Currently, restrictions on disclosure of documents, other information prepared or received by Canadian Public Accountability Board in connection with inspection.
Schedule 2 created exemption to restriction by enabling Board to disclose findings from inspection to concerned reporting issuer and participating audit firm.
Also, disclose to public information from final version of report with inspection results.
Credit Unions and Caisses Populaires Act, 2020
Act (CAN ONT GVT SO 2020 c.36) amended to provide that disclosure of information to the chief executive officer (CEO) does not constitute waiver of solicitor-client privilege.
New section, CU to notify CEO when auditor resigns, replaced, removed from office.
Give CEO additional examination powers, power issue summonses in certain situations.
Give power to make resolution orders for CUs subject to administration by CEO.
Orders may stay early termination under contract, prevent termination of CU membership, stay proceedings and prevent payment to directors, other executives.
Modify how exemption amount for associated eligible employers determined for year.
Remove exemption currently allow employers who paid or will pay total remuneration for year during one month in year not pay installments on account of tax payable.
Provide deadline for delivering an annual return for a year is Mar. 15 of the following year (as opposed to the current rule of a prescribed date applicable to the taxpayer).
Establish mechanism to allow taxpayers request Minister assess tax payable for a year, and to allow Minister to refund any amount determines to be an overpayment of tax.
Currently, reduction of tax payable by purchasers of clear fuel if payable during period from Jul. 1, 2022, ending Dec. 31, 2024; amend where period ends on Jun. 30, 2025.
Insurance Act
New section added to CAN ONT GVT RSO 1990 c.I8, establish licensing requirements for managing general agents licensed for classes of life insurance, accident, sickness.
Provide regulations may be made on excess insurance for statutory accident benefits.
Various amendments to the Act relating to the delivery of certain notices by insurers.
Legislative History
On Oct. 30, 2024, bill was introduced; on Nov. 6, 2024, bill had received royal assent.
Bill 216 was enacted as Chapter 20 of the Statutes of Ontario, 2024.
Effectiveness
Generally, all Schedules of Bill 216 came into force on the day Building Ontario for you act (Budget Measures), 2024 receives Royal Assent, that is on Nov. 6, 2024.
Sec 10, 11, 13 of Schedule 5 come into force named by proclamation of Lt Governor.
Sections 2 to 6 of Schedule 6 (Employer Health Tax) come into force on Jan. 1, 2025.
Sec 1, 2, subsec 3(2), (3), 4(1)-(5), sec 5-8, 10-17, subsec 18(2), (3), 19(1), (3), sec 20-25 of Schedule 10 (Insurance Act) come into force on day named by Lt Governor.
Subsec 4(6) comes into force on 2nd anniversary of day subsec 4(5) of Schedule 10.
Regulators
CAN ONT PRL
Entity Types
Auditor; Bank; Corp; CU; Ins
Reference
Bill 216, Ch. 20 Statutes of Ontario 2024, 11/6/2024; ESG; Citation: *CAN ONT GVT SO* 2006 c.33, 2020 c.36; *CAN ONT GVT RSO 1990* c.E11, c.F35, c.I8;
