In its 2023 fall economic statement, the federal government said it will consider removing the rule that restricts Canadian pension funds from holding more than 30 per cent of the voting shares of most corporations.
The move is part of an effort “to create an environment that encourages and identifies more opportunities for investments in Canada by pension funds and by other responsible investment pools, while helping to deliver secure pensions for Canadians,” read the statement.
In addition, large federally regulated pension plans may be required to publicly disclose the distribution of their investments — both by jurisdiction and asset type per jurisdiction — to the Office of the Superintendent of Financial Institutions. According to the statement, the government will engage with provinces and territories to discuss similar disclosures by Canada’s largest pension plans in a simple and uniform format.
The statement also proposed the addition of psychotherapists and counselling therapists to the list of health-care practitioners whose professional services are exempt from GST/HST. This measure would apply on royal assent of the enacting legislation.
It also proposed a new 15-week shareable employment insurance adoption benefit, at an estimated cost of $48.1 million over six years starting in 2023/24 and $12.6 million ongoing. According to the statement, the benefit is expected to support roughly 1,700 Canadian families each year. Surrogate parents would also be eligible for the benefit.
Reiterating a proposal from the 2023 federal budget, the government said it plans to exempt the first $10 million in capital gains realized on the sale of a business to an employee ownership trust from taxation, subject to certain conditions.