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Ontario increases threshold for audited financial statements, provides for new commuted value standards to be adopted automatically

On December 11, 2019, O. Reg. 420/19 (the Regulation) was filed. The Regulation provides that any update of the commuted value calculations by the Actuarial Standards Board of the Canadian Institute of Actuaries be automatically adopted, as opposed to requiring a specific regulation, as was previously required.

In addition, the asset threshold for requiring pension plans to file audited financial statements was increased from $3 million at the end of a fiscal year to $10 million at the end of a fiscal year. Such pension plans are still required to file unaudited financial statements annually.


The automatic adoption of the new commuted value standards will make Ontario legislation consistent with other provinces in this respect and remove uncertainty over when Ontario will adopt the new standards.

The increased asset threshold for audited financial statements will provide welcome flexibility and possible cost savings for smaller pension plans registered in Ontario.

News & Views - February 2020 (PDF)