Federal Pooled Registered Pension Plan ("PRPP") Legislation Passes Third Reading
On June 12, 2012, Bill C-25, An Act relating to pooled registered pension plans and making related amendments to other Acts, passed Third Reading in the House of Commons. It will proceed to the Senate for further debate.
As previously reported, Bill C-25 is new legislation implementing the framework for federally regulated PRPPs, and was first introduced on November 17, 2011. The government subsequently released draft, supporting Income Tax Act amendments related to the PRPP for public commentary on December 14, 2011, which will apply to both federally and provincially regulated PRPPs. Provincial enabling legislation is expected to be introduced shortly in some provinces (not including Ontario).
More information about the proposed PRPP legislation is available in our FTR Now of November 23, 2011, “Pooled Registered Pension Framework Introduced.”