Canada’s new employee stock option tax rules are raising a number of questions for employers, says David Crawford, a partner at Hugessen Consulting Inc. The new rules — part of the 2021 federal budget signed into law on June 29 — include an annual limit of $200,000 that will apply on stock option grants that […]
Tucked away in the federal budget are proposals that will lighten the load for defined contribution pension plan administrators confronted with historical under and over contributions. “These errors are usually inadvertent system or software issues or new regulatory guidance or rulings that have retroactive effect,” says Mark Firman, a pensions and benefits lawyer with Stikeman […]
While a national pharmacare program is yet to be revealed by the federal government, any future plan should contain provisions for all costly treatments and not just rare diseases, says Jennifer Schmidt, a principal at Mercer Canada. Read: Federal budget highlights national childcare system, extension of pandemic subsidies This week’s federal budget announcement contained only […]
The Canadian Federation of Pensioners is calling for amendments to federal insolvency laws to protect members of defined benefit pensions if the employer is insolvent. The federation, which represents 23 retiree groups with a total of about 300,000 members, renewed its call for legislative changes after the federal budget failed to mention the issue on […]
The head of the Bank of Nova Scotia is urging Ottawa to top up the annual Canada Child Benefit and increase childcare expense deductions, ahead of the federal budget announcement slated for April 19. During the bank’s annual general meeting on April 13, Brian Porter, chief executive officer of Scotiabank, said he wants the benefit […]
On the heels of the World Health Organization declaring the novel coronavirus a global pandemic on March 11, 2020, Canada’s federal government rolled out several programs to support employers and employees through this once-in-a-century crisis. Almost three weeks after the pandemic declaration by the WHO the federal government introduced the Canada Emergency Wage Subsidy on […]
The federal government is consulting on potential solvency funding relief options for 2021 and measures to further strengthen the framework for federally regulated pension plans. About seven per cent of private pension plans in Canada are federally regulated, such as those in industries like banking, telecommunications and inter-provincial transportation, noted a press release from the […]
The Bank of Canada’s latest review of business and consumer expectations has revealed how widespread uncertainty is muting rehiring and purchasing plans, published days before a federal update gives the Liberals’ outlook for the economy. The central bank’s business outlook survey suggested about half of firms foresee a rebound in their sales within the next […]
The federal government is asking Canadians to weigh in on a consultation paper that tackles issues related to underfunding, insolvency and pension plans. The topics open for comment include that dividend payments, share redemptions and executive compensation packages could be restricted under the Canada Business Corporations Act if a company has a large pension deficit. […]
Latest CPP additions to cost $900 million by 2050, says Canada's chief actuary.