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Important Update: Changes to Ontario’s Insurance Premium Tax (IPT) and New Reporting Requirements

Dear MEBCO Members,

We are writing to share an important regulatory update from the Ontario Ministry of Finance regarding recent changes to Ontario's Corporations Tax – Insurance Premium Tax (CT-IPT). These updates directly impact the administration of funded benefit plans.

The Ministry of Finance has introduced several key updates that may be highly relevant to your organization’s operations and plan administration:

• New Election Process: A new election process has been established specifically for funded benefit plans.
• Annual Reporting Requirements: New annual reporting mandates have been introduced to ensure compliance.
• Transition to Online Filing: The Ministry is transitioning to a digital framework, requiring files to be submitted through their online portal.

As these changes affect stakeholders involved in the administration and oversight of multi-employer benefit plans, we encourage you to review the requirements closely to ensure your plans remain compliant.

We have attached the full correspondence from the Ontario Ministry of Finance to this message for your detailed review.

Thank you for your continued dedication to the effective administration of multi-employer benefits across Canada.

Sincerely,
The Multi-Employer Benefit Plan Council of Canada (MEBCO)
info@mebco.org

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