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.
The Financial Services Regulatory Authority of Ontario (FSRA) recently released its annual report, which outlines its many activities in the past year. This bulletin summarizes FSRA’s main activities in 2023.
Our specialists prepared a reference guide with the key social security parameters for 2024. This quick and easy-to-use document is your reference for public pension plans and other retirement plans. Feel free to bookmark this page!
Normandin Beaudry, a leader in actuarial and total rewards consulting services, today announced that it has joined MBWL International (MBWL), an international joint venture between Barnett Waddingham, Milliman, and Lurse, as the fourth equal Joint Venture (JV) partner. This new partnership will enable Normandin Beaudry to extend services to Canadian companies with cross-border requirements.
The average pension plan’s going concern position remained relatively stable in Q3 and since the beginning of the year, whereas their solvency position improved during those same periods. Higher interest rates are generally favourable for pension plans, whose financial situation has remained at enviable levels for some quarters.
