Insights Header image
Insights Header image
Insights Header image

Office of the Superintendent of Financial Institutions Releases PRPP Filing Guide

April 2017 Pension and Benefits Law Bulletin 2 minute read

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)View More

Featured Insight

Warning For Businesses: Companies Can be Liable for Tort of Bribery Even if They Did Not Intend to Pay or Receive a Bribe

Businesses with a duty to provide impartial advice must take steps to ensure the payments they make or receive are not later interpreted as bribes.

Read More
Apr 12, 2024
Featured Insight

Storm Clouds Looming: The Impact of Competition Act Changes on Leasing

The Affordable Housing and Groceries Act (Bill C-56) recently introduced changes to the Competition Act (Canada) which will govern all landlord and tenant leases and other agreements, not just those of grocery stores

Details
Tuesday, April 30, 2024
Featured Insight

Sidestepping Contracts: The Expansion of Environmental Liability Where The Contractor Is Not Paid

B.C. Court’s decision in Cordy Environmental Inc v Obsidian Energy Ltd opens the door for contractors to sue former owners/operators of contaminated sites.

Read More
Apr 12, 2024
Featured Insight

Amendments to Ontario’s Conservation Authorities Act: Effective April 1, 2024

On April 1, 2024, significant amendments to the Conservation Authorities Act came into effect.

Read More
Apr 10, 2024
Featured Insight

Foreign Investment in the EV Battery Market: Regulatory Framework in North America and Canada’s Strategic Edge

Explore Canada & U.S. electric vehicle battery market growth, incentives, and foreign investment regulations. Strategic insights for Indo-Pacific companies.

Read More
Apr 10, 2024