Group Benefits Archives - Page 3 of 4 - Dehoney Financial Group Ltd.

Government of Saskatchewan imposes PST on insurance premiums effective August 1, 2017

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The Government of Saskatchewan will impose a 6% PST on all insurance premiums with an effective date on or after August 1, 2017. The original effective date for the application of the Provincial Sales Tax (PST) was July 1, 2017, but was extended to August 1, 2017, to provide additional time for implementation. The PST of 6 per cent impacts employers with employees in Saskatchewan and applies to the following:

Self-insured group benefit arrangements, also known as Administrative Services Only (ASO) arrangements
New individual permanent life insurance policies, including whole and universal life insurance, effective after […]

OHIP+ is good news for Ontario-based businesses arriving January 1, 2018

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Given the rising cost of specialty prescription drugs and increased use of paramedicals, Ontario businesses who sponsor an employee benefit plan are finally receiving some good news. With the April 27, 2017, announcement by Ontario’s Ministry of Finance, introducing free prescription drug coverage (OHIP+) for everyone aged 24 and under, a plan sponsor’s bottom line will improve.

How will plan sponsors benefit?

A lower number of claims – although children comprise a relatively low percentage of the overall drug spend, drug claims will drop. ClaimSecure recently analyzed the claims data of […]

New: PST to be charged on insurance premiums in Saskatchewan

3:14 pm
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In an Information Notice dated March 22, 2017, issued by the Government of Saskatchewan, the government announced both an increase and expansion of the Provincial Sales Tax (PST) from 5% to 6% effective March 23, 2017.  Read the notice here.

Of significance to employers with employees who reside in Saskatchewan is the expansion of the PST to include insurance premiums. This new tax applies to all insurance premiums that are due on or after July 1, 2017, regardless of when the policy was issued. This includes:

Life Insurance
Accidental Death & Dismemberment Insurance
Extended […]

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 […]