Ontario Bill 213, which received royal assent on December 8, 2020, permits the FSRA of Ontario to provide for exceptions to rules pertaining to asset transfers and conversions of single employer pension plans into jointly sponsored plans.
On December 9, 2020, Alberta amended the Wills and Succession Act to permit beneficiaries to be designated electronically.
On December 17, 2020, the province of Manitoba introduced a moratorium on special payments for defined benefit pension plans through 2021.
Effective December 31, 2020, the Regulation Respecting the Funding of Multi-jurisdictional Defined Benefit Pension Plans (the Regulation) was amended.
Morneau Shepell has issued a report that contains an analysis and interprovincial comparison with respect to Bill 59, the Québec’s Act to modernize the occupational health and safety regime.
On November 6, 2020, the federal Department of Finance released a consultation paper on solvency funding relief options for 2021 and a number of other proposed measures that would affect federally regulated pension plans.
The Canada Revenue Agency (CRA) has released the year’s maximum pensionable earnings (YMPE) under the Canada Pension Plan (CPP) for 2021.
On October 7, 2020, the Quebec legislature introduced Bill 68, An Act mainly to allow the establishment of target benefit pension plans.
On September 22, 2020, the New Brunswick FCNB published proposed rules to govern its Unclaimed Property Program, which will be established pursuant to the New Brunswick Unclaimed Property Act (the Act) that received royal assent in March.
Bill 68 “An Act mainly to allow the establishment of target benefit pension plans” was tabled in the Quebec National Assembly on October 7, 2020.