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ARTICLE · 16 FEBRUARY 2022

Ottawa Releases Draft Legislation To Fix Contribution Errors In Defined Contribution Pension Plans

Osler, Hoskin & Harcourt LLP
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On February 4, 2022, the Department of Finance released for public comment a set of draft legislative proposals to implement previously announced tax measures.

CanadaEmployment and HR
Andrea Boctor
Andrea Boctor
Jonathan Wypych
Jonathan Wypych
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On February 4, 2022, the Department of Finance released for public comment a set of draft legislative proposals to implement previously announced tax measures. You can read Osler's comprehensive overview  of the proposed tax changes.

In the pension context, the most important announcement relates to pension plan administrators (administrators) being able to correct contribution errors relating to defined contribution registered pension plans (DC RPPs).

Section 147.1 of the Income Tax Act (the ITA) sets out rules relating to the registration, amendment, administration and revocation of registration of a registered pension plan. This legislative section also contains the pension adjustment limits and the restriction on the payment of past service benefits.

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