The federal government says it’s preparing to address one of the key tax issues that has caused massive headaches for government employees overpaid by its problem-plagued civil service pay system. The Finance Department has drafted legislation that would see overpaid employees, regardless of who they work for, required to repay only the amounts deposited into […]
Any modifications to federal pension legislation should encourage plan sponsors to continue offering defined benefit pension plans, while helping them fulfil their pension promises to plan members, according to the Canadian Institute of Actuaries. “Fulfilling pension promises is especially important for those plan members who can least afford the risk of benefit reductions, such as those with […]
With privacy and data protection laws in Canada and abroad evolving, these changes serve as a reminder to employers to be more stringent in safeguarding the information entrusted to them, particularly by their employees. Employers collect a myriad of personal information from their employees, including health details, spousal status, marriage breakdown information and union membership for plan administrative purposes, noted […]
With just about a month to go until the federal government’s long-awaited Canada Pension Plan enhancements kick in on Jan. 1, 2019, Scott Perkin is relaxed about the prospect. Although the changes have been billed as one of the biggest shakeups to the CPP since its introduction in the mid-1960s, Perkin, the director of pension […]
Ontario’s smallest companies will be saving on their employer health tax come Jan. 1, 2019. The province’s 2018 economic outlook and fiscal review, presented by Finance Minister Vic Fedeli on Thursday, proposed an increase to the amount of payroll eligible for exemption from the employer health tax from $450,000 to $490,000 for organizations with 10 or […]
The Constitution allows Ottawa and the provinces to set up a national securities regulator, the Supreme Court says in a ruling that could help advance a plan for countrywide oversight of capital markets. In its unanimous ruling Friday, the high court also found that federal draft legislation for national regulation of the trade in stocks, […]
An accounting indexation error by Veterans Affairs Canada has deprived thousands of veterans of indexation increases to their monthly disability pension, according to Canada’s veterans Ombudsman. The office of the veterans ombudsman uncovered the error, which could total around $165 million for the period of 2003 and 2010, when it analyzed the math behind the implementation […]
The Canada Revenue Agency has announced that the maximum pensionable earnings under the Canada Pension Plan for 2019 will be $57,400, up from $55,900 in 2018. Contributors who earn more than $57,400 won’t be permitted to make additional contributions to the CPP. The basic exemption amount for 2019 remains $3,500. The registered retirement savings plan […]
Although the landscape is set to change dramatically with the legalization of marijuana for recreational use, plan sponsors and members can expect a distinct system for medical cannabis to continue, said Aurora Cannabis Inc.’s Jonathan Zaid. Speaking at the Pharmacy Solutions in Drug Plan Management forum in Mississauga, Ont. on Sept. 25, Zaid, the organization’s director, advocacy and […]
The Trudeau government is seeking to give federally regulated workers more paid personal leave days in a proposal that arrives as Ontario moves to cut workers’ time-off entitlements. Federal budget legislation, if passed, would let workers take up to five days off each calendar year for reasons such as the care of relatives, children’s educations […]