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Retirement Savings Plans (RRSP) and Registered Pension Plans (RPP) are tax deductible and not taxed until the funds are withdrawn.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 […]

Group benefit taxation

Each benefit, depending on what your employer provides, plus the percentage you pay versus the percentage your employer pays – makes it a taxable or a non-taxable benefit. Taxable Income Premium is a tax deductible expense (Employer) Employer contributions?1 Benefit payments to employee Group Life yes Taxable Benefit Non-Taxable Dependent Life yes Taxable Benefit Non-Taxable Wage-Loss Replacement[…..]

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[…..]

Legislative change: OHIP+ program

As of April 1, 2019, Ontarians under age 25 with private drug coverage will no longer be eligible for OHIP+ In January 2018, the Ontario government launched OHIP+, a provincial drug program that provides coverage for over 4,400 drugs for all Ontarians under 25. The program is changing. Effective April 1, 2019, OHIP+ will only be available[…..]

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[…..]

Increase in EI maximum insurable earnings affects STD plans

The federal government announced the 2019 Employment Insurance (EI) premium rates and maximums. New rates effective January 1, 2019 Maximum insurance earnings $ 53,100 Maximum EI benefit $562 This increase affects Short -Term Disability plans where: • Maximum STD benefit is based on the EI maximum weekly benefit ($562 for 2019) • The EI maximum earnings amount[…..]