NB bulletins

Our specialists prepared a reference guide with the key social security parameters for 2023. This quick and easy-to-use document is your reference for public pension plans and other retirement plans. Feel free to add the web page to your favorites!

Since April, our experts have been keeping a close eye on federal government announcements related to the 2022 budget. They’ve identified three changes that may have an impact on the total rewards offering of your organization.

On November 23, the House of Commons unanimously passed Bill C-228, An Act to amend the Bankruptcy and Insolvency Act, the Companies’ Creditors Arrangement Act and the Pension Benefits Standards Act, which would give defined benefit (DB) pension plan members priority in the event of a company’s bankruptcy.

Today, if an organization wants to ensure its lasting success, it must simultaneously be:  

• Attractive, so it can recruit new talent  
• Caring, so it can retain them 
• Consistent, so it can engage them  
• Proactive, so it can continue to stand out from the competition  

COVID-19 forced pension plan administrators to swiftly change their ways of doing things. From communications to financial analysis, pension plans have evolved and adapted. Now, more than two years later, the return to a “new normal” does not have to mean going back to our old ways. In light of the lessons learned from the pandemic, we must now decide which path to pursue. Here are some best practices for pension plan administrators to keep in mind.

Every year on July 1, the Régie de l’assurance maladie du Québec (RAMQ) adjusts the rates for the public prescription drug insurance plan to take into account changes in plan costs.

Several private sector organizations must include in their financial statements the recognition of their obligations toward defined benefit pension plans (DB pension plans) and other post-employment benefit plans, such as medical care plans offered to retirees (other benefits).

Again this year, Normandin Beaudry’s specialists analyzed the annual reports of Canadian organizations listed on the S&P/TSX 60 Index (60 largest organizations) and the S&P/TSX Mid Index (mid-cap organizations) for which the fiscal year ended between September 30, 2021, and February 28, 2022.

The war for talent is over and the talents have won. Under these circumstances, how can you offer distinctive total rewards and beat the labour shortage? Take action by avoiding frequent pitfalls.

The 2022 federal budget contains several measures that could directly or indirectly affect total rewards programs. In light of the available information, our specialists have identified the most relevant elements to monitor.

OFFICE SUPPLIES AND COMPUTER EQUIPMENT

For the 2021 tax year (just like the 2020 tax year), the Canada Revenue Agency (CRA) and Revenu Québec have indicated that if an employer provides an allowance or a refund for the purchase of office supplies and computer equipment, this amount will not be considered to be part of the employee’s taxable income, up to a maximum of $500 combined for 2020 and 2021 per employee, if the equipment is used for telework.

On February 8, 2022, the Financial Services Regulatory Authority of Ontario (“FSRA”) published its last 2021 Quarterly Update on Estimated Solvency Funded Status of Defined Benefit Pension Plans in Ontario, which outlines up-to-date information on the estimated solvency ratios of defined benefit pension plans in Ontario as at December 31, 2021.

Similar to 2020, 2021 will have been notable for the COVID-19 pandemic. Despite this, the prescription drug insurance industry has been constantly changing. Here is the 7th edition of our top prescription drug developments.