O. Reg. 116/06: GENERAL
filed April 18, 2006 under Pension Benefits Act, R.S.O. 1990, c. P.8
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made under the
Pension Benefits Act
Made: April 12, 2006
Filed: April 18, 2006
Published on e-Laws: April 19, 2006
Printed in The Ontario Gazette: May 6, 2006
Amending Reg. 909 of R.R.O. 1990
(General)
1. (1) The definition of “normal cost” in subsection 1 (1) of Regulation 909 of the Revised Regulations of Ontario, 1990 is revoked and the following substituted:
“normal cost” means the cost of pension benefits and ancillary benefits allocated to a fiscal year of a pension plan, determined on the basis of a going concern valuation; (“coût normal”)
(2) The definition of “consent benefit” in subsection 1 (2) of the Regulation is revoked and the following substituted:
“consent benefit” means an ancillary benefit, other than a plant closure benefit or a permanent layoff benefit, the eligibility requirements for which include the consent of an employer or, in the case of a jointly sponsored pension plan, the consent of the employer or the administrator; (“prestation assujettie à un consentement”)
(3) The definition of “funded consent benefit” in subsection 1 (2) of the Regulation is revoked and the following substituted:
“funded consent benefit” means a consent benefit for which a member has met all eligibility requirements except the consent of an employer or, in the case of a jointly sponsored pension plan, the consent of the employer or the administrator; (“prestation financée assujettie à un consentement”)
(4) The definition of “going concern assets” in subsection 1 (2) of the Regulation is revoked and the following substituted:
“going concern assets” means, in respect of a report under this Regulation relating to a pension plan, the sum of,
(a) the value of the assets of the pension plan, including accrued and receivable income, determined on the basis of a going concern valuation, and
(b) the present value of any special payments in respect of a going concern unfunded liability disclosed in the previously filed report; (“actif à long terme”)
(5) Subsection 1 (2) of the Regulation is amended by adding the following definition:
“pensionable earnings” means the earnings on which contributions are based by virtue of the documents that create and support the pension plan; (“gains ouvrant droit à pension”)
(6) The definition of “permanent layoff benefit” in subsection 1 (2) of the Regulation is revoked and the following substituted:
“permanent layoff benefit” means a pension benefit or ancillary benefit for which the eligibility requirements include permanent layoff, whether or not the benefit requires the consent of the employer or, in the case of a jointly sponsored pension plan, the consent of the employer or the administrator; (“prestation de mise à pied permanente”)
(7) The definition of “solvency asset adjustment” in subsection 1 (2) of the Regulation is revoked.
(8) Clause (b) of the definition of “transfer ratio” in subsection 1 (2) of the Regulation is revoked and the following substituted:
(b) the sum of the solvency liabilities and the liabilities for benefits that were excluded in calculating the solvency liabilities;
2. The Regulation is amended by adding the following section:
1.2 (1) For the purposes of this Part, the solvency asset adjustment in relation to a report in respect of a pension plan for which a benefit allocation method is used to set contribution rates is the sum of,
(a) the amount, which may be positive or negative, by which the value of the solvency assets are adjusted as a result of applying an averaging method that stabilizes short-term fluctuations in the market value of the plan assets, calculated over a period of not more than five years;
(b) the present value of any special payments referred to in clause 5 (1) (a);
(c) the present value of any special payments required to liquidate any past service unfunded liability; and
(d) the present value of all special payments referred to in clause 5 (1) (b), (c), (d) or (e), other than special payments required to liquidate any past service unfunded liability or any solvency deficiency determined in the report, that are scheduled for payment within,
(i) the period of five years that begins on the valuation date of the report, in the case of a pension plan other than a jointly sponsored pension plan, or
(ii) a period that begins on the valuation date of the report and continues until the end of a five-year period that begins on a date not later than 12 months after the valuation date, in the case of a jointly sponsored pension plan.
(2) Despite subsection (1), the solvency asset adjustment in relation to a report in respect of a pension plan that provides defined benefits and for which a benefit allocation method is not used to set contribution rates is the sum of “A” and “B” where,
“A” is the amount, which may be positive or negative, by which the value of the solvency assets are adjusted as a result of applying an averaging method that stabilizes short-term fluctuations in the market value of the plan assets, calculated over a period of not more than five years, and
“B” is the greater of zero and the amount calculated using the formula,
C + D – E
in which,
“C” is the present value of the required contributions, which are determined using the actuarial cost method adopted by the plan, for the five-year period that begins on the valuation date of the report, or in the case of a jointly sponsored pension plan, for a period that begins on the valuation date of the report and continues until the end of a five-year period that begins on a date not later than 12 months after the valuation date,
“D” is the present value of any special payments referred to in clause 5 (1) (e) that are scheduled for payment within the applicable period described in the definition of “C”, other than any special payments required to liquidate any solvency deficiency determined in the report, and
“E” is the present value of the normal cost, which is determined using a benefit allocation method, for the applicable period described in the definition of “C”.
(3) For the purposes of subsections (1) and (2), the present value of special payments, required contributions and the normal cost must be calculated as of the valuation date of the report and must be calculated using,
(a) the interest rates used in the report to calculate the solvency liabilities, if the solvency liability adjustment is zero; or
(b) the average interest rates used in the report to calculate the solvency liability adjustment, if the solvency liability adjustment is not zero.
(4) In the case of a jointly sponsored pension plan, the present values determined for the purposes of the definitions of “C”, “D” and “E” in subsection (2) shall be calculated based on the sum of the projected pensionable earnings for the applicable period described in the definition of “C” in subsection (2).
3. The Regulation is amended by adding the following sections immediately before the heading “Funding of Pension Plans”:
Jointly Sponsored Pension Plans
3.1 (1) For the purposes of paragraph 4 of subsection 1 (2) of the Act, a pension plan must, by virtue of the documents that create and support the plan, satisfy the following additional criteria in order to be a jointly sponsored pension plan:
1. The total amount of contributions payable by members of the pension plan in respect of a year, excluding any additional voluntary contributions and voluntary contributions for past service as described in subsection 39 (5) of the Act, cannot exceed the total amount of contributions payable to the pension plan in respect of the year by the employer or by the person or entity required to make contributions on behalf of the employer, as the case may be.
2. The pension plan does not permit a reduction in the amount of or the commuted value of a pension benefit, a pension, a deferred pension or an ancillary benefit in the circumstances described in subsection 14 (2) or (3) of the Act, except in the circumstances of a wind up.
3. The employers or any persons or entities who make contributions on behalf of the employers or represent the employers and the members of the pension plan or any representatives of the members are jointly responsible for making all decisions about the terms and conditions of the pension plan and any amendments to the pension plan.
4. The employers or any persons or entities who make contributions on behalf of the employers or represent the employers and the members of the pension plan or any representatives of the members are jointly responsible for making all decisions regarding,
i. the appointment of the administrator of the plan, or
ii. the appointment or selection of persons as members of any body or entity referred to in clause 8 (1) (b), (c), (e), (f) or (h) of the Act that is the administrator of the plan.
5. The level of a member’s pension benefits, other than ancillary benefits, and the amount of a member’s contributions are directly related to the member’s pensionable earnings.
(2) The documents that create and support a jointly sponsored pension plan must set out the methods by which the decisions referred to in paragraphs 3 and 4 of subsection (1) are to be made.
3.2 The Ontario Municipal Employees Retirement System is prescribed as a jointly sponsored pension plan for the purposes of the Act.
4. (1) Subsection 4 (1) of the Regulation is revoked and the following substituted:
(1) Every pension plan shall set out the obligation of the employer or any person or entity required to make contributions on behalf of the employer and, in the case of a jointly sponsored pension plan, the obligation of the members of the pension plan, if applicable, to contribute both in respect of the normal cost and any going concern unfunded liability and solvency deficiency under the plan.
(2) Subsection 4 (2) of the Regulation is amended by striking out the portion before clause (a) and substituting the following:
(2) Subject to subsection (2.1), an employer who is required to make contributions under a pension plan or, if a person or entity is required to make contributions under the pension plan on behalf of the employer, that person or entity and, if applicable, the members of the pension plan or their representative shall make payments to the pension fund or to an insurance company, as applicable, that are not less than the sum of,
. . . . .
(3) Clause 4 (2) (a) of the Regulation is revoked and the following substituted:
(a) all contributions, including contributions in respect of any going concern unfunded liability and solvency deficiency and money withheld by payroll deduction or otherwise from an employee, that are received from employees as the employees’ contributions to the pension plan;
(4) Clause 4 (2) (d) of the Regulation is revoked and the following substituted:
(d) all special payments determined in accordance with sections 31, 32 and 35 and all payments determined in accordance with section 31.1.
(5) Section 4 of the Regulation is amended by adding the following subsections:
(2.2) Despite subsections (1) and (2), the amount of contributions required to be made to a pension plan that provides defined benefits may be determined by using an actuarial cost method other than a benefit allocation method if,
(a) the actuarial cost method that is used is consistent with accepted actuarial practice; and
(b) the rules set out in subsection (2.3) are satisfied.
(2.3) For the purposes of clause (2.2) (b), the rules are as follows:
1. If there would be no going concern unfunded liability if a benefit allocation method were used, the present value of the required contributions for the three years after the valuation date, which are determined under the actuarial cost method used by the plan, must not be less than the present value of the contributions that would be made in respect of the normal cost for the plan if the benefit allocation method were used, after the application of any actuarial gains to reduce the normal cost in accordance with subsection 7 (3).
2. If there would be a going concern unfunded liability if a benefit allocation method were used, the present value of the required contributions, which are determined under the actuarial cost method used by the plan, must not be less than the sum of the present value of the normal cost and the present value of the special payments determined in accordance with section 5 that would be required to liquidate any going concern unfunded liability.
3. The rate or rates of interest to be used in calculating present values referred to in paragraphs 1 and 2 shall be the rate or rates used in the report for the going concern valuation.
4. The present values referred to in paragraph 2 shall be calculated using whichever of the following periods is longer:
i. the period that begins on the valuation date and continues until the end of the remaining amortization period of the going concern unfunded liability that has the longest remaining amortization period, or
ii. the period of three years that begins on the valuation date.
5. In the case of a jointly sponsored pension plan,
i. the present values referred to in paragraph 1 shall be calculated based on the sum of the projected pensionable earnings for each year in the three-year period beginning on the valuation date,
ii. the present values referred to in paragraph 2 shall be calculated based on the period used for the purposes of paragraph 4 and the sum of the projected pensionable earnings for each year in that period, and
iii. the actuarial assumptions used to determine the sums referred to in subparagraphs i and ii of the projected pensionable earnings shall be the same as those used in the report for the going concern valuation.
6. Subject to paragraph 7, the required contribution rate for a jointly sponsored pension plan shall be determined as a level percentage of pensionable earnings for each class of members, subject to any variation that is necessary in order to take into account integration with the Canada Pension Plan.
7. If the required contribution rate set out in a report in respect of a jointly sponsored pension plan is higher than the required contribution rate determined in the last filed report and a going concern unfunded liability is disclosed in the report, the required contribution rate may be increased each year for up to three years, commencing not later than 12 months after the valuation date, by at least one third of the difference between the two contribution rates, but only if,
i. the contribution rate after that period is a level percentage of pensionable earnings, subject to any variation that is necessary in order to take into account integration with the Canada Pension Plan, and
ii. the present value of the required contributions using the increased rates is not less than the minimum present value determined in accordance with paragraphs 2, 3 and 4.
(2.4) If, in accordance with subsection (2.2), the amount of contributions required to be made to a pension plan that provides defined benefits is determined by using an actuarial cost method other than a benefit allocation method, the payments to the pension fund or to an insurance company, as applicable, shall not be less than the sum of,
(a) the required contributions determined using the actuarial cost method; and
(b) all special payments determined in accordance with section 5 with respect to any solvency deficiency.
(2.5) If the amount of contributions required to be made to a pension plan that provides defined benefits is determined in accordance with subsection (2.2) using an actuarial cost method other than a benefit allocation method, the contributions shall be deemed to be the contributions required to be made under this Regulation and the definitions in section 1 shall apply with necessary modifications.
(2.6) If a report discloses that an increase in the normal cost is required in respect of a jointly sponsored pension plan for which a benefit allocation method is used to set contribution rates, payment of that increase shall commence on a date not later than 12 months after the valuation date.
(2.7) If a report discloses that there is a going concern unfunded liability that is required to be liquidated in respect of a jointly sponsored pension plan for which a benefit allocation method is used to set the contribution rates, the special payments in respect of the going concern unfunded liability, as determined in accordance with subsection 5 (1.2), may be increased annually for up to three years, commencing not later than 12 months after the valuation date, by at least one third of the special payments, but only if,
(a) the special payments after that period are a level percentage of pensionable earnings; and
(b) the present value of the special payments, including the increased special payments, is not less than the amount of the going concern unfunded liability.
(2.8) In the case of a jointly sponsored pension plan, contributions referred to in subsection 39 (3) of the Act include contributions made by a former member in respect of any going concern unfunded liability or solvency deficiency.
(6) Section 4 of the Regulation is amended by adding the following subsection:
(3.1) Subsection (3) does not apply if the pension plan provides defined benefits and a benefit allocation method is not used to set contribution rates.
(7) Subsection 4 (4) of the Regulation is amended by striking out the portion before paragraph 1 and substituting the following:
(4) The payments referred to in subsections (2) and (2.4) shall be made by the employer or, if a person or entity is required to make contributions on behalf of the employer, by that person or entity and, if applicable, by the members of the pension plan within the following time limits:
. . . . .
(8) Paragraphs 2 and 4 of subsection 4 (4) of the Regulation are revoked.
(9) Subsection 4 (5) of the Regulation is revoked and the following substituted:
(5) Subject to subsections (10) and (11), if the period covered by a report filed under section 3, 5.3, 13 or 14 or submitted under this section has ended, and no report covering a subsequent period is filed under section 14 or submitted under this section, the employer or, if a person or entity is required to make contributions on behalf of the employer, that person or entity and, if applicable, the members of the pension plan shall continue to make payments in accordance with the report most recently filed or submitted under section 3, 5.3, 13 or 14 or this section.
(10) Subsections 4 (9), (10) and (11) of the Regulation are revoked and the following substituted:
(9) If a report is submitted to the Superintendent under subsection (7.1), the employer or, if another person or entity is required to make contributions on behalf of the employer, that person or entity and, if applicable, the members of the pension plan shall make payments in accordance with the report.
(10) Except as provided in subsection (11), if a payment requirement set out in a report submitted under subsection (7.1) concerning a plan differs from a payment requirement set out in a report filed by the administrator, the employer or, if another person or entity is required to make contributions on behalf of the employer, that person or entity and, if applicable, the members of the pension plan shall make payments in accordance with the higher requirement.
(11) If, in the opinion of the Superintendent, a payment in accordance with the higher requirement under subsection (10) is not necessary to ensure that the plan is sufficiently funded to provide benefits under the plan, the payments shall be made in accordance with the lower requirement.
(11) Subsection 4 (13) of the Regulation is revoked and the following substituted:
(13) This section does not apply to a pension plan described in subsection 6 (1) unless it is a jointly sponsored pension plan.
5. (1) Section 5 of the Regulation is amended by adding the following subsections:
(1.1) Despite clauses (1) (b) and (e), in the case of a jointly sponsored pension plan, the special payments may be determined in accordance with subsection (1.2) as of,
(a) the date the going concern unfunded liability arose, for special payments referred to in clause (1) (b); or
(b) the date the solvency deficiency arose, for special payments referred to in clause (1) (e).
(1.2) The special payments referred to in subsection (1.1) are determined under the following rules:
1. Each scheduled payment must be a level percentage of the sum of pensionable earnings of the members of the pension plan at the valuation date projected to the date when the scheduled payments commence and, after that date, projected annually until the end of the amortization period.
2. The sum in paragraph 1 of the projected pensionable earnings must be determined using the same actuarial assumptions used in the going concern valuation, taking into account any expected material decline in the sum of pensionable earnings.
3. The present value of the scheduled payments at the date described in clause (1.1) (a) must be equal to the amount of the going concern unfunded liability or solvency deficiency being liquidated.
4. The amortization periods for each series of scheduled payments must be the same as the respective periods under clauses (1) (b) and (e), beginning not later than 12 months after the valuation date.
5. The present value of the scheduled payments must be determined,
i. with respect to any going concern unfunded liability, using the interest rate or rates used in the report to determine the going concern unfunded liability, and
ii. with respect to any solvency deficiency, using the interest rates used in the report to determine the solvency deficiency.
(2) Section 5 of the Regulation is amended by adding the following subsection:
(16.2) Despite subsections (13), (14), (15), (16) and (16.1), if a pension plan provides defined benefits and a benefit allocation method is not used to set the contribution rates, the prior year credit balance to be used in any report filed or submitted in respect of the pension plan shall be zero.
(3) The French version of subsection 5 (17) of the Regulation is amended by striking out “qui sont censée être faits” in the portion before paragraph 1 and substituting “qui sont prévus”.
6. The French version of clause 5.3 (3) (e) of the Regulation is amended by striking out “qui sont censés être faits” and substituting “qui sont prévus”.
7. The Regulation is amended by adding the following section immediately before the heading “Payments — Multi-Employer Plans and Defined Benefit/Defined Contribution Plans”:
funding jointly sponsored pension plans
5.5 (1) Despite subsection 14 (10), an inter-valuation report for a jointly sponsored pension plan with a valuation date on or after December 31, 2004 and before September 30, 2005 may be filed after September 30, 2005, but not later than June 30, 2006.
(2) Despite clauses 5 (1) (b) and (e), with respect to any going concern unfunded liability or solvency deficiency of a jointly sponsored pension plan, as determined in an inter-valuation report referred to in this section, the special payments required to liquidate the going concern unfunded liability or solvency deficiency may be paid in equal monthly payments or in accordance with subsections 5 (1.1) and (1.2), commencing not later than January 1, 2007 and ending not later than 15 years or five years later, as applicable.
(3) In this section,
“inter-valuation report” means a report filed under section 14 in the interim period before a report with a valuation date that is three years after the last valuation date is required to be filed.
8. Section 6 of the Regulation is amended by adding the following subsection:
(6) Subsections (1) to (5) do not apply to a multi-employer pension plan that is a jointly sponsored pension plan.
9. (1) Subsection 7 (1) of the Regulation is revoked and the following substituted:
(1) If a report discloses an actuarial gain under the plan, the actuarial gain shall be applied firstly to reduce any going concern unfunded liability.
(2) Subsection 7 (3) of the Regulation is revoked and the following substituted:
(3) In any year for which no special payments are required to be made for a pension plan under section 5, an actuarial gain may be applied to reduce contributions for normal costs required to be made by the employer, by a person or entity required to make contributions on behalf of the employer, by the members of the pension plan or by any of them.
10. Subsection 11 (4) of the Regulation is revoked.
11. Subsection 12 (1) of the Regulation is revoked and the following substituted:
(1) This section applies in respect of a pension fund for a pension plan other than a jointly sponsored pension plan when a report required under section 3 or 14 is filed with the Superintendent or a report prepared under section 4 or 13 is submitted to the Superintendent.
12. Section 13 of the Regulation is amended by adding the following subsection:
(2.1) A report prepared under subsection (1) in which a benefit allocation method was not used to set contribution rates must,
(a) set out the contribution rate or rates that are required under the pension plan;
(b) identify the normal cost or the equivalent of normal cost determined using the actuarial cost method adopted by the pension plan; and
(c) include the information required under subsection (1) determined using a benefit allocation method and the information required under subsection (1.1).
13. Section 14 of the Regulation is amended by adding the following subsection:
(8.1) A report prepared under subsection (1) in which a benefit allocation method was not used to set contribution rates must,
(a) set out the contribution rate or rates that are required under the pension plan;
(b) identify the normal cost or the equivalent of normal cost determined using the actuarial cost method adopted by the pension plan; and
(c) include the information required under subsection (7) determined using a benefit allocation method and the information required under subsection (8).
14. Section 16 of the Regulation is amended by adding the following subsection:
(4.1) A person preparing a report under subsection (1) or (2) shall use actuarial cost methods and assumptions that include a benefit allocation method or a cost allocation method and that are consistent with the Consolidated Standards of Practice-Practice-Specific Standards for Pension Plans, with an effective date of December 1, 2002, available to the public from the Canadian Institute of Actuaries at Suite 800, 150 Metcalfe Street, Ottawa, Ontario K2P 1P1 or electronically on its website at www.actuaries.ca.
15. (1) Clause 19 (6) (b) of the Regulation is revoked and the following substituted:
(b) the aggregate of transfer deficiencies for all transfers made since the last review date does not exceed 5 per cent of the assets of the plan at that time.
(2) Subsection 19 (9) of the Regulation is revoked.
16. (1) Subsection 24 (3) of the Regulation is revoked and the following substituted:
(3) Contributions, other than additional voluntary contributions, of members and former members of a pension plan that provides defined benefits shall be credited not less frequently than annually with interest calculated at a rate that is not less than the rate calculated on the basis of the average of the yields of five-year personal fixed-term chartered bank deposit rates as determined from the Canadian Socio-Economic Information Management System (CANSIM) series V122515 compiled by Statistics Canada, and available on the website maintained by the Bank of Canada, over a reasonably recent period such that the averaging period does not exceed twelve months.
(2) Subsection 24 (6) of the Regulation is amended by striking out “as determined from the Canadian Socio-Economic Information Management (CANSIM) series B 14045 published monthly in the Bank of Canada Review, over a reasonably recent period” and substituting “as determined from the Canadian Socio-Economic Information Management System (CANSIM) series V122515 compiled by Statistics Canada and available on the website maintained by the Bank of Canada, over a reasonably recent period”.
17. The Regulation is amended by adding the following section:
31.1 (1) Any liability to be funded under clause 75.1 (1) (b) or (2) (b) of the Act shall be funded by equal monthly instalments for five years or less or by payments determined in accordance with a schedule of payments.
(2) The instalments or payments required under subsection (1) shall be made to the pension fund by the employer or, if another person or entity is required to make payments on behalf of the employer, that person or entity and, if applicable, by the members of the pension plan, commencing on the effective date of the wind up.
(3) The schedule of payments referred to in subsection (1) shall be determined as follows:
1. The present value of the scheduled payments at the effective date of the wind up is equal to the liability to be funded.
2. The amortization period for the scheduled payments shall end not later than five years after the effective date of the wind up.
3. The present value of the scheduled payments is determined using the interest rates used in the wind up report.
18. The Regulation is amended by adding the following section:
32.1 (1) Until any liability under section 75.1 of the Act is funded, the administrator of a jointly sponsored pension plan shall annually cause the plan to be reviewed and a report to be prepared by a person authorized by section 15 and shall file the report within six months after the valuation date of the report.
(2) A report required under subsection (1) shall show,
(a) the gain or the loss in the pension plan since the valuation date of the immediately preceding report as a result of differences between the actual experience and the experience anticipated by the assumptions made in the previous report; and
(b) the increase or decrease in the remaining special payments that will liquidate the gain or loss referred to in clause (a) over the remainder of the five-year period commencing from the effective date of the wind up.
(3) Any special payments required as a result of a loss referred to in clause (2) (a) shall be included as payments required to be made according to section 75.1 of the Act.
(4) Where a report made under this section shows that there is no further amount to be funded, any surplus shall be dealt with according to the terms and conditions of the pension plan.
19. Subsection 37 (15) of the Regulation is amended by striking out “determined from the Canadian Socio-Economic Information Management (CANSIM) series B14020 published in the Bank of Canada Review” and substituting “determined from the Canadian Socio-Economic Information Management System (CANSIM) series V122495 compiled by Statistics Canada and available on the website maintained by the Bank of Canada”.
20. Subsection 47 (2.1) of the Regulation is amended by adding the following paragraph:
3. Jointly sponsored pension plans.
21. (1) Paragraph 1 of subsection 6 (2) of Schedule 1 to the Regulation is amended by striking out “as published in the Bank of Canada Review under identification number B-14013 in the CANSIM system” at the end and substituting “as determined from the Canadian Socio-Economic Information Management System (CANSIM) series V122487 compiled by Statistics Canada and available on the website maintained by the Bank of Canada”.
(2) Paragraph 2 of subsection 6 (2) of Schedule 1 to the Regulation is amended by striking out “as published in the Bank of Canada Review under identification number B-14013 in the CANSIM system” at the end and substituting “as determined from the Canadian Socio-Economic Information Management System (CANSIM) series V122487 compiled by Statistics Canada and available on the website maintained by the Bank of Canada”.
22. (1) Subject to subsections (2), (3), (4), (5) and (6), this Regulation comes into force on the day it is filed.
(2) Subsections 1 (1), (4), (5) and (7), sections 2 and 3, subsections 4 (1), (2), (3), (4), (5), (6), (7), (9), (10) and (11) and 5 (1) and (2) and sections 7, 8, 9, 11, 12, 13, 14 and 20 shall be deemed to have come into force on December 31, 2004.
(3) Subsections 1 (2), (3) and (6) come into force on January 1, 2007.
(4) Subsection 1 (8) and section 15 come into force on July 1, 2006.
(5) Sections 17 and 18 come into force on the later of April 30, 2006 and the day this Regulation is filed.
(6) Subsection (2) comes into force on the day section 12 of Schedule 18 to the Budget Measures Act, 2005 (No. 2) comes into force.