Ontario mandatory e-filing and new e-filing options
The Financial Services Commission of Ontario ("FSCO") announced on March 22, 2012, that it is making e-filing mandatory for filings with a due date of January 1, 2013, and later.
Also, FSCO has expanded the options for electronic filing under the Pension Services Portal Web site (the Portal) effective December 2011. Plan administrators may now submit an actuarial report, actuarial information summary (AIS) and pension fund financial statements online. The valuation report and financial statements may be filed in PDF format, while the AIS is available as an online fillable form. To complete and certify the AIS form, the actuary needs access rights to the Portal. The plan administrator can grant these rights to the actuary on the Portal. A pension consultant can also make other filings on behalf of a plan administrator, provided that filing rights are delegated by the plan administrator on the Portal.
The new e-filing options add to the previously announced e-filing options such as the Annual Information Return, the Investment Information Summary and the Pension Benefits Guarantee Fund Assessment Certificate. The previous options were discussed in our April 14, 2011, issue of News and Views.
We believe this is a strong initiative by FSCO in support of environmental sustainability and if you are not yet using the online filing system, please contact your Morneau Shepell consultant for more information.