Harmonization of the QPP with the Canada Pension Plan (CPP) and Other Amendments to Retirement-Related Legislation

Harmonization of the QPP with the Canada Pension Plan (CPP) and Other Amendments to Retirement-Related Legislation

Consultation publique RRQ

On November 2, 2017, Québec’s Minister of Finance, Carlos Leitão, introduced Bill 149: An Act to enhance the Québec Pension Plan and to amend various retirement-related legislative provisions in the National Assembly. The main proposal of the Bill is to implement, as of January 2019, an enhancement to the Québec Pension Plan (QPP) similar to that of the Canada Pension Plan (CPP).

This news release outlines the government’s position following the January 2017 public consultation on the Québec Pension Plan.

Please click on the following link to download the article in PDF format: 

Harmonization of the QPP with the Canada Pension Plan (CPP) and Other Amendments to Retirement-Related Legislation

Provincial Budgets 2017: Revised BC Budget

Provincial Budgets 2017: Revised BC Budget

BC_Flag

On September 11, 2017, British Columbia’s new Finance Minister Carole James presented a revised budget. Budget 2017 Update (the “Budget”) remains a balanced budget while including new programs and additional spending focused on education, social assistance, the opioid crisis, and housing affordability.  The revised Budget also includes changes to the previously announced MSP premium reduction and elimination plan.  This memo highlights a number of items that may be of interest to plan administrators, employers, and members.

Please click on the following link to download the article in PDF format:

Notes on the 2017 Revised BC Budget

Ontario Government Announcement: Making Workplace Pension Plans More Sustainable

Ontario Government Announcement: Making Workplace Pension Plans More Sustainable

Ontario Government

On May 19, 2017, Ontario’s Ministry of Finance announced its proposed new defined benefit (DB) pension plan funding framework as well other amendments to be made in a legislation to be introduced in the fall.  It applies to single-employer DB plans, but not to multi-employer pension plans (MEPPs) and jointly sponsored pension plans (JSPPs).  The government is not considering changes to funding rules for JSPPs at this time.  We were also directly informed that the government intends to announce its proposed target benefit MEPP framework later this spring and release draft regulations for public consultation in fall 2017.

Please click on the following link to download the article in PDF format:

Ontario Government Announcement: Making Workplace Pension Plans More Sustainable

Provincial Budgets 2017: Ontario

Provincial Budgets 2017: Ontario

Ontario Government

On April 27, 2017, Ontario Finance Minister Charles Sousa presented the 2017 Ontario Budget, A Stronger, Healthier Ontario (the “Budget”).  This budget is the first balanced budget since 2008, yet it includes new programs and additional spending focused on health, infrastructure, and housing affordability matters.  The Budget also includes some equivocal announcements on pension matters.  This memo will highlight a number of items that may be of interest to plan administrators, employers, and employees.

Please click on the following link to download the article in PDF format:

Ontario Budget 2017

2017 Federal Budget Highlights

2017 Federal Budget Highlights

Federal Government

On March 22, 2017, Minister of Finance Bill Morneau presented the 2017 Canada Federal Budget titled Building a Strong Middle Class.  The second budget from the Liberal federal government focuses on working middle-class families with children with changes to federal government benefits and tax credits.

Budget 2017 provides additional details about investments promised in the previous budget and includes additional investments in infrastructure, housing, skills training, improving the socio-economic conditions of Canada’s Indigenous peoples, mental health, home care, child care, and changes to tax credits.

Please click on the following link to download the article in PDF format:

Federal Budget 2017

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