On April 23, 2015, the Ontario government tabled the 2015 provincial Budget, “Building Ontario Up” (“Budget”) and Bill 91, Building Ontario Up Act (Budget Measures), 2015 (“Bill 91”), supporting omnibus legislation designed to implement some of the proposals contained in the Budget. We are in the process of reviewing the Budget and Bill 91, and an FTR Now highlighting measures of interest to employers will be available on our website.
Our recent FTR Now on the 2015 federal Budget provides a detailed summary and discussion of some of the key proposals announced in the 2015 Federal Budget released on April 21, 2015, “Strong Leadership: A Balanced-Budget, Low-Tax Plan for Jobs, Growth and Security.” Highlights of proposals that are of particular interest to employers, human resources professionals and pension plan administrators include:
- changes to registered retirement income fund minimum withdrawal requirements and tax-free savings account contribution limits;
- registered pension plan initiatives in respect of the 30% ownership limitation on pension fund investments, pooled retirement pension plan harmonization and target benefit plans;
- income tax initiatives to reduce administrative burdens on businesses, including in respect of withholdings for non-resident employers and remittances for new employers;
- changes to Employment Insurance, including the extension of compassionate care benefits to six months and implementation of the new break-even rate-setting mechanism; and
- proposed amendments to the Canada Labour Code in respect of occupational health and safety, unpaid leaves of absence, bereavement leave and paid and unpaid internships, among other matters.