Cost Plus

Cost Plus coverage provides designated plan members and their dependents with additional benefits for expense items that aren’t covered and for items that exceed current coverage amounts identified in the benefits program. Under a Cost Plus program, a Cost Plus claim is an expense that is an eligible drug, dental or extended health claim under the Canadian […]

Registered Pension / Savings Plan

Individual contributions to Registered Retirement Savings Plans (RRSP) and Registered Pension Plans (RPP) are tax deductible and not taxed until the funds are withdrawn. For RRSP and RPP plans, there is a maximum amount for what you can deposit in a given year. Tax-Free Savings Accounts (TFSA) are a government-regulated tax-free savings plan. Similar to the RRSP[…..]

Workers’ Compensation Maximum assemble earnings subject to premiums

Workers compensation (WCIB) is a percentage of earnings that you are required to pay out of your paycheck if you ever need to draw on it. Maximum assessable earnings subject to premiums. Taxable Income 2018 2019 British Columbia $82,700 $84,800 Alberta $98,700 $98,700 Saskatchewan $82,627 $88,314 Manitoba $127,000 $127,000 Ontario $90,300 $92,600 Quebec $74,000 $76,500 New Brunswick[…..]

Ontario Individual Health Premiums

Ontario residents pay the health premium through the income tax system. The money collected through the tax funds Ontario’s health services. Taxable Income 2005 and later tax years $0.00 – $20,000 no premium $20,001 – $25,000 (taxable income – $20,000) x 6% $25,000 – $36,000 $300 $36,001 – $38,500 $300 + (taxable income – $36,000) x 6%[…..]

Canada Pension Plan (CPP)

The CPP provides retirement benefits to people who have worked and contributed to the plan. The CPP supplements your retirement savings plan. Contributions towards CPP are deducted from the individual’s pay. This chart specifies annual contribution limits for individuals based on the Canada Revenue Agency (CRA) guidelines. Benefits – CPP 2018 Max. Amount 2019 Max. Amount Retirement[…..]

Ontario government provides more details about OHIP+ transition

The Ontario government has confirmed the date and provided further details of its proposed changes to the eligibility rules for OHIP+.   Effective April 1, 2019, only children and youth under the age of 25 who are not covered by a private benefits plan will qualify to receive eligible prescriptions at no cost through OHIP+. Those with[…..]