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.

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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 Guide to Government Benefits in Canada

2017 Guide to Government Benefits in Canada

Map of Canada

This guide was specifically designed to provide pension and group benefits plan sponsors with convenient access to information on the publicly-funded benefits specific to the province of residence of their plan members.

The 2017 Guide includes information on changes to the Canadian Pension Plan, Old Age Security, Guaranteed Income Supplement, Employment Insurance, Federal and Provincial Income Tax Rates, Provincial Workers’ Compensation, Provincial Health Care Programs, Provincial Prescription Drug Benefits, as well as other province-specific benefits. The guide is colour-coded by province and includes direct links to the sources.

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

2017 Guide to Government Benefits in Canada

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

2016 Federal Budget Highlights

2016 Federal Budget Highlights

Federal Government

On March 22, 2016, Minister of Finance Bill Morneau presented the 2016 Canada Federal Budget titled “Growing the Middle Class” (Budget 2016).  The first budget from the recently elected Liberal government prioritizes help for Canada’s middle class.  Budget 2016 features numerous measures to improve infrastructure, eliminate and amend a number of tax benefits including the Children’s Fitness tax credit and Canada Child Tax Benefit, provides increases to bring about changes in the socio-economic conditions of Canada’s Indigenous peoples, introduces changes to Employment Insurance, and proposes amendments to improve Canada’s tax system and financial sector.

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Federal Budget 2016

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