Our annual tax tips document is here!
Use this document to reference the latest tax implications and rates as they affect group benefit plans. While every effort is made to ensure this document is up-to-date, legislature and policies may change over the course of a year. This document is up to-date as of March 19, 2018.
Changes to note:
- MSP changes in British Columbia
Medical Services Plan (or MSP) is British Columbia’s provincial medical plan. In the provincial budget tabled in February of 2017, it was announced that MSP premiums will be reduced by 50% for residents with a net annual household income below $120,000. According to this article from Morneau Shepell: this change could result in a savings of $450 per year for individuals and $900 per year for families paying full premiums to the government.
- Saskatchewan removes Provincial Sales Tax (PST) from insurance premiums
Early in 2018, the province of Saskatchewan announced that PST no longer applies to insurance premiums. The change extends retroactively to the date the change came into effect back in the summer of 2017. This change affects employers with employees in Saskatchewan, even if the organization is not headquartered in the province.