NB Bulletin Vol. 11 N. 16, December 2008
NB Bulletin, Vol. 11 N. 15, December 2008
The 2009 Social Security Programs Parameters
The Year's Maximum Pensionable Earnings (YMPE) for 2009 will be $46,300, an increase of 3.1% over the 2008 YMPE of $44,900. 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 2009, for an annual maximum contribution of $2,118.60. The maximum monthly retirement pension at age 65 is set at $908.75 for 2009, based on the average YMPE over the last five years.
Bulletin NB Vol. 11 N. 14, December 2008
Accounting standards applicable to employee future benefits: what Quebec-based compagnies 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-retirement benefits).
Bulletin NB, Vol.8 N. 2, November 2008
Actuaries in the City
During the Table Québec-Municipalités held on October 31, 2008, the Union des municipalités du Québec (UMQ) urged a motion before the Ministère des Affaires municipales et des Régions (MAMR) to review accounting rules applicable to defined benefit pension plans for municipal organizations, given the current economic context that has lead to a significant increase of the pension expense.
Bulletin NB Vol. 11 N. 13, October 2008
Rates for Health Care Professionals in 2008
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 for 2007 allows you to validate the inflation assumption used by your insurer in renewing your health premium rates.
Bulletin NB Vol 11 N. 12, October 2008
Developments Relating to the "Healthy Enterprise" Standard
Last month, the Group for Prevention and Promotion Strategies (GP2S) and the Bureau de normalisation du Québec (BNQ) outlined the process that companies must successfully complete to become certified under the new "Healthy Enterprise" standard. This bulletin summarizes the main features of the standard and presents new developments concerning the certification process.
Bulletin NB Vol. 11 N. 11, October 2008
Financial Position of Pension Plans
The low level of interest rates and the stock market setbacks in the third quarter of 2008 will, in all likelihood, have a major impact on the financial position of pension plans.
Bulletin NB Vol. 11 N. 10, September 2008
Bonds linked to the revenues of the Canadian economy
The C.D. Howe Institute, backed by an advisory panel made up of important players from the Canadian pension industry, is proposing the introduction of a new debt security, the "Trill." Similar to an equity stake in a corporation, this security would offer investors an equity stake in the Canadian economy. The Trill would pay a fraction of the revenues generated by Canada, i.e. the gross domestic product (GDP). The Trill is so named because the GDP's value stands at around $1 trillion.
Bulletin NB Vol. 11 N. 9, August 2008
Review of the institutional fund performances over the first semester of 2008
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 semester.
Bulletin NB Vol. 11 N. 8, July 2008
New Financial Parameters for the Quebec Prescription Drug Insurance Plan
The Régie de l'assurance maladie du Québec recently announced the new financial parameters that will apply to the public prescription drug insurance plan for the period of July 1, 2008 to June 30, 2009. One of the provisions of Quebec's Act respecting prescription drug insurance provides for the revision of these parameters on July 1 each year to take into account the increase in plan costs.
Bulletin NB Vol. 11 N. 7, May 2008
Alberta to eliminate Health Care Premiums on January 1, 2009
While delivering the province's budget on April 22, 2008, Alberta's Minister of Finance and Enterprise confirmed that premiums under Alberta's publicly-funded health care program (Alberta Health Care Insurance Plan (AHCIP)) will be eliminated effective January 1, 2009. This measure was announced in February 2008 during the last electoral campaign. Premiums for Alberta residents age 65 and over were abolished in 2004.
Bulletin NB Vol. 11 N. 6, April 2008
Bill 68: Phased retirement and more
On April 2, 2008, the Quebec government introduced Bill 68 aimed at amending the Supplemental Pension Plans Act (SPPA). With this bill, the government hopes to offer defined benefit plan sponsors concrete measures for combating potential labour shortages.
Bulletin NB Vol. 11 N. 5, March 2008
Changes made to the Régie des rentes du Québec's Annual Information Return
The information that must be provided annually to the Régie des rentes du Québec will no longer be set out in the Regulations to the Supplemental Pension Plans Act. Going forward, the AIR will be used for this purpose and no amendments to the Regulations will be required.
Bulletin NB Vol. 11 N. 4, March 2008
Drugs available without a prescription remain eligible
In Budget 2008, the federal government proposes to clarify the wording of the provisions of the Income Tax Act concerning eligible drugs and medications under the METC to ensure that those that may be purchased without a prescription are clearly ineligible, whether they are obtained with or without a prescription. If adopted, this clarification would take effect retroactively to February 27, 2008.
Bulletin NB Vol. 11 N. 3, March 2008
Budget - A new savings vehicle: the Tax-Free Savings Account (TFSA)
The TFSA will allow taxpayers age 18 or older to contribute up to $5,000 annually through eligible investment vehicles. Investment income (interest, dividends or capital gains) earned through these contributions will not be taxed, and withdrawals will also be tax-free.
Bulletin NB Vol. 11 N. 2, February 2008
Leaves owing to a criminal offence
An employee may now be absent from work, without pay, for a period of not exceeding 104 weeks if the employee suffers serious bodily injury during or resulting directly from a criminal offence that renders the employee unable to hold his regular position1. Criminal offence refers to a criminal offence within the meaning of the Criminal Code and recognized under the Crime Victims Compensation Act2. Bodily injury corresponds to a serious physical or psychological injury, including a pregnancy resulting from the commission of a sexual offence or assault.
Bulletin NB Vol. 11 N. 1, February 2008
Non-refundable tax credits for medical expenses
The Ministère du Revenu du Québec amended section 7 of its reference document, which deals with transportation and travel expenses. Reasonable expenses incurred for operating a vehicle now qualify as medical expenses if the transportation service is not readily available. The distance to travel to obtain medical services unavailable within the locality where the patient lives must be at least 40 kilometres.