FSRA releases final Guidance on requirements to take certain actions to avoid deregistration under the Income Tax Act

TORONTO, Nov. 16, 2022 /CNW/ - The Financial Services Regulatory Authority of Ontario (FSRA) releases final Guidance that clearly identifies the documents, timeframes and information that are required under exemptions from the Pension Benefits Act to avoid a plan's deregistration under the Income Tax Act (ITA). Maintaining ITA registration permits the plan and its members to continue to receive tax deferrals on benefits accrued in the plan.

This action will help protect the rights of pension plan members across Ontario.

The Guidance sets out specific actions including:

• Providing written notice to FSRA
• Pension plan member communication
• Other considerations, such as certification, exemptions and requests for more information

FSRA will accept an optional, special approach for multi-employer pension plans addressing certain overcontributions that would otherwise make the plan revocable under the Income Tax Act.

FSRA would like to thank all stakeholders who provided comments on the proposed Guidance.  Based on feedback received during the consultation, FSRA made minor changes which clarify the purpose and intent of the Guidance.

Learn more:

Guidance on Actions to Avoid Deregistration of a Pension Plan Under the Federal Income Tax Act

Learn more at www.fsrao.ca

FOR MEDIA INQUIRIES:

Russ Courtney
Sr. Media Relations and Digital Officer
Financial Services Regulatory Authority
C: 437-225-8551
Email: [email protected]

SOURCE Financial Services Regulatory Authority of Ontario