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ARTICLE · 08 MARCH 2022

Fixing Contribution Errors For Defined Contribution Pension Plans

Bennett Jones LLP
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On February 4, 2022, the Canadian federal government released draft legislation to implement a variety of proposed tax measures, which are discussed in a number of separate articles by Bennett Jones.

CanadaEmployment and HR
Bennett Jones LLP
Bennett Jones LLP
Hennadiy Kutsenko
Hennadiy Kutsenko
Susan Seller
Susan Seller
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What You Need to Know About Draft Amendments to the Federal Income Tax Act and Regulations

On February 4, 2022, the Canadian federal government released draft legislation to implement a variety of proposed tax measures, which are discussed in a number of separate articles by Bennett Jones. In this article, we discuss certain of the measures that, if adopted as proposed, would implement the federal government's 2021 Budget commitment to provide greater flexibility to pension plan administrators and to simplify the process for making and reporting contribution errors under defined contribution (DC) registered pension plans.

Under-Contributions

The Income Tax Act (Canada) (ITA) and regulations do not currently permit retroactive contributions to a DC registered pension plan to correct under-contribution errors (including missed contributions) in respect of prior years. Historically, this has meant that a plan administrator's ability to correct contribution errors

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