NB Bulletin Vol. 10 N. 16, December 2007
The 2008 Social Security Programs Parameters
The Year's Maximum Pensionable Earnings (YMPE) for 2008 will be $44,900, an increase of 2.7% over the 2007 YMPE ($43,700). The basic exemption remains at the current level of $3,500, which is the level applicable since January 1st, 1998. Employee and employer contribution rates will remain at 4.95% of contributory earnings in 2008. The annual maximum contribution is $2,049.30. The maximum monthly retirement pension at age 65 is set at $884.58 for 2008, based on the average YMPE over the last five years.
NB Bulletin Vol. 10 N. 15, December 2007
RAMQ interpretation of amendments to the Act respecting prescription drug insurance
Our March bulletin discussed the new interpretation by the Régie de l'assurance maladie du Québec (RAMQ) on application of the Act respecting prescription drug insurance (the Act) to drugs not on the list of medications covered by the RAMQ. According to the RAMQ, at that time, the Act required private group insurance plans covering such drugs to offer reimbursement conditions at least as generous as those provided under the Act for listed drugs. This interpretation affected calculations of out-of-pocket maximums for plan members, among other things.
NB Bulletin Vol. 10 N. 14, November 2007
ACCOUNTING STANDARDS APPLICABLE TO EMPLOYEE FUTURE BENEFITS: WHAT QUEBEC-BASED COMPANIES LISTED ON THE S&P/TSX INDEX DO?
Several private sector companies will soon be finalizing their budgets for the upcoming fiscal year and preparing their financial statements for the current fiscal year. Included among the accompanying notes that should be prepared for these financial statements are those pertaining to costs for defined benefit (DB) pension plans and group insurance plans offered to retirees (other post-employment benefits).
NB Bulletin Vol. 10 N. 13, October 2007
Scotia Capital indices renamed DEX
On October 22, TSX Group's subsidiary, PC-Bond, announced that the Scotia Capital family of fixed income indices will be renamed to become the DEX fixed income indices. The goal of this change is to reflect the transition from a system where pricing is determined by a single dealer to one where pricing is determined by multiple dealers.
NB Bulletin Vol. 10 N. 12, October 2007
The rates of Health Care Professionals in 2007
During the summer, Normandin Beaudry conducted its 10th annual survey of fees charged by health care professionals in Quebec. Since health care services provided by these specialists are generally covered by group insurance plans, we believe that the results of our survey will be of great interest to you. The average fees per visit could be useful in establishing the maximum amounts payable under your group insurance plans. Moreover, the average fee per visit increase compared to that of 2006 allows you to validate the inflation assumption used by your insurer in renewing your health premium rates.
NB Bulletin Vol. 10 N. 11, August 2007
The impact of mergers and acquisitions on the S&P/TSX Composite Index
Over the last few years, a growing number of Canadian companies have undergone mergers or acquisitions. This trend recently culminated with the acquisitions of BCE by Teachers and Alcan by Rio Tinto, both slated for completion within the next six months. These mergers and acquisitions have changed the content of the Canadian stock market and, in turn, its benchmark, the S&P/TSX Composite Index.
NB Bulletin Vol. 10 N. 10, August 2007
Investment fund performance since the start of 2007
We are pleased to present our mid-year review analyzing the performance as at June 30, 2007, of managers comprising the Normandin Beaudry Investment Funds Universe. The goal of this review is to keep you up-to-date on the recent performance of financial markets and institutional managers. You will receive this review each year after the end of the first half year.
NB Bulletin Vol. 10 N. 9, August 2007
The decisions of the Accounting Standards Board on employee future benefits future benefits
In a bulletin published in April 2007 (Vol. 10, No. 5), we presented highlights of the Accounting Standards Board (ASB) Exposure Draft, which was proposing amendments to Section 3461 (Employee Future Benefits) of the Canadian Institute of Chartered Accountants (CICA) Handbook. The proposed modifications were an attempt of harmonization with the new US standards (Statement of Financial Accounting Standards No. 158) issued in September 2006, aim to improve the transparency and uniformity of companies' balance sheets.
NB Bulletin Vol. 10 N. 8, July 2007
The changes made to the Quebec's Act respecting prescription drug insurance
This bulletin follows those issued in December 2006 and March 2007 concerning amendments made to Quebec's Act respecting prescription drug insurance.
NB Bulletin Vol. 10 N. 7, June 2007
The changes to the Quebec Prescription Drug Insurance Plan
The Board of Directors of the Régie de l'assurance maladie du Québec (RAMQ) recently announced the latest modifications to the Quebec Prescription Drug Insurance Plan, which will take effect on July 1, 2007.
NB Bulletin Vol. 10 N. 6, May 2007
Generational differences and their link to employee engagement
Each year, Normandin Beaudry's strategic partner, Hewitt Associates, conducts the Best Employers in Canada study. Hundreds of organizations participate in this national study. On the strength of this partnership, Normandin Beaudry is fortunate to be able to share with its clients the results from research carried out by Hewitt in Canada and throughout the world.
NB Bulletin Vol. 10 N. 5. April 2007
The exposure draft on employee future benefits issued by the Accounting Standards Board
On March 30, the Accounting Standards Board (AcSB) issued an exposure draft to amend Section 3461 (Employee Future Benefits) of the Canadian Institute of Chartered Accountant's (CICA) Handbook. These amendments, which are modeled after the new US standards (Statement of Financial Accounting Standards No. 158) issued in September 2006, aim to improve the transparency and uniformity of companies' balance sheets.
NB Bulletin Vol. 10 N. 4, March 2007
The Act Respecting Prescription Drug Insurance
On December 13, 2005, the Quebec government adopted Bill 130, an Act to amend the Act respecting prescription drug insurance. The bill's measures will have an impact on the administration of private group insurance plans. Some provisions came into effect on the date the bill was adopted, some took effect in 2006, and others will come into effect in 2007.
NB Bulletin Vol. 10 N. 3, March 2007
Fiscal measures from the 2007-2008 budget concerning retirees and promoting phased retirement
When the Quebec government delivered its provincial budget on February 20, 2007, it unveiled fiscal measures for individuals, including certain measures that specifically target retirees. It also reaffirmed its commitment to promote phased retirement to meet the challenges posed by significant demographic changes in the coming years.
NB Bulletin Vol. 10 N. 2, March 2007
Member-funded pension plans
On February 28, 2007, the Gazette officielle du Québec published the Regulation to amend the Regulation respecting the exemption of certain categories of pension plans from the application of the Supplemental Pension Plans Act. This new regulation, which comes into effect on March 15, 2007, provides for creation of member-funded pension plans (MFPPs)
NB Bulletin Vol. 10 N. 1, Febuary 2007
Non-refundable tax credits for medical expenses
This year again, Normandin Beaudry is issuing a bulletin about non-refundable tax credits for medical expenses that can be claimed on income tax returns. This document is a complement to our March 2005 bulletin (Vol. 8, No. 4). As done last year, this bulletin presents the annual updates applicable to the parameters used to determine the tax credits level. It also highlights the major changes that will impact tax credits calculation.