OSFI releases revised instruction for the preparation of actuarial reports for defined benefit pension plans
The Office of the Superintendent of Financial Institutions (OSFI) has issued a revised Instruction Guide for the Preparation of Actuarial Reports for Defined Benefit Pension Plans.
Federally regulated employees to begin accruing new paid sick leave starting Dec 1st
Effective December 1, 2022, employees in federally regulated private-sector workplaces will start to accrue up to 10 days of paid medical leave per year, subject to certain terms and conditions.
Saskatchewan amending pension legislation
The Saskatchewan government is introducing amendments to its pension legislation that provide additional flexibility for plan sponsors and introduce new decumulation options for members of defined contribution plans.
Federal government extends EI Sickness Benefits to 26 weeks
On November 25, 2022, Minister of Employment, Workforce Development and Disability Inclusion, Carla Qualtrough, announced the permanent extension of EI sickness benefits from 15 weeks to 26 weeks beginning on December 18, 2022.
BC Introduces significant changes to the Workers’ Compensation Act
See the full details in the article here...
New Tax-Free Home Savings plan to be effective April 1st and can be combined with the RRSP Home Buyers Plan
Prospective homeowners will be able to access both the Home Buyers’ Plan (HBP) and the new tax-free first home savings account (FHSA) when purchasing a home if legislation to implement the FHSA is enacted.
Saskatchewan modernizes pension rules
Saskatchewan has introduced legislation to make it easier for employers to provide access to pensions to workers in the province.
FSRA releases final pension deregistration guidance
Maintaining ITA registration will permit the pension plan and its members to continue to receive tax deferrals on benefits accrued in the plan and protect the rights of pension plan members across Ontario.
Federal dental benefit officially becomes law
The benefit will provide dental care to 500,000 children under the age of 12 at a cost of close to $1 billion.
CRA announces TFSA limit for 2023
The limit is $6,500, up from $6,000, which was the amount set from 2019 to 2022.
Federal government extends “anti-flipping” tax to assignment sales
They have proposed extending its tax on house flippers to assignment sales, with the 12-month holding period for the flipping rule resetting once the taxpayer takes ownership of the property.
New tax on public company share buy backs announced
Oil and gas companies that have been reaping windfalls from high oil prices will be discouraged from returning some of those profits to shareholders through share buybacks.
CRA announces updated limits for CPP pensionable earnings and RRSPs for 2023
The Canada Revenue Agency has announced that the maximum pensionable earnings under the Canada Pension Plan for 2023 will be $66,600, up from $64,900 in 2022.