NB bulletins

The federal budget released on April 16, 2024, contains measures that could have a direct or indirect impact on your organization’s total rewards offering. Our experts have put together a watch list in light of the available information.

The year 2024 is off to a positive start for pension plans, with favourable stock market returns and rising interest rates, which tend to reduce the value of pension plan liabilities.

On April 11, the Supreme Court of Canada denied the application for leave to appeal the challenge to the Act to foster the financial health and sustainability of municipal defined benefit pension plans (Bill 15).

Discover our first market monitoring report on annuity purchases in Canada in 2023!

Following the announcement of an agreement between the Liberal Party of Canada and the New Democratic Party of Canada (NDP), Bill C-64, An Act respecting pharmacare, was introduced on February 29.

For the 2023 tax year, Canadian taxpayers could be entitled to a tax credit ranging from 4% to 20% for medical expenses incurred for themselves or their dependants. This credit is subject to certain conditions and depends on the province or territory of residence.

For job seekers, group benefits are the second most important factor after salary. With the growing labour shortage, it is more important than ever to offer a group benefit plan that fosters talent retention and performance, while improving the employee experience.

In this context, there are various ways to promote a plan among groups of employees and HR departments.

On December 27, 2023, the Quebec government published proposed regulation amending the Regulation respecting supplemental pension plans (Proposed Regulation)¹, intended to offer greater flexibility in the use of retirement savings as of age 55. This flexibility may be interesting for individuals who wish to make larger withdrawals in the early years of their retirement so they can defer government pensions.

On January 23, the Government of Quebec adopted the Regulation respecting the funding of defined-benefit pension plans of the municipal and university sectors (Regulation). The Regulation will come into force on February 22, 2024, and amendments will apply for actuarial valuations as at December 31, 2023.

A look back at the highlights of 2023 in this ninth edition of our top drug insurance developments of the past year.

After a significant rise in interest rates in previous quarters, the year ended with slightly lower rates than at the beginning of 2023. Despite the large variation of this key indicator, the financial position of the average pension plan remained relatively stable over the year. This favourable financial position allows many administrators and pension committees to prioritize and implement strategies that benefit their organization.

Health Canada announced the details that will apply to the Canadian Dental Care Plan (CDCP). This federal program will provide eligible Canadians with financial assistance so they can benefit from affordable, comprehensive dental care.