A new report is recommending the immediate increase of the trigger age for drawing down registered retirement savings, suggesting it should continue to rise with longevity. The report, published by the C.D. Howe Institute, is targeting changes to age-sensitive programs, noting the expected budget crunch for Canadian governments as the workforce ages. It says the rules that dictate when Canadians can start receiving […]
The new tax framework for cannabis products will include medical marijuana, according to the proposed excise duty framework published by the federal government on Friday. Advocates for medical marijuana, including Canadians for Fair Access to Medical Marijuana and the Arthritis Society, have stated that while they recognize and welcome continued consultations, they believe the plan hurts patients. “Applying any tax to […]
The current environment is simply too difficult for Canadians to save adequately for retirement, given increased longevity and the low yields on appropriate investments, according to a new report by the C.D. Howe Institute that suggests raising contribution limits to retirements savings plans to 30 per cent per year. “People are living longer and — […]
The idea of taxing employee discounts appears to be on hold for now, but the government may reintroduce it at a later date. If it does, the Canada Revenue Agency may want to consider the implications a little more carefully. Employee discounts are already taxable when they’re substantial in nature. If an automobile company employee gets […]
It has been a confusing week for employers following tax guidance from the Canada Revenue Agency aimed at helping them interpret their tax obligations around employee discounts. While initial reports suggested the government would be taxing employee discounts, a spokesperson for National Revenue Minister Diane Lebouthillier said Wednesday afternoon the government was pulling back the new language pending further […]
With companies like Aetna Inc., Fidelity Investments and Penguin Random House offering programs to help reduce student debt, there’s a growing trend in the United States towards assisting employees with their loans. And with tax reform currently on the table south of the border, a U.S.-based advocacy group is urging the government to provide an exemption […]
Saskatchewan begins applying its new six per cent sales tax on insurance premiums on Aug. 1. Will the new tax be a significant cost to employers that will discourage them from offering benefits or is it a small amount that will have little impact on their plans? Debra Wiegers, benefits consultant and head of the […]
As Saskatchewan’s move to levy the provincial sales tax on insurance premiums takes effect next week, the Canadian Life and Health Insurance Association says the policy “should be immediately reversed.” “CLHIA believes that Saskatchewan’s imposition of sales tax on insurance products is not good public policy and should be immediately reversed,” said Ron Sanderson, director of […]
Employers with staff in Saskatchewan will see their insurance premiums rise by six per cent this August due to a new tax introduced by the provincial government in its 2017/18 budget. The six per cent provincial sales tax will apply to all group benefits plans with life, accident and health insurance policies. “This new tax […]
Look to Reagan's tax legacy for clues.