As 2018 draws to a close, professionals in the pension, investment, benefits and human resources industries have a number of dates to add to their calendars for the year ahead. Jan. 1: The Canada Pension Plan and Quebec Pension Plan enhancements take effect. In the first stage, employees and employers will see their CPP contribution rates climb from the current […]
Trends, benefits fraud and drug coverage led the top health and benefits stories in 2018. Benefits Canada rounds up the industry’s favourite health and benefits stories of the year: 1. Seven benefits trends to watch in 2018 2. Ontario unveils new drug, dental coverage for people without workplace benefits 3. TTC fraud update: More than 220 employees fired or have resigned, retired […]
Ontario’s smallest companies will be saving on their employer health tax come Jan. 1, 2019. The province’s 2018 economic outlook and fiscal review, presented by Finance Minister Vic Fedeli on Thursday, proposed an increase to the amount of payroll eligible for exemption from the employer health tax from $450,000 to $490,000 for organizations with 10 or […]
Seven major pension stakeholders are urging the federal government to make longevity risk-pooling arrangements available to Canadians. The group includes the Association of Canadian Pension Management, the Canadian Life and Health Insurance Association, the Canadian Institute of Actuaries, the Canadian Association of Retired Persons, Common Wealth, the National Institute of Aging and the Pension Investment Association […]
Longer living Canadians should have the option of pure longevity insurance and the government should facilitate Canadian insurers’ ability to offer it, according to a new report from the C.D. Howe Institute. As baby boomers are hurtling towards retirement, and many have been saving in capital accumulation plans, government policies should focus on how to effectively draw down those […]
While a national pharmacare program is likely to come with a tax hike, will that cost be balanced out by savings on prescription drugs and private drug spending? In a presentation to be delivered Friday to provincial and territorial premiers, former parliamentary budget officer Kevin Page is expected to be straightforward about the costs of a cross-country, publicly […]
Former federal budget watchdog Kevin Page will deliver a blunt message to premiers this week about the costs of a future national pharmacare program: if Canadians want one, taxes will have to go up. Page, who now heads a University of Ottawa think tank, will walk through the numbers Friday when he gives a presentation […]
Benefits like employer-paid registered retirement savings plan contributions are among payroll components to be subject to British Columbia’s new employer health tax. The B.C. government will begin levying the new health tax in January 2019 as it moves to eliminate the province’s medical services plan premiums. In a news release, the government said the transition […]
While a new report shows that introducing a tax on employer-paid health benefits would add $3.8 billion to the federal government’s coffers in the 2018 tax year, it would also dramatically raise health-care costs for many Canadians, according to the Canadian Life and Health Insurance Association. Tasked with measuring the federal fiscal impact of including employer-paid health […]
Public sector pension plans often come under criticism for what some observers suggest is the high costs paid by taxpayers to fund generous benefits. A new report from the United States, however, suggests public sector plans actually generate revenue for governments. The analysis by advocacy group the National Conference on Public Employee Retirement Systems found […]