 |
| In This Issue... Previous Articles
|
Ontario Drug Changes Announced Ontario's Ministry of Health and Long-Term Care has announced the final changes to the Ontario Drug System Renewal, but plan sponsors will not notice much of a difference from the original legislation. HST (Harmonized Sales Tax) Ontario and British Columbia have adopted measures to implement the Harmonized Sales Tax (HST) that will take effect in these provinces on July 1, 2010. Also, certain application rules have been changed or clarified, which has resulted in changes to the existing HST in the other provinces where this tax already applies (Nova Scotia, New Brunswick and Newfoundland and Labrador) and to the QST in Quebec. Tax Efficient Executive "Perqs" There have been many strategies in the past to give additional "perquesities" (or simply "perqs") as a part of compensation packages. In recent years, there have been many changes to these allowable expenses. Below is a list of allowable perqs, including some commonly mismanaged rewards that CRA does not look kindly at. Defined Contribution Your Solution to Rising Benefits Costs As organizations face increasing challenges to keep costs in-line, the traditional approach to implementing and maintaining employee benefit plans is becoming unsustainable. 60%-90% of employee benefit plan costs are attributable to the Medical and Dental portions of plans. Canadian companies operating in the United States Canadian companies operating in the United States can run into serious difficulties if they do not pay attention to the benefits they offer their American workforce. The legislation and regulations in the United States are very different from Canada and require specialized knowledge to ensure compliance with the various State and Federal laws. Leaving Canada for an extended trip? Make sure you have the proper medical coverage while you travel. Emergency medical travel insurance requires that your provincial medical insurance is in force. The Canadian travel insurance companies require enforce provincial health insurance to ensure that they can limit losses in the case of major medical claims. For example, each emergency travel medical insurance policy has clauses that enable the insurance company (at their discretion) to supply a medical evacuation back to the insured’s home province. Canada: Employment Standards Termination Clauses Enforceable For an employer, one of the most important - and unfortunately, often noticeably absent - provisions in any written employment contract is a clause outlining what notice or pay in lieu an employee is entitled to on termination. These provisions are usually enormously valuable for employers, both in knowing in advance what is necessary to terminate an employee (and therefore minimizing the cost of expensive wrongful dismissal litigation), and in significantly reducing the amount of notice or pay in lieu that an employee would otherwise be entitled to under the common law. Compensation Changes and Constructive Dismissal If you're like many employers, there is tremendous pressure to chase down expenses which include compensation programs. Whether it is paring back contributions or coverage on employee benefit or group retirement plans, or transitioning salary to bonus, such changes can trigger a reaction from employees or collective bargaining units. Although workforce harmony is important, the greater risk can be liability, including constructive dismissal.
No communication, article, information or advice on this web site constitutes or implies in any way a solicitation of business. Please remember that while strategies outlined within this newsletter may be appropriate for some employers, you should always consult a benefits specialist to determine if they are appropriate for your company. |
| The Next Step is Yours. Take the First Step on the Right Path® www.selectpath.ca Toll Free 888.327.5777 | London 519.675.1177 | Southwest London 519.471.8292 | Sarnia 519.344.7494 | |
| PRIVACY POLICY | LEGAL | Copyright © 2002-10 Selectpath Benefits & Financial Inc. | |