


Office of the Superintendent of Financial Institutions Releases PRPP Filing Guide
Office of the Superintendent of Financial Institutions Releases PRPP Filing Guide
The regulatory and governance regime surrounding pooled registered pension plans (“PRPP”) continues to take shape. In recent months, we have commented on the federal PRPP regime, and its application Ontario, as shown in our previous bulletins: Ontario’s Pooled Registered Pension Plans Act Takes Effect and Update: Federal Pooled Registered Pension Plan Legislation Amended to Recognize Ontario Legislation.
With the federal Pooled Registered Pension Plans Act in effect and tax season now upon us, the Office of the Superintendent of Financial Institutions (“OSFI”) released its Guide to filing PRPP Annual Information Returns (“Guide”). The OSFI has also released an updated Directive clarifying the deadline under section 58(4) of the federal PRPP Act for filing certain documents (“Directive”).
The Guide sets out various requirements for filing a PRPP’s Annual Information Return, including:
- Who must file – Returns must be filed by the PRPP’s administrator or the administrator’s agent;
- Return contents – Each Return must include:
- The market value of assets at prior year-end and current year-end;
- The total value of the year’s contributions from employers and members;
- The amounts transferred to and from registered retirement savings or pension vehicles;
- Realized and unrealized investment gains (or losses);
- Amounts used to purchase annuities;
- Distributions from the PRPP, including amounts of variable payments to members under section 48 of the federal PRPP Act; and
- Total fees and expenses paid for the year;
- Investment options – The Return must include the default contribution rate, costs that reduce a member’s return on investment, the net annual rate of return, and information on the top investments chosen and asset allocation.
- Importantly, while section 58(4) of the PRPP Act requires that documents be filed within three months after the end of the year to which the document relates, the OSFI’s Directive (issued February 15, 2017) permits documents filed under section 58 to be filed within four months of the end of the year to which a document relates. Section 58 of the federal PRPP Act has been adopted in Ontario’s legislation.We will continue to keep you updated as the regulatory and governance regime surrounding PRPPs develops.by Kyle LambertA Cautionary Note
The foregoing provides only an overview and does not constitute legal advice. Readers are cautioned against making any decisions based on this material alone. Rather, specific legal advice should be obtained.
© McMillan LLP 2017
Insights (5 Posts)
Fanning the Flames of Liability: The Ontario Court of Appeal Considers Product Liability Issues in Burr v. Tecumseh Products of Canada Limited
The decision of the Court of Appeal in Burr v. Tecumseh Products of Canada Limited, 2023 ONCA 135 provides a helpful overview of product liability law.
A Look at Some Key Findings by the Alberta Securities Commission in Re Bison Acquisition Corp.
On December 21, 2021, a panel of the Alberta Securities Commission issued its written decision providing its reasons for the oral ruling it made on July 12, 2021 regarding applications brought by Bison Acquisition Corp. and Brookfield Infrastructure Corporation Exchange Limited Partnership, as well as Inter Pipeline Ltd. and Pembina Pipeline Corporation.
Employer’s Disturbing Termination Conduct Results in $15,000 Moral Damages Award
Teljeur v Aurora Hotel Group 2023 ONSC 1324 provides example of post-termination conduct and bad faith damages.
Succeeding at Succession: Tips on Corporate Governance including How to Navigate Board Renewals and Elections
Stakeholders are demanding good corporate governance, which includes effective succession planning where a range of skills, experience, and backgrounds are highly valued and reflected. In collaboration with WATSON, a national multidisciplinary governance firm, join us in the morning on Wednesday, April 19, to discuss strategies and action plans that drive robust succession planning and strong corporate governance.
Adjudication under the Construction Act: Court Confirms Test to Apply for Judicial Review a “High Bar”
Adjudication under the Construction Act: Court Confirms Test to Apply for Judicial Review a “High Bar” Anatolia Tile & Stone Inc. v Flow-Rite Inc. 2023 ONSC 129.
Get updates delivered right to your inbox. You can unsubscribe at any time.