DFG Blog - Dehoney Financial Group

Taxing employer-paid health and dental benefit plans?

UPDATE: Trudeau says that his government will not impose a tax on health and dental benefits.

Global News reported that, during yesterday’s question period in the House of Commons, Prime Minister Justin Trudeau finally answered the question he’s been avoiding for weeks. When asked by Official Opposition Leader Rona Ambrose about whether his government would ask Canadians to pay an additional $1,000 for their health and dental benefits, the Prime Minister answered, “We are committed to protecting the middle class and that’s why we will not be raising the taxes the member […]

Changes to Employment Insurance (EI) Waiting Period Begin January 1, 2017

UPDATE: Changes to Employment Insurance (EI) Waiting Period Begin January 1, 2017

The 2016 Federal Budget introduced significant changes to Employment Insurance eligibility and benefits in response to fluctuating unemployment rates. Most notably, the waiting period for EI benefits, including sickness benefits, has changed from 2-weeks (14 days) to 1-week (7 days). The benefit payment period remains unchanged at 15-weeks of paid benefit.

Impact to Employers of the new EI Waiting Period

If you are an employer who currently coordinates EI sickness benefits with a […]

3 reasons why 2017 won’t be typical for life insurance.

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New taxation rules slow down life insurance product introductions in 2017.

As the end of the year arrives and, with it, the new taxation rules for life insurance, we are starting to receive information on the new life insurance products.

The reasons for the carriers’ slow introduction of new products:

#1. New life insurance tax rules (effective January 1, 2017) were introduced in 2016 to reflect current mortality rates and heightened requirements by the regulators for standardization across insurers and products. These rules replace the current and more favourable tax rules, and have created a tremendous […]

UPDATE: BC MSP Premium Changes Arriving in 2017

With a bold headline, Strong economy pays dividends, the BC Provincial Government announced on September 15, 2016, that it would be scrapping the proposed 4% BC MSP premium rate increase that it had announced earlier this year.

“B.C.’s strong economic growth and better-than-forecast revenues” are Finance Minister Mike de Jong’s reasons for the government’s decision to scrap the premium increase and to deliver “dividends” to British Columbians.

Who doesn’t benefit from the reversal of the 4% BC MSP premium increase?

As we wrote in April of this year, changes […]