With asset deterioration due to drops in equity markets and a decrease in long-term government bond yields causing an increase in solvency liabilities, pension funds are in a tough position. A Canadian defined benefit solvency funding calculation assumes some plan members will elect to take a commuted-value lump sum, while other members will elect to […]
Ontario employers suddenly concerned about cash flow in the wake of the coronavirus will see some relief from measures announced by the provincial government in a special fiscal and economic update on Wednesday. The government is enacting a temporary change to the employer health tax exemption, cutting it by $355 million. With the change, 57,000 […]
The federal government will provide a $2,000-per-month taxable benefit for up to four months for Canadians who have been financially impacted by the coronavirus. The Canada Emergency Response Benefit, an amalgamation of two previously announced benefits, will be available to workers who’ve lost their jobs, are sick or quarantined and are taking care of someone […]
With asset deterioration due to drops in equity markets and a decrease in long-term government bond yields causing an increase in solvency liabilities, pension funds are in a tough position. A Canadian defined benefit solvency funding calculation assumes some plan members will elect to take a commuted-value lump sum, while other members will elect to […]
As many employers are forced to temporarily lay off employees due to the impact of the coronavirus pandemic, what does that mean for the provision of benefits and pension plans? Kim Siddall, vice-president and local practice leader at Aon, says eliminating benefits isn’t the route most employers would voluntarily choose, but she acknowledges that where […]
With the World Health Organization declaring the novel coronavirus a pandemic, Canadian employers should prepare for the worst and plan how to respond to various employment-related issues that could arise if the virus continues to spread. Employers are raising many questions about workers’ compensation coverage and reporting responsibilities. Throughout Canada, the various provincial workers’ compensation […]
As employers across the globe adjust their work environments to help slow down the spread of the coronavirus, one thing that shouldn’t get lost in the fray is a focus on supporting employees’ mental health. Employees are facing a myriad of stressors right now, including financial worries about the effects of the volatile market on […]
The Healthcare of Ontario Pension Plan reported a strong 2019, posting a 17.14 per cent return for the year and hitting a funded status of 119 per cent on a smoothed basis. The fund outperformed its benchmark by 2.08 per cent — or just over $1.65 million — and far surpassed 2018’s return of 2.2 […]
The British Columbia government says it will be deferring employer health tax payments until September 30. The measure, introduced on Monday, is for employers with a payroll over $500,000 since businesses with a payroll under this threshold are already exempt from the tax. The provincial government is also providing a tax-free $1,000 payment to people […]
Acknowledging the rapidly evolving circumstances around the coronavirus, the Financial Services Regulatory Authority of Ontario is considering approaches to help defined benefit pension plan sponsors in their ongoing administration and compliance efforts. In a note published on its website, the FRSA said its reviewing its work, stakeholder engagement activities and other commitments to prioritize activities. […]