The weather was perfect on Saturday, May 5th as our BHH Benefits team participated in the sixth annual City of Niagara Falls Community Clean Sweep Day.
Along with over 300 volunteers, BHH contributed to filling hundreds of garbage and recycling bags with debris found in city parks, trails, walkways and school yards.
Special thanks to Mick & Angelo’s and Tim Hortons for providing food and beverages throughout the day to keep the volunteers energized!
For more City of Niagara Falls community involvement opportunities click here.
Do something BIG – support the Big Move Cancer Ride!
BHH is cycling and volunteering in the Big Move, click here to support our team.
Last week the Canadian Federal budget was released and contained a few items that could affect your employer sponsored benefit and pension plans.
People are living longer resulting in pressure on our retirement income programs and healthcare system. Canada’s Economic Action Plan 2012 proposes measures to ensure the sustainability of our country’s finances and social programs for future generations. These steps are required to prepare Canada for the demographic pressure that our economy will face over the medium and long terms.
Below is a summary of the federal budget implications on both benefits and pension:
Benefits, and Taxation:
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New Tax Treatment for Group Sickness and Accident Insurance Plans
Accidental Death and Dismemberment (AD&D) and Critical Illness insurance will now be a taxable benefit. (Does not apply to wage-loss replacement programs (short-term or long-term disability).
Changes will not affect the current tax treatment of private health service premiums.
New tax treatment will apply to contributions made by your employer January 1, 2013. However, contributions made by employers after March 28, 2012, and before 2013 relate to your coverage under a group sickness or accident insurance plan after 2012, the contributions will be a taxable benefit and included in your income for 2013.
Employee Impact:
- Increased tax deductions on paystubs.
Employer Impact:
- Payroll personnel will be required to administer tax deductions on employee’s taxable income.
- Employers will be responsible for paying additional taxes on the combination of employee’s salaries and benefit premiums paid.
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Insured Long-Term Disability (LTD) Plans
Through the elimination of Administrative Services Only (ASO) on LTD plans, a new legislation was imposed that requires LTD plans to be insured. (See Nortel Clause for further insight)
Employee Impact:
- Employees on LTD coverage will continue to receive benefits if their employer goes bankrupt.
Employer Impact:
- Companies currently using ASO underwriting on LTD will incur additional costs of risk premium to insure their LTD plans.
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(more…)
BHH is proud to support the Niagara Regional Walker Family Cancer Centre!
We have registered our team to cycle in the 50K and 100K ride through the scenic escarpment on Sunday, the 9th of September.
As the weather gets warmer we’ll communicate through Twitter and Facebook to keep you updated on our training rides and fundraising endeavours.
Click here to see our BHH team profile page.
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