Some good news for plan sponsors with assets under $10,000,000.
Effective December 11, 2019, Section 76(2) of the Ontario pension regulations was amended with respect to the requirements for audited financial statements, increasing the $3M threshold to $10M.
This legislation change exempts Ontario pension plans from preparing an audited financial report commencing with the plan year ending on or after December 11, 2019 if the market value of assets in the plan is less than $10 Million.
Plans will still have a filing requirement. They will file financial statements with the Financial Services Regulatory Authority of Ontario, but they won’t have to be audited.