Within Canadian law, Pension regulation in Canada falls mostly within provincial jurisdiction by virtue of the property and civil rights power under the Constitution Act, 1867.
The Pension Benefits Act is administered by the Superintendent of Financial Services appointed by the Financial Services Commission of Ontario.
Ontario regulates approximately 8,350 employment pension plans, which comprise more than 40 per cent of all registered pension plans in Canada[1] It was originally enacted as the Pension Benefits Act, 1965 (S.O.
1965, c. 96), and it was the first statute in any Canadian jurisdiction to regulate pension plans.
[2] In addition to registration requirements under the Income Tax Act relating to eligibility of expenses and deductions that are administered by the Canada Revenue Agency, plans are registered in the host jurisdiction as follows: