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Manitoba Tax Changes Impact Group Insurance

Manitoba Tax Changes Impact Group Insurance

The Manitoba Government recently announced changes to the 2012 Budget which will impact insurance contracts.  Effective July 15th 2012, Retail Sales Tax (RST) will apply to certain insurance contracts at the rate of 7%.  Group Insurance contracts including the following benefits will be affected, according to the Manitoba Government Taxation division bulletin found at http://www.gov.mb.ca/finance/taxation/bulletins/061.pdf […]

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Tax Implications for Group Accident and Sickness Plans

Tax Implications for Group Accident and Sickness Plans

In the Federal Budget released on March 29, 2012, the Government of Canada made some changes regarding taxation for Group Accident and Sickness plans that could have consequences for plan sponsors. Although the implications are still being reviewed, it is important to note that the federal budget is not necessarily a clear document of proposed […]

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Is Your Benefit Administrator “Drug-Pool” Ready?

Is Your Benefit Administrator “Drug-Pool” Ready?

According to the Canadian Life and Health Insurance Association (CLHIA), annual drug costs have increased at a “historical rate” of 9.4%. For some employers, that’s three times the increase in overall compensation costs. Future drug cost trending is also looking grim, to the extent that sustainability appears to be less of a threat than the extinction of […]

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