On July 13, 2012, the Canadian Association of Pension Supervisory Authorities (CAPSA) released a draft Defined Contribution Pension Plans Guideline (the “Draft Guideline”) for comment.
On July 25, 2012, the federal government published proposed regulations for the Pooled Registered Pension Plans Act (PRPP).
The Ontario Government has issued a regulation extending the deadline for submitting a valuation report to December 31, 2012.
The Regulation providing temporary relief measures for the funding of solvency deficiencies was released on May 30, 2012. It came into force on June 14, 2012, and has effect retroactively to December 31, 2011.
On June 12, 2012, Quebec tabled Bill 80, entitled An Act respecting voluntary retirement savings plans.
The Evolution of the Financial Situation of Pension Plans since December 31, 2007
Individual Pension Plans (IPPs) have long been viewed by advisors as more advantageous than Registered Retirement Savings Plans (RRSPs).
Every year, companies must establish an expense for their defined benefit pension plans.
Manitoba’s 2012 Budget applied the province’s 7% Retail Sales Tax (RST) to group insurance contracts that renew or come into effect after July 14, 2012.
The Financial Services Commission of Ontario (“FSCO”) has also issued some summaries of the changes on its Web site.