Client Advisories provide Towers Watson's analysis and commentary on important developments and breaking issues affecting the design and administration of employee benefit and compensation programs. Canada français
DC Advisory
No articles found.
Executive Compensation
The Canadian Securities Administrators (CSA) has issued final amendments to the executive and director compensation disclosure rules. August 2011
Executive compensation governance continues to be heavily scrutinized and subjected to ever increasing disclosure requirements. December 2010
Executive compensation governance activity continues to flourish in Canada. June 2010
The March 4, 2010 Federal Budget (2010 Federal Budget) introduced a proposal that will affect the taxation of Tandem Stock Appreciation Rights (SARs). May 2010
The Honourable Jim Flaherty, Minister of Finance, tabled his fifth budget on Thursday, March 4, 2010. The primary focus of the Budget is continuation of economic stimulus measures that were the centerpiece of the 2009 budget, although there are also measures affecting Employment Insurance (EI) and stock-based compensation rules. March 2010
Health and Group Benefits
In December 2011, the federal government amended the Canada Pension Plan (CPP) to clarify that contributory earnings for CPP purposes include all employer-funded disability benefits provided on a self-insured basis. January 2012
On March 29, 2011, Ontario Finance Minister Dwight Duncan tabled the 2011 Ontario Budget, Turning the Corner to a Better Tomorrow. March 2011
On March 22, 2011, Minister of Finance Jim Flaherty tabled the 2011 Federal Budget: The Next Phase of Canada’s Economic Action Plan – A Low-Tax Plan for Jobs and Growth (Budget). While it contains no major new spending announcements, the 2011 Budget includes a range of measures of interest to employers and employees. March 2011
On March 17, 2011, Quebec Finance Minister Raymond Bachand tabled his 2011 budget. Although the budget continues to run a deficit, the government intends to stay on course and gradually move towards a balanced budget in 2013-2014, while keeping Quebec's debt at a reasonable level. March 2011
Towers Watson is pleased to present its annual government benefits update, which is designed to provide an informative and easy-to-use summary of information you will need throughout 2011. January 2011
On November 5, 2010, the Conseil du médicament du Québec (Quebec Drug Council) issued a Notice (only available in French) to generic drug manufacturers confirming the approach adopted to determine the ingredient cost that the Quebec government will pay for generic drugs.
December 2010
Our updated cross-Canada comparison charts provide a snapshot of the public benefit programs for prescription drugs, physicians' services, paramedical services, and hospital care. November 2010
On September 30, 2010, federal legislation was introduced, A Second Act to Implement Certain Provisions of the Budget Tabled in Parliament on March 4, 2010 and Other Measures (bill C-47), which, if passed, will amend the Income Tax Act to include Employee Life and Health Trusts (ELHTs) and will apply retroactively to all qualifying trusts created after 2009. November 2010
In 2009, following the mandated triennial review of the Canada Pension Plan (CPP), the federal government amended the CPP Act as part of the Economic Recovery Act, S.C. 2009 c. 31. The amendments received Royal Assent on December 15, 2009 but were not proclaimed into force until recently. The changes will generally only take effect for new claimants who commence retirement benefits in 2012. This information is of interest to all Canadian employers, particularly those with retirement savings arrangements that are integrated with the Canada and Quebec Pension Plans (C/QPP). September 2010
The Canada Revenue Agency has announced a policy change for wage loss replacement plans, stating that payments from such plans are not considered remuneration for pensionable employment under the Canada Pension Plan. August 2010
The Quebec government has announced its intention to increase the premium rates for the Quebec Parental Insurance Plan (QPIP) by 6.25 percent effective January 1, 2011. July 2010
On June 7, 2010 , the Ontario Minister of Health and Long Term Care issued its final changes to the Regulations under the Drug Interchangeability and Dispensing Fee Act (Reg. 935) and the Ontario Drug Benefit Act (O. Reg. 201/96) (collectively, the Regulations). July 2010
The Régie de l'assurance maladie du Québec (RAMQ) has announced the annual changes to the financial parameters under the Public Prescription Drug Insurance Plan. Effective July 1, 2010, the maximum annual premium for most insured persons will rise to $600 from $585 in the previous year. June 2010
On Thursday, April 8, as part of recent attempts to gain control over the generic drug market, the Ontario Minister of Health and Long Term Care proposed changes to Ontario’s regulatory system for interchangeable drugs and the Ontario Drug Benefit Plan. April 2010
In December 2009, Canada’s Accounting Standards Board (AcSB) approved and released the final accounting standards for Canadian private enterprises, as found in the Canadian Institute of Chartered Accountants Handbook (CICA Handbook) Part II. April 2010
On March 30, 2010, Quebec Finance Minister Raymond Bachand tabled his 2010-2011 Provincial Budget. The Budget is designed to continue the government’s efforts to support the economy announced in the 2009-2010 budget, and proposes measures to reduce the government’s deficit over the next few years, while also taking into account the impact of an aging population. March 2010
On March 25, 2010, Ontario Minister of Finance Dwight Duncan tabled the 2010 Ontario Budget (Budget), Open Ontario: Ontario’s Plan for Jobs and Growth. March 2010
The Honourable Jim Flaherty, Minister of Finance, tabled his fifth budget on Thursday, March 4, 2010. The primary focus of the Budget is continuation of economic stimulus measures that were the centerpiece of the 2009 budget, although there are also measures affecting Employment Insurance (EI) and stock-based compensation rules. March 2010
Retirement
The rules for dividing pension entitlements upon marriage breakdown in Ontario will soon undergo some major changes, effective for court orders or separation agreements signed after January 1, 2012. August 2011
This Advisory provides an overview of the changes for companies following IFRS as well as for companies following U.S. GAAP. July 2011
On May 30, 2011, the Manitoba Government introduced the Pension Benefits Amendment Act (Bill 33). June 2011
On June 7, 2011, the Canada Revenue Agency (CRA) provided clarification on statements made in the federal budgets of June 6 and March 22, 2011 regarding lump sum amounts payable to employees or retirees in lieu of health and dental coverage. June 2011
Ontario adopted two new regulations under the Pension Benefits Act (PBA) in May 2011. The first makes a number of amendments to the General Regulation 909 (General Regulation) under the PBA, and the second introduces a new regulation providing temporary solvency relief for certain qualifying public sector pension plans. June 2011
The Canadian Association of Pension Supervisory Authorities (CAPSA) has released a draft Pension Plan Funding Policy Guideline (Draft Guideline), which is open for review and comment until June 1, 2011. May 2011
In its decision in Re Indalex Limited, which was released April 7, 2011, the Ontario Court of Appeal (OCA) found that a deemed trust under the Ontario Pension Benefits Act existed in favour of the beneficiaries of one of two underfunded pension plans of a company that had undergone proceedings under the Companies' Creditors Arrangements Act. May 2011
On Friday, March 25, 2011 the Federal Minister of Finance issued Regulations Amending Certain Regulations Made Under the Pension Benefits Standards Act, 1985 (Regulations). April 2011
On March 3, 2011, the Ontario government released draft regulations related to the division of pension assets on marriage breakdown. April 2011
The Canadian Association of Pension Supervisory Authorities (CAPSA) has issued the final version of its Guideline No. 5: Guideline on Fund Holder Arrangements (Fund Holder Guideline), which focuses on governance practices for pension funds. April 2011
On March 22, 2011, Minister of Finance Jim Flaherty tabled the 2011 Federal Budget: The Next Phase of Canada’s Economic Action Plan – A Low-Tax Plan for Jobs and Growth (Budget). While it contains no major new spending announcements, the 2011 Budget includes a range of measures of interest to employers and employees. March 2011
On March 17, 2011, Quebec Finance Minister Raymond Bachand tabled his 2011 budget. Although the budget continues to run a deficit, the government intends to stay on course and gradually move towards a balanced budget in 2013-2014, while keeping Quebec's debt at a reasonable level. March 2011
The Office of the Superintendent of Financial Institutions (OSFI) has released a Guide to Intervention for Federally Regulated Private Pension Plans. March 2011
On December 15, 2010, the Financial Services Commission of Ontario (FSCO) released a Consultation Policy on Administrator’s Management of Inquiries and Complaints from Plan Beneficiaries and Consultation Guideline for Developing a Written Policy on Managing Inquiries and Complaints from Plan Beneficiaries. February 2011
Recent changes to the Saskatchewan Pension Plan (SPP) have increased the contribution limit from $600 to $2,500 per year. January 2011
On November 9, 2010, the Quebec government tabled Bill 129, An Act to amend various provisions respecting supplemental pension plans, particularly concerning payment options in the event of an employer's insolvency. November 2010
Bill 120, the Securing Pension Benefits Now and for the Future Act, 2010, was introduced in the Ontario Legislature for first reading on October 19, 2010 October 2010
On October 7, 2010, the Supreme Court of Canada (SCC) released its decision in Burke v. Hudson’s Bay Co. (Burke), a case that raised questions about whether there is a requirement to transfer a share of surplus when transferring accrued benefits from one pension plan to another as a result of the sale of a business and whether it is possible to pay administrative expenses from a pension fund. October 2010
Bill C-47 introduced to implement some of the federal pension reform proposals announced in October 2009 and containing specific provisions affecting defined contribution (DC) plans, as well as addressing multilateral agreements, missing beneficiaries, small benefits and electronic communications October 2010
Several tax initiatives recently announced by the Department of Finance and the Canada Revenue Agency will affect how the Goods and Services Tax and the Harmonized Sales Tax are applied to services provided to pension plans and their sponsors/administrators. September 2010
On August 24, 2010, the Ontario Government announced its proposals for the next step in the province’s reform of its pension standards legislation and regulations. These reforms are positioned as the second phase in the government’s commitment to make Ontario’s pension system more sustainable. August 2010
The Financial Services Commission of Ontario (FSCO) has issued Policy A300-200, Management and Retention of Pension Plan Records by the Administrator (Policy) together with a Sample Retention Schedule for Pension Plan Records (Sample Schedule). August 2010
On June 25, 2010, the Federal Minister of Finance (Finance) released Regulations Amending Certain Regulations Made Under the Pension Benefits Standards Act, 1985 (Regulations), which revise the permanent funding rules for federally regulated defined benefit (DB) pension plans and also change the rules for pension fund investments applicable to many DB plans. July 2010
Ontario Bill 236, the Pension Benefits Amendment Act, 2010, received Royal Assent on May 18, 2010. May 2010
On May 3, 2010, the Federal Minister of Finance (Finance) released Regulations Amending Certain Regulations Made Under the Pension Benefits Standards Act, 1985 (Proposed Regulations), which revise the permanent funding rules for federally regulated defined benefit (DB) pension plans and also include some changes to the rules for pension fund investments applicable to many DB plans.
May 2010
Manitoba has announced that it is finalizing the long-awaited reform of its pension legislation and regulations. The majority of provisions in the Pension Benefits Amendment Act (Act) of 2005 and Pension Benefits Regulation (Regulations) will be effective May 31, 2010, although some changes took effect March 31, 2010 and will require immediate action on the part of plan administrators. April 2010
In December 2009, Canada’s Accounting Standards Board (AcSB) approved and released the final accounting standards for Canadian private enterprises, as found in the Canadian Institute of Chartered Accountants Handbook (CICA Handbook) Part II. April 2010
The British Columbia Minister of Finance has released a consultation paper seeking public input “on ways to strengthen the pension system and expand pension coverage for the majority of workers currently without occupational pension plans.” This consultation is the latest development in a federal-provincial review of Canada’s pension system and will be of interest to employers across Canada. March 2010
The Honourable Jim Flaherty, Minister of Finance, tabled his fifth budget on Thursday, March 4, 2010. The primary focus of the Budget is continuation of economic stimulus measures that were the centerpiece of the 2009 budget, although there are also measures affecting Employment Insurance (EI) and stock-based compensation rules. March 2010
This Advisory discusses the January 11, 2010, Ontario Court of Appeal (OCA) decision in Hydro One v. Ontario (Financial Services Commission. The OCA unanimously dismissed the employer’s appeal from a Divisional Court decision and upheld a partial wind-up order issued by the Financial Services Tribunal (Tribunal). January 2010
Copyright 2012 Towers Watson. All rights reserved.