provisions of the Regulation.
Providing notice of delayed member statements
The Regulation provides extensions for requirements to issue annual statements to members and biennial statements to former and retired members that are conditional upon the plan administrator providing notice to FSRA of the delay on or before the deadline for providing the statement. For plans with a fiscal year that is the calendar year, this means that notice of a delay must be provided to FSRA on or before June 30, 2020.
Upon providing this notice to FSRA, the deadline is automatically extended to December 31, 2020.
Summary of major extensions
The other extensions do not require advance notice to FSRA to come into effect.
The most significant extensions are summarized below. Certain other filings and notices relating to asset transfer applications and other matters have also been delayed.