NB Bulletin Vol. 20 No. 23, December 2017
More Details on the Funding of Ontario’s Defined Benefit Pension Plans
The Ontario government recently unveiled the highly anticipated details of its proposed defined benefit pension plan funding reform, announced on May 19, 2017. Interested stakeholders can submit their comments on the proposals to the Ontario Ministry of Finance until January 29, 2018. Our experts have prepared a summary of the proposed amendments.
NB Bulletin Vol. 20 No. 22, December 2017
Mandatory Funding Policy: The Countdown Is On
About a year from now, on January 4, 2019, all Quebec defined benefit pension plans will be required to have a funding policy in place.
NB Bulletin Vol. 20, N. 21, December 2017
Public Sector Accounting Board's employment benefits project: Normandin Beaudry is still involved
A few weeks ago, the Public Sector Accounting Board (PSAB) published an Invitation to Comment on the discount rate provisions for employment benefits, included in Sections PS 3250 and PS 3255.
NB Bulletin Vol. 20, N. 20, November 2017
Key Elements of the Quebec Pension Plan Enhancement: For a Better Understanding and Appreciation
With the tabling of Bill 149 on November 2, Minister of Finance Carlos Leitão announced the enhancement of the Quebec Pension Plan (QPP). This announcement is positive for all workers, particularly the younger generation, as the maximum retirement pension benefit will increase from $13,400 under the current QPP to more than $20,000.
NB Bulletin Vol. 20, N. 19, November 2017
Amendments to the Ontario Pension Benefits Act
On November 14, the Ontario Government tabled Bill 177, titled the Stronger, Fairer Ontario Act (Budget Measures). This is the first step toward introducing the legislative measures that were announced when the government released the broad outline of its reform on the funding of defined benefit pension plans in May 2017. Bill 177 provides various amendments to Ontario’s Pension Benefits Act (PBA).
NB Bulletin Vol. 20, N. 18, November 2017
Universal drug program in Ontario: Update
Last May, we informed you that Ontario would offer a free universal drug program, OHIP+, to children and youth under the age of 25. This plan will officially come into force on January 1, 2018.
NB Bulletin Vol. 20, N. 17, November 2017
Proposed amendments to the SPP Act
On November 2, Minister of Finance Carlos Leitao presented Bill 149 – An Act to enhance the Québec Pension Plan and to amend various retirement-related legislative provisions.
The bill deals with two distinct matters:
NB Bulletin Vol. 20, N. 16, November 2017
Annuity purchase for retirees: Is now the right time?
In recent years, annuity purchases for retirees have become a preferred approach for managing the maturity and controlling the risks of defined benefit pension plans. Many factors have recently shifted the landscape of annuity purchases in Quebec, which should prompt you to question—or re-question—the relevance of adopting such a strategy for managing the risks of your pension plan. Overview.
NB Bulletin Vol. 20, N. 15, October 2017
Prescription drug invoice: first impressions
More than two weeks have passed since Bill 92 came into force in Quebec, which requires pharmacists to break down the cost of prescription drugs on invoices to clients. However, the intended effects are slow to emerge.
NB Bulletin Vol. 20, N. 14, September 2017
Normandin Beaudry’s Salary Increase Survey 2017–2018
The seventh edition of the Salary Increase Survey was conducted during the summer of 2017. Some 294 organizations representing more than 602,000 employees took part in the survey, allowing us to build a reliable, information-rich database.
NB Bulletin Vol. 20, N. 13, September 2017
Bill 92 finally in effect: A detailed pharmacy invoice since September 15
It is now official: following the introduction of Bill 92 on Friday, September 15, Quebec pharmacists must now provide their clients with a detailed invoice upon purchase of prescription drugs.
NB Bulletin Vol. 20 N. 12, July 2017
New financial parameters for the Quebec prescription drug insurance plan
On July 1 each year, the Régie de l’assurance maladie du Québec adjusts the financial parameters applicable to the public prescription drug insurance plan to take into account the increase or decrease in plan costs.
NB Bulletin Vol. 20, N. 11, July 2017
Modification to the funding framework for defined benefit pension plans in Ontario - transitional measures
Following the release on May 19, 2017 of the broad outline of its reform on the funding of defined benefit pension plans, the Ontario government filed a regulation on June 29, 2017 introducing transitional measures which came into force on July 1, 2017.
NB Bulletin Vol. 20 N. 10, June 2017
Accounting standards applicable to employee future benefits: Assumptions used by Canadian organizations
Several private sector organizations must include the recognition of their obligations toward defined benefit pension plans (DB plans) and group insurance plans offered to retirees (other post-retirement benefits) in their financial statements.
NB Bulletin Vol. 20, N. 9, May 2017
Modification to the funding framework for defined benefit pension plans in Ontario
On May 19, 2017, the Ontario government released the broad outline of its reform on the funding of defined benefit pension plans. Several measures were inspired by the changes made in 2016 to the Quebec defined benefit pension plans.
NB Bulletin Vol. 20 N. 8, May 2017
New universal drug program in Ontario
On April 27, 2017, the Ontario government tabled its budget for the coming year. This budget provides that, beginning January 1, 2018, Ontario will offer a free universal drug program, OHIP+, for children and youth under the age of 25.
Pension Plan Reform
Will you be ready in time? | Adoption of a formal funding policy
Legislation now requires all Quebec defined benefit pension plans to have a formal funding policy in place. What are the implications for pension plan sponsors and their employees?
Improvements to the Quebec Pension Plan
Public consultation concerning the Quebec Pension Plan
The Government of Quebec recently consulted its citizens concerning certain improvements that the Government wishes to make in relation to the Quebec Pension Plan. We herewith invite you to have your say in this debate by completing the online questionnaire launched by the Government.
Les Mercuriades Awards
Normandin Beaudry: two-time winner at the 37th edition of the Les Mercuriades awards
During the grand gala evening held at Montreal's Palais des congrès on April 24, 2017, we were fortunate to learn that Normandin Beaudry was the recipient of two awards.
NB Bulletin Vol. 20 N. 7, May 2017
Spring group benefits update – tax news and news on public plans
In recent weeks, the federal government and several provincial governments tabled their budgets for the coming year. Some of the measures announced by the Quebec government and the Saskatchewan government will impact group benefits plans.
NB Bulletin Vol. 20 N. 6, February 2017
2016 Tax Credit for Medical Expenses
For the 2016 tax year, a tax credit ranging from 4% to 20% of incurred medical expenses could be granted to Canadian taxpayers. The credit is subject to certain conditions and depends on the province or territory of residence.
NB Bulletin Vol. 20 N. 5, February 2017
Private Health and Dental Insurance Plans: The Federal Government Should Not Go Ahead with The Project To Tax The Premium Paid By Employers
Breaking News: On Wednesday February 1, the federal government announced its intention not to apply this legislative change in its 2017 budget. This could have had a significant impact on private group insurance plans in Canada.
NB Bulletin Vol. 20 N. 4, January 2017
2017 Social Security Programs Parameters
As in previous years, we inform you about the parameters that will be used by the major social security programs in 2017.
NB Bulletin Vol. 20 N. 3, January 2017
The Ten Most Important Developments in Drug Insurance in 2016
There were two key developments in drug insurance in 2016: the increase in private drug insurance plan costs and significant legislative changes.
NB Bulletin Vol. 20 N. 2, January 2017
Public Sector Accounting Board project about Employment Benefits: Normandin Beaudry is involved
The Public Sector Accounting Board (PSAB) published at the end of November 2016 an Invitation to Comment about the deferral provisions for employment benefits (recognition of gains and losses and valuation of plan assets), included in Sections PS 3250 and PS 3255. This publication will be of particular interest to people who are preparing financial statements in the public sector.
NB Bulletin Vol. 20 N. 1, January 2017
Bill 92 Passed: Impacts on Group Benefits Plans
The Quebec government passed Bill 92 on December 6, 2016. Bill 92 includes several measures that will affect group benefits plans.