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ARTICLE · 02 FEBRUARY 2009

2009 Budget Highlights – Extraordinary Times Calling For Extraordinary Global Measures

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On January 27, 2009, the Honourable Jim Flaherty, Minister of Finance, tabled the 2009 federal budget titled "Canada's Economic Action Plan".

CanadaTax
BLG'S Pension & Benefits Group
BLG'S Pension & Benefits Group
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On January 27, 2009, the Honourable Jim Flaherty, Minister of Finance, tabled the 2009 federal budget titled "Canada's Economic Action Plan". The nature and purpose of the Action Plan can be summarized by a statement in the Overview of the Action Plan: These are extraordinary times for the global economy and they call for extraordinary global measures.

The Action Plan contains a number of measures relating to pension plans and other retirement savings plans.

Solvency Funding Relief and Deemed Trust Concept. The budget reiterates the proposed temporary relief for federally regulated pension plans relating to payments in respect of 2008 solvency deficiencies. This proposal was introduced in the November 2008 Economic and Fiscal Statement. The Office of the Superintendent of Financial Institutions Canada (OSFI) recently provided additional information about the proposed funding relief in PBSA Update 30 (January 2009). The PBSA Update states that the preconditions for

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