To stay up to date on legislative changes in the pension industry, it is important to bookmark a few key dates for 2016.

January 1, 2016:

  • Changes to the deadlines by which administrators of Ontario registered pension plans must file their statement of investment policies and procedures (SIPPs) and SIPP amendments with FSCO. Read more
  • Major changes to the rules around the funding of private sector defined benefit pension plans took effect in Quebec. Read more
  • Most B.C. registered pension plans must have a written governance policy and most defined benefit and target benefit registered plans in the province must have a written funding policy with a copy provided to the plan actuary. Read more
  • New benefit amounts for the Canada Pension Plan and Old Age Security came into effect. Read more
  • The annual contribution limits for tax-free savings accounts (TFSA) will be $5,500, instead of the $10,000 the previous government had implemented in 2015. Read more

Early 2016:

  • The Ontario Retirement Pension Plan Administration Corporation will begin contacting all Ontario employers to verify their existing pension plans and assess the coverage offered to employees. Read more

June 28, 2016

  • Most B.C. registered member-directed defined contribution pension plans must have a prescribe default investment option in place. Read more

Mid-2016:

  • Finance ministers at the federal-provincial gathering on December 21, 2015 agreed to continue debating Canada Pension Plan reform when they meet again in mid-2016. Read more

December 31, 2016

  • Most B.C. registered plans must have completed their first Triennial Administrative Assessment. Read more

 

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