Ontario Government Announcement: Making Workplace Pension Plans More Sustainable

Ontario Government Announcement: Making Workplace Pension Plans More Sustainable

Ontario Government

On May 19, 2017, Ontario’s Ministry of Finance announced its proposed new defined benefit (DB) pension plan funding framework as well other amendments to be made in a legislation to be introduced in the fall.  It applies to single-employer DB plans, but not to multi-employer pension plans (MEPPs) and jointly sponsored pension plans (JSPPs).  The government is not considering changes to funding rules for JSPPs at this time.  We were also directly informed that the government intends to announce its proposed target benefit MEPP framework later this spring and release draft regulations for public consultation in fall 2017.

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Ontario Government Announcement: Making Workplace Pension Plans More Sustainable

Provincial Budgets 2017: Ontario

Provincial Budgets 2017: Ontario

Ontario Government

On April 27, 2017, Ontario Finance Minister Charles Sousa presented the 2017 Ontario Budget, A Stronger, Healthier Ontario (the “Budget”).  This budget is the first balanced budget since 2008, yet it includes new programs and additional spending focused on health, infrastructure, and housing affordability matters.  The Budget also includes some equivocal announcements on pension matters.  This memo will highlight a number of items that may be of interest to plan administrators, employers, and employees.

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Ontario Budget 2017

2017 Federal Budget Highlights

2017 Federal Budget Highlights

Federal Government

On March 22, 2017, Minister of Finance Bill Morneau presented the 2017 Canada Federal Budget titled Building a Strong Middle Class.  The second budget from the Liberal federal government focuses on working middle-class families with children with changes to federal government benefits and tax credits.

Budget 2017 provides additional details about investments promised in the previous budget and includes additional investments in infrastructure, housing, skills training, improving the socio-economic conditions of Canada’s Indigenous peoples, mental health, home care, child care, and changes to tax credits.

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Federal Budget 2017

Notes on the British Columbia and Alberta Provincial Budgets

Notes on the British Columbia and Alberta Provincial Budgets

Western Canada Provincial Budgets

On Tuesday, February 21, 2017, Finance Minister Michael De Jong delivered British Columbia’s fifth consecutive balanced budget.  On Thursday, March 16th, Alberta Finance Minister Joe Ceci delivered the 2017 Provincial Budget, which contains a number of provisions aimed at providing relief for Albertans despite a projected $10.3 billion deficit.   Both budgets highlighted a number of initiatives aimed at providing support to provincial residents in the form of improved health care funding and tax credits designed to aid small and medium businesses, employment, and economic recovery.  This memo presents some of the main features of these budgets that may be of interest to employers, plan sponsors, and employees.

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Notes on the British Columbia and Alberta Provincial Budgets

BC Budget 2017: MSP Changes & Implications

BC Budget 2017: MSP Changes & Implications

BC_Flag

On Tuesday, February 21, 2017, Finance Minister Michael De Jong delivered British Columbia’s fifth consecutive balanced budget.  One of the key items of this pre-election budget was the announcement of reductions to Medical Services Plan (MSP) premiums.

The Budget promises that MSP premiums will be cut in half for British Columbians with annual family net incomes of up to $120,000 beginning January 1, 2018.  The reduction was presented as the first step in a plan towards eliminating the MSP premiums entirely.  The Budget also proposes raising the income threshold below which households are exempt from MSP premiums by $2,000.  Individuals with an annual net income up to $26,000 and couples with two children and an annual net income up to $35,000 will be exempt from MSP premiums.

In order to benefit from this reduction, individuals will be required to register with MSP and apply for the reduction.

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2017 BC Budget’s MSP Changes & Implications

 

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