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Department of Finance Announces Additional Relief Measures Amidst the COVID-19 Pandemic

July 06, 2020

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Written By Jordan Fremont and Jaspreet Kaur

On July 2, 2020, the Department of Finance announced the release of proposed amendments to the Income Tax Regulations (Canada) that would assist registered pension plan (RPP) administrators and sponsors to manage and maintain their benefit obligations through the COVID-19 pandemic.

The temporary relief measures that apply to RPPs are as follows:

We will continue to monitor and update you on related developments of interest to pension plan sponsors and administrators. If your business or organization has questions respecting the Department of Finance's announcement on additional COVID-19 relief measures, or if you have any other COVID-19 related questions respecting your pension plan, please contact a member of the Bennett Jones Employment Services group. In addition, please visit our COVID-19 Resource Centre for other related materials.

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