LEGISLATION
CPP AND OAS AMENDMENTS
Canada Pension Planamendments contained in Bill C-69, Budget Implementation Act, 2024, No. 1, together with supporting regulations that create a new children’s benefit for part-time attendance at a school or university by expanding the definition of dependent child, became effective on January 1, 2025.
Old Age Security Act amendments contained in Bill C-31, Economic Action Plan 2014 Act, No. 1, that remove the 10-year cap and prevent payment of Old Age Security income-tested benefits for the entire period of an immigration sponsorship (i.e., 20 years) will take effect on October 1, 2025.
CHIEF ACTUARY POSITION PAPER ON ALBERTA WITHDRAWAL FROM THE CANADA PENSION PLAN
Last December, the Chief Actuary has released a Position Paper on Subsection 113(2) of the Canada Pension Plan in response to Alberta’s intention to create the Alberta Pension Plan (APP) and withdraw its share of the funds from the Canada Pension Plan (CPP).