PART II PENSION FUND REQUIREMENTS
 76. (1) The administrator shall file financial statements for the pension fund or plan as at the plan’s fiscal year end.  R.R.O. 1990, Reg. 909, s. 76 (1); O. Reg. 307/98, s. 17. (2) If, at the fiscal year end of a pension plan, the plan has $10,000,000 or more in assets calculated at market value, the administrator shall file an auditor’s report respecting the financial statements.  O. Reg. 712/92, s. 27; O. Reg. 420/19, s. 5 (2). (2.1) Subsection (2) does not apply with respect to a pension plan where all the pension benefits provided under the plan are defined contribution benefits. O. Reg. 66/22, s. 5. (3) The auditor’s report referred to in subsection (2) shall be prepared by an accountant.  R.R.O. 1990, Reg. 909, s. 76 (3). (4) The financial statements and the auditor’s report shall be filed within six months after each fiscal year end of the plan occurring on or after the 31st day of December, 1988.  R.R.O. 1990, Reg. 909, s. 76 (4). (4.1) Revoked: O. Reg. 287/20, s. 15 (2). (5) The financial statements shall be comprised of a statement of net assets and a statement of changes in net assets and shall be prepared on the accrual basis of accounting.  R.R.O. 1990, Reg. 909, s. 76 (5). (6) The financial statements shall be prepared in accordance with generally accepted accounting principles.  R.R.O. 1990, Reg. 909, s. 76 (6). (7) The auditor’s report referred to in subsection (2) shall be prepared in accordance with generally accepted auditing standards.  R.R.O. 1990, Reg. 909, s. 76 (7). (8) Subject to the requirements of this section, the financial statements and the auditor’s report shall be prepared in accordance with the principles and standards set out in the Handbook of the Chartered Professional Accountants of Canada, as amended from time to time.  R.R.O. 1990, Reg. 909, s. 76 (8); O. Reg. 420/19, s. 5 (1). (9) The financial statements shall identify, (a)  the name of the pension plan for which the statements have been prepared; (b)  the registration number of the pension plan in Ontario; and (c)  the fiscal period for which the financial statements have been prepared.  R.R.O. 1990, Reg. 909, s. 76 (9). (10) The statement of net assets referred to in subsection (5) shall disclose at least, (a)  the market value and book value of each category of investments referred to in subsection (11) at the beginning and end of the period to which the statement refers; (b)  income accrued and not yet received; (c)  payments due and payable by, (i)  the employer or employers, and (ii)  members; and (d)  amounts payable, indicating by whom the amounts are payable and their nature and amount.  R.R.O. 1990, Reg. 909, s. 76 (10). (11) For the purposes of clause (10) (a), when book values are not maintained in the records of the plan, the carrying value in the records of the plan shall be shown in lieu thereof.  R.R.O. 1990, Reg. 909, s. 76 (11). (12) For the purposes of clause (10) (a), investments shall be itemized according to the following categories: 1.  Insured contracts. 2.  Mutual or pooled funds or segregated funds. 3.  Demand deposits and cash on hand. 4.  Short-term notes and treasury bills. 5.  Term deposits and guaranteed investment certificates. 6.  Mortgage loans. 7.  Real estate. 8.  Real estate debentures. 9.  Resource properties. 10.  Venture capital. 11.  Corporations referred to in subsection 11 (2) of Schedule III to the federal investment regulations. 12.  Employer issued securities. 13.  Canadian stocks other than investments referred to in paragraphs 1 to 12. 14.  Non-Canadian stocks other than investments referred to in paragraphs 1 to 12. 15.  Canadian bonds and debentures other than investments referred to in paragraphs 1 to 12. 16.  Non-Canadian bonds and debentures other than investments referred to in paragraphs 1 to 12. 17.  Investments other than investments referred to in paragraphs 1 to 16.  R.R.O. 1990, Reg. 909, s. 76 (12); O. Reg. 144/00, s. 30. (13) The financial statements shall disclose, (a)  related party transactions as recommended in the Handbook of the Chartered Professional Accountants of Canada, as amended from time to time; (b)  for individual investments where either the book value or the market value exceeds 1 per cent of the book value or market value of the pension fund, information with respect to each category of investments reported under clause (10) (a) that sets out, (i)  for insured contracts, the insurance company name and type of contract, (ii)  for mutual or pooled funds or segregated funds, the name of the operator of each fund, the name of each fund, the primary category of investments held in each fund and the market value of the investment in each fund, (iii)  for term deposits and guaranteed investment certificates, the name of the entity where the funds are on deposit and the aggregate market value or book or carrying value of the investments with each entity, (iv)  for real estate, the date of the last valuation of each parcel of real estate and the market value and book or carrying value of each parcel, (v)  for resource properties, the date of the last valuation of each parcel of resource property and the market value and book or carrying value of each parcel, (vi)  for real estate, resource property, venture capital or other special purpose corporation, the name and purpose of each corporation, percentage ownership and the market value of each investment, (vii)  for employer issued securities, including stocks and bonds, whether or not they are traded publicly, (viii)  for investments other than those referred to in subclauses (i) to (vii), the type of investment; and (c)  the extent to which the assets of the pension fund are subject to options and future contracts.  R.R.O. 1990, Reg. 909, s. 76 (13); O. Reg. 420/19, s. 5 (1). (14) The statement of changes in net assets referred to in subsection (5) shall include a reconciliation between the market value of total investments at the beginning and end of the period and shall disclose at least, (a)  unrealized gains or losses on total investments; (b)  realized gains or losses on total investments; (c)  investment income by category of investments; (d)  revenue items in addition to those items referred to in clauses (a), (b) and (c), setting out the nature and amount of the item; (e)  contributions from employers indicating the contributions for normal cost and special payments; (f)  contributions from members; (g)  audit costs, including fees and expenses; (h)  administration fees, including amounts paid to and on behalf of the administrator; (i)  professional fees, other than auditor’s fees or administrator’s fees; (j)  administrative expenses other than those referred to in clauses (g), (h) and (i); (k)  benefit payments; and (l)  refunds and transfers, indicating their nature and amounts.  R.R.O. 1990, Reg. 909, s. 76 (14); O. Reg. 250/18, s. 37. (15) The auditor shall report to the administrator immediately when, in the course of reporting on the financial statements, he or she becomes aware that there are circumstances that indicate that there has or may have been a contravention of this Part.  R.R.O. 1990, Reg. 909, s. 76 (15). (16) The auditor shall report to the Chief Executive Officer any matter reported under subsection (15) that in the opinion of the auditor is significant and has not been corrected within thirty days after the date that the matter was first reported to the administrator.  R.R.O. 1990, Reg. 909, s. 76 (16); O. Reg. 149/19, s. 1. (17) A financial statement submitted for filing shall be approved by the administrator and the approval shall be evidenced by the manual or facsimile signature of, (a)  the administrator; (b)  where the administrator is a pension committee, board of trustees or a board, agency or commission acting as the administrator, two members duly authorized to signify the approval; or (c)  where the administrator is an insurance company, an officer of the company duly authorized to sign on behalf of the insurance company.  R.R.O. 1990, Reg. 909, s. 76 (17).