News Archives - Page 3 of 5 - Dehoney Financial Group

Rediscover the tax-saving ability of life insurance.

tax savings of life insurance

Over the past couple of weeks, a lot has been written about Finance Minister Bill Morneau’s proposal to fix the perceived unfairness in the way that private-business owners, family businesses, and incorporated professionals pay tax. While the proposal was not a surprise, it was the scope of the changes that many found alarming. In the days after the proposal became public, doctors’ associations, farmers, and small and medium-sized businesses have let the Minister and his government know that these changes will have a significant and negative effect on practicing doctors, the economy, and on the future of […]

Will modernizing the Patented Medicines Regulations in Canada lead to savings?

Patented Medicines Regulations

The Patented Medicines Regulations, those rules that govern the pricing of pharmaceuticals in Canada, are about to change. Many would suggest that it’s about time. There have been no substantive changes in over 20 years and Canada pays some of the highest drug prices when compared to countries of the Organisation for Economic Co-operation and Development (OECD). The United States and Mexico are the only two OECD countries that have higher patented drug prices than Canada.

The government’s proposal, titled Protecting Canadians from Excessive Drug Prices, sets out amendments to the current drug pricing regulations and may […]

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 […]