Relief plan for benefit obligations in the works
On July 2, federal Finance Minister Bill Morneau announced draft regulations designed to help employers who sponsor a Registered Pension Plan (RPP) or salary deferral leave plan. The proposal would, during the pandemic, provide relief from obligations related to income tax regulations. In particular, pushing the retroactive contribution deadline for 2020 RRSPs as far as April 30, 2021, for either the employer or individual.
“The temporary relief we will provide to registered pension plan sponsors and their beneficiaries will play an important role in supporting them through these challenges and in positioning them for a strong recovery,” Morneau said.
“The temporary relief we will provide to registered pension plan sponsors and their beneficiaries will play an important role in supporting them through these challenges and in positioning them for a strong recovery,” Morneau said.
