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ARTICLE · 09 AUGUST 2023

Correcting Contribution Errors In Respect Of Defined Contribution Pension Plans—New Rules Now In Force

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On June 22, 2023, Bill C-47 received royal assent, implementing a variety of amendments to the Income Tax Act (Canada) (ITA) and its regulations (ITA Regulations) tabled as part of the 2023 Federal Budget.

CanadaEmployment and HR
Bennett Jones LLP
Bennett Jones LLP
Hennadiy Kutsenko
Hennadiy Kutsenko
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This blog was originally published on July 17, 2023, and has been updated to reflect further developments.

On June 22, 2023, Bill C-47 received royal assent, implementing a variety of amendments to the Income Tax Act (Canada) (ITA) and its regulations (ITA Regulations) tabled as part of the 2023 Federal Budget. As we previously discussed in our blog, Fixing Contribution Errors for Defined Contribution Pension Plans, this includes amendments which permit retroactive contributions to defined contribution (DC) registered pension plans, a long anticipated change originally introduced as part of the 2021 Federal budget.

Correcting Under-Contributions

As a reminder, the ITA and ITA Regulations previously did not permit retroactive contributions to DC registered pension plans. Instead, DC contribution error corrections made in a year were limited by that year's annual contribution limit. The ITA amendments stemming from Bill C-47 provide

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