DISCUSSION PAPER EXECUTIVE SUMMARY
|
|
- Harold Knight
- 5 years ago
- Views:
Transcription
1 DISCUSSION PAPER EXECUTIVE SUMMARY 1. TITLE Compensation of Principals Shareholder Dividends 2. ISSUE Current compensation policy provides that dividends paid to principals of limited companies as remuneration for labour may be used to calculate a principal s average earnings to determine temporary and permanent disability benefits. At issue is a review of compensation policy to determine if policy should be revised to exclude the payment of dividends to principals in the calculation of their average earnings for compensation purposes. 3. OVERVIEW Principals of limited companies may receive all or a portion of their remuneration as dividends instead of wages. Currently, dividends paid to active principals are included in an employer s assessable payroll and in the calculation of a principal s average earnings. However, effective January 1, 2015, dividends paid to active principals will no longer be included in an employer s assessable payroll. The attached discussion paper provides an overview of the compensation of principals of limited companies in relation to shareholder dividends. The paper also sets out two policy options for stakeholder review and comment. 4. FEEDBACK Stakeholders are invited to provide feedback on the discussion paper and options, and to make any additional comments that may be relevant to the issue. Stakeholder comments will be accepted until September 5, Contact information can be found at page 9 of the Discussion Paper. June 2014 Page 1
2 DISCUSSION PAPER 1. TITLE Compensation of Principals Shareholder Dividends 2. ISSUE At their meeting on December 11, 2013, WorkSafeBC s Board of Directors amended assessment policy to provide that dividends paid to active principals are no longer included in assessable payroll effective January 1, Current compensation policy provides that dividends paid to principals of limited companies as remuneration for labour may be used to calculate a principal s average earnings to determine temporary and permanent disability benefits. At issue is a review of compensation policy to determine if policy should be revised to exclude the payment of dividends to principals in the calculation of their average earnings for compensation purposes. 3. BACKGROUND 3.1 Law and Policy Currently, shareholder dividends are treated in a similar manner for both compensation and assessment purposes Compensation The Workers Compensation Act ( Act ) provides that a worker who suffers personal injury or death that arises out of and in the course of their employment is entitled to compensation. 1 Compensation benefits include health care, temporary and permanent disability awards, vocational rehabilitation services, and survivor benefits in fatal cases. The Act provides that compensation paid to an injured worker is determined based on the worker s average earnings at the time of injury. 2 Compensation policy currently provides that WorkSafeBC may include dividends in average earnings for the purpose of determining the compensation of a principal where the amount received represents payment for the principal s labour. 3 For temporary partial disabilities, temporary total disabilities and permanent partial disabilities, the Act provides that the minimum compensation payable to a worker is a set amount (currently $ per week), unless the worker's Section 5 of the Act. Section 33(1) of the Act. Policy item #68.90, Principals Composition of Earnings, of the Rehabilitation Services & Claims Manual, Volume II ( RS&CM ). June 2014 Page 2
3 average earnings are less than that amount, in which case compensation is based on the worker's average earnings. 4 For permanent total disabilities, the Act provides that a worker's compensation is subject to a minimum amount regardless of whether the worker's average earnings are lower than that amount. 5 The Act does not provide a definition of principal. However, assessment policy sets out that a principal is a: Person who has the direct or indirect power or ability to control or influence the operations of a company or similar entity, through ownership of voting securities, by contract, or otherwise. An officer, director or shareholder active in the operation of a company or similar entity is presumed to be a principal of that firm. 6 WorkSafeBC generally treats principals who are active in the operation of a limited company as workers Assessment The Act provides WorkSafeBC with the authority to assess, levy, and collect assessments from employers in any manner WorkSafeBC considers proper to fund the workers compensation system. 8 Current assessment policy provides that dividends are included in assessable payroll where they are paid to principals as remuneration for activity in a limited company. 9 However, dividends paid to active principals will no longer be included in assessable payroll effective January 1, There is no requirement under the Act or in policy for assessment amounts and compensation benefits to be equal. In practice, the amount of compensation benefits paid does not directly equate to the assessment premiums collected for any worker. 4. OTHER JURISDICTIONS The Policy, Regulation and Research Division ( PRRD ) reviewed assessment and compensation policy and practice on principals of limited companies in the other Canadian jurisdictions. Of the 11 jurisdictions, five consider active See sections 23, 29 and 30 of the Act. See section 22 of the Act. See Item AP1-1-1, Coverage under the Act Description of Terms, of the Assessment Manual ( AM ). See Item AP1-1-4, Coverage under the Act Employers, of the AM. Sections 38 and 39 of the Act. See Item AP1-38-2, Payroll Categories, of the AM. Resolution 2013/12/ June 2014 Page 3
4 principals of limited companies to be workers and provide mandatory coverage as in British Columbia. 11 Three jurisdictions do not include dividends for compensation purposes. 12 While the Yukon does not include dividends in assessing earnings, in certain circumstances they will include dividends in calculating compensation. In practice, the Yukon includes dividends in determining compensation if they are paid as a bonus, appear on a paycheque, and are taxed. In Newfoundland and Labrador, dividends are both assessed and included in calculating compensation benefits. This is the current approach in British Columbia. The six remaining jurisdictions do not provide mandatory coverage for principals of limited companies but do establish a framework for optional coverage. 13 Of these, only Ontario permits dividends to be included in the assessment and compensation of principals DISCUSSION Principals may receive all or a portion of their remuneration as dividends instead of wages. Effective January 1, 2015, these dividends will no longer be included in an employer s assessable payroll but will continue to be included in the calculation of a principal s average earnings. This review is to determine whether current compensation policy on shareholder dividends should continue in light of the upcoming change to assessment policy. 5.1 Previous Consultation on Shareholder Dividends The PRRD conducted two rounds of external consultation in 2009 and 2013 following stakeholder requests for changes to the assessment policy on shareholder dividends. Overall, the majority of stakeholders supported removing dividends paid to active principals from assessable payroll. In support of this position, stakeholders provided the following reasons: dividends are often a return on investment and not remuneration for work; wages represent actual work, whereas dividends represent a reward for growing the company and/or sacrifices and risks of owning a business; Saskatchewan, Nova Scotia, New Brunswick, Newfoundland and Labrador, and the Yukon. Saskatchewan, Nova Scotia, and New Brunswick. Alberta, Manitoba, Ontario, Quebec, Prince Edward Island, and the Northwest Territories/Nunavut. In Ontario, executive officers may include dividends to establish earnings when purchasing optional coverage. Average earnings for compensation are calculated using either the amount of coverage purchased, or the actual employment earnings at the time of the injury (including dividend income as reported on Form T5), whichever is less. June 2014 Page 4
5 including dividends in assessable payroll for active principals in circumstances where dividends are paid pro rata to all shareholders of a class of shares, irrespective of participation level, would be discriminatory and inequitable; dividends are fundamentally different than income and are treated as such by the Canada Revenue Agency ( CRA ); the decision of whether or not to pay a dividend is based on a number of business and tax implications, and WorkSafeBC should not intrude into this business process; and the CRA recognizes a difference between income earned from labour, and dividends. Excluding shareholder dividends would be more in line with CRA requirements under which dividends are not included in determining pensionable or Employment Insurance earnings. As a result of the change to assessment policy, this policy review was added to the PRRD s Compensation, Occupational Disease, and Assessments Policy Priorities Workplan. 5.2 Dividends as Remuneration An option for consideration is to exclude shareholder dividends paid to principals from the calculation of their average earnings. Under this approach, principals who are paid a portion of their remuneration as dividends would receive compensation benefits based on a lower average earnings amount. Principals who receive all of their remuneration as dividends, with no other wages, would have no earnings on which to calculate their average earnings. The Act provides that, for a worker with no earnings, WorkSafeBC must determine their average earnings in a manner the Board considers appropriate. 15 Policy provides some specific examples for persons working without pay such as volunteer firefighters and sisters in Catholic institutions. 16 It does not provide guidance on a worker who receives pay in the form of dividends as opposed to wages. Regardless of whether a principal has no earnings, and receives no temporary or permanent disability benefits, they would still continue to receive health care benefits, and would receive the statutory minimum amount set out in the Act in case of permanent total disability or survivor benefits in the event of a fatality See section 33.7 of the Act. Policy items #67.30, Workers with No Earnings, and #67.32, Volunteer Firefighters and Ambulance Drivers and Attendants, and Sisters in Catholic Institutions, of the RS&CM. See sections 17, 22, 23, 29, and 30 of the Act. June 2014 Page 5
6 As well, principals, as workers, would continue to be precluded from recovering losses by taking legal action in the event of workplace injury or death. They would also not be permitted to purchase personal optional protection for additional coverage. An implication of this approach is that principals could be treated unequally with respect to compensation benefits and the structure of their earnings. A principal who receives all of his or her remuneration as wages would have the full amount included in determining their compensation, up to the maximum wage rate. Conversely, a principal with the same remuneration paid as dividends would be considered to have no earnings. This approach may also create an inequality for employers. If limited companies pay remuneration as dividends instead of wages, they would pay reduced or no assessment premiums. Consequently, the base rate to all employers in that rate group may be increased to reflect this circumstance, in order to ensure adequate funding of the accident fund. 5.3 Administrative Impact Currently, wage rate officers with WorkSafeBC determine, on a case-by-case basis, whether it is appropriate to include dividends in calculating a principal s average earnings. The nature of a principal s involvement and their relationship with a company is considered to determine whether the dividends they receive represent remuneration for work performed. If policy is amended, this evaluation would no longer be necessary. Currently, Review Division decisions involving the inclusion of shareholder dividends in principals average earnings are infrequent. However, when they do occur, the discretionary inclusion of dividends creates challenges for adjudicators in determining whether to include them and, if so, what proportion of dividends received by a principal represents remuneration for activity in a company. As a result, the Wage Rate Unit, the Review Division and the Workers Compensation Appeal Tribunal ( WCAT ) may reach different conclusions on the same facts. 18 If policy is amended as proposed, practice may be simplified but the number of claims being escalated to the Review Division and complaints to the Fair Practices Office may also increase where principals are dissatisfied with the decision on the amount of their average earnings. 18 See for example, Review Division decision #R and WCAT decision The Review Division found that dividends paid to a principal did not constitute payment for the worker s labour and could not be included in calculating his average earnings. On the same facts, the WCAT found that the dividends should be included in calculating the worker s average earnings because they represented employment income for the worker s operation of the business. June 2014 Page 6
7 Another consequence of this approach is that a principal, in the event of injury, may choose to restate his or her dividend income as wages to the CRA prior to consideration by WorkSafeBC. Where a principal restates dividend earnings as wages, the wages also become assessable. If this process occurs within the 75- day statutory time limit for reconsideration, WorkSafeBC may accept the new earnings information and include it in the calculation of average earnings. 19 Where this process occurs outside of the 75-day time limit, the only option available to the principal is to request a review or an appeal. 20 Restating earnings to the CRA may be time consuming for both principals and WorkSafeBC. 5.4 Cost Implications It is difficult to estimate the potential cost implications of revising policy to remove dividends from the calculation of a principal s average earnings. Anecdotal evidence from the Worker and Employer Services Division indicates that approximately 25% to 30% of claims by self-employed individuals include a portion of dividends in determining compensation benefits. In 2013, 531 claims were made by principals who received wage loss benefits totaling over $3.8 million. It is not known how much is collected in assessments on shareholder dividends as reporting procedures require employers to report all payroll as a lump sum; i.e. shareholder dividends are not reported separately. 6. OPTIONS AND IMPLICATIONS Option 1: Status quo Under this option, no amendment would be made to compensation policy. Implications Assessment and compensation policy would not be aligned. The change to assessment policy in respect of shareholder dividends may need to be reviewed in the future. Compensation would be paid on amounts that are not assessed by WorkSafeBC See section 96 of the Act. A request for review to the Review Division must be filed within 90 days after a decision is made by WorkSafeBC. An appeal to the WCAT must be filed within 30 days of a review decision. A worker must request an extension of time if the time to file a review or appeal has expired. See sections 96.2 and 243 of the Act. June 2014 Page 7
8 Dividends would continue to be included in average earnings for the purpose of determining a principal s compensation. British Columbia would be the only jurisdiction in Canada where assessment and compensation policy on shareholder dividends are not consistent. Option 2: Exclude Shareholder Dividends from Average Earnings Under this option, compensation policy would be amended according to the attached Appendix to exclude shareholder dividends from the calculation of a principal s average earnings. Implications Assessment and compensation policy would be aligned. Principals who receive a portion of their remuneration as dividends would receive reduced payments for temporary and permanent disability than under current policy. Principals remunerated solely with dividends may receive no compensation for temporary partial, temporary total and permanent partial disabilities. However, these workers would still be entitled to health care benefits and statutory minimum benefits without paying assessment premiums. There may be an increase in the base rate for all employers to cover principals entitlement to health care and statutory minimums. WorkSafeBC s treatment of dividends would be consistent with the CRA s approach. It is anticipated that there would be an increase in the number of reviews and appeals. British Columbia would be consistent with all other jurisdictions, except Newfoundland and Ontario, in excluding dividends in calculating assessment premiums and compensation benefits. 7. CONSULTATION Stakeholders are invited to provide feedback on the discussion paper and options, and to make any additional comments that may be relevant to the issue. Stakeholder comments will be accepted until September 5, When responding, please provide your name, organization, and address. Comments may be sent by mail, fax or to: By policy@worksafebc.com June 2014 Page 8
9 By mail: Pamela Austin Policy Analyst Policy, Regulation and Research Division WorkSafeBC P.O. Box 5350, Stn. Terminal Vancouver, B.C. V6B 5L5 By fax: An acknowledgement of receipt will be sent for each submission. Please be advised that stakeholders will not be contacted regarding the contents of their submissions unless clarification is needed. WorkSafeBC s governing body, the Board of Directors, will consider stakeholder feedback before it adopts any amendments to the current policies. Please note that all comments become part of the Policy, Regulation and Research Division s database and may be published, including the identity of organizations and those participating on behalf of organizations. The identity of those who have participated on their own behalf will be kept confidential according to the provisions of the Freedom of Information and Protection of Privacy Act. June 2014 Page 9
10 APPENDIX A REHABILITATION SERVICES & CLAIMS MANUAL, VOLUME II DRAFT POLICY #68.90 Principals Composition of Earnings The Assessment Manual sets out who may be a principal, and criteria for determining whether a principal is a worker. Principals' average earnings are calculated based on earnings from employment, including earnings shown on official statements issued by the firm for income tax purposes and management fees. When determining the composition of a principal's average earnings, the Board may consider dividends and the repayment of a principal's loan to the employer as earnings in cases where it is shown that the amount received by the principal represents payment for the principal's labour. If reported earnings are being received by a principal s spouse or child, then it should normally be considered for compensation purposes that the earnings belong to the spouse or child and not the principal. The same applies if information of this nature has been provided on Income Tax Reports. In making reports of this nature for Income Tax purposes, the company is asserting that the principal s spouse or child did work in the business and did earn the money paid. The Board is required to consider any evidence which may show that this assertion is incorrect and to make its own determination. However, the Board is entitled to rely upon this assertion unless there is good evidence to the contrary. Even if, upon investigation, the evidence shows that the spouse or child did not work for the company, that in itself does not mean that the payments to the spouse or child were earnings of the principal. There could be any number of other reasons why the company might make payments to the spouse or child. In compensating the principal of a small limited company, the Board s obligations extend only to the losses suffered in the capacity of employee. Wage-loss compensation cannot be paid to reflect any detrimental effect that the injury may have on the company s business. EFFECTIVE DATE: APPLICATION: January 1, 2008 TBD This policy applies to the calculation of average earnings for principals with injuries that occur on or after January 1, 2008 TBD. June 2014 Page 10
DISCUSSION PAPER EXECUTIVE SUMMARY
DISCUSSION PAPER EXECUTIVE SUMMARY 1. TITLE Clothing Allowances 2. ISSUE Workers may sustain damage to clothing as result of wearing a prosthetic, a brace or using a wheelchair. Current compensation policy
More informationIndividual Taxation Tax Planning Guide
Taxable Income TABLE I1 ONTARIO (2014) TAX TABLE Tax Effective Marginal Rate Federal Ontario Total Rate Federal Ontario Total $ $ $ $ 10,000-17 17 0.2 0.0 5.0 5.0 11,000-67 67 0.6 12.9 5.1 18.0 12,000
More informationAccess to Basic Banking Services
Access to Basic Banking Services Opening a personal deposit account and cashing Government of Canada cheques or other instruments In order to improve access to basic banking services, legislation requires
More informationFederal and Provincial/Territorial Tax Rates for Income Earned
by a CCPC Effective January 1, 2015 and 2016 by a CCPC Effective January 1, 2015 1 Federal rates General corporate rate 38.0% 38.0% 38.0% Federal abatement (10.0) (10.0) (10.0) 28.0 28.0 28.0 business
More informationNet interest income on average assets and liabilities Table 66
Supplemental information Net interest income on average assets and liabilities Table 66 Average balances Interest (1) Average rate (C$ millions, except percentage amounts) 2009 2008 2007 2009 2008 2007
More informationInsolvency Statistics in Canada. September 2015
Insolvency Statistics in Canada September 2015 List of Tables Table 1: Total Insolvencies... 1 Table 2: Insolvencies Filed by Consumers... 2 Table 3: Insolvencies Filed by Businesses... 3 Table 4: Insolvencies
More informationTHE WORKERS COMPENSATION BOARD OF BRITISH COLUMBIA RESOLUTION OF THE BOARD OF DIRECTORS. Transitional Provision Regarding Recurrence of Disability
BOARD OF DIRECTORS Douglas J. Enns, Chair David Anderson Terry Brown Stephen Hunt Roslyn Kunin Peter Morse Arlene Ward 2006/06/20-01 THE WORKERS COMPENSATION BOARD OF BRITISH COLUMBIA RESOLUTION OF THE
More informationBC JOBS PLAN ECONOMY BACKGROUNDER. Current statistics show that the BC Jobs Plan is working: The economy is growing and creating jobs.
We know that uncertainty continues to remain in the global economy and we expect to see some monthly fluctuations in jobs numbers. That is why we will continue to create an environment that is welcoming
More informationSecretary s Report November 9, Amendments to By-Law 6. Tab 7. Prepared by the Secretary Jim Varro ( )
Tab 7 Secretary s Report November 9, 2016 Amendments to By-Law 6 Purpose of Report: Decision Prepared by the Secretary Jim Varro (416-947-3434) 363 FOR DECISION AMENDMENTS TO BY-LAW 6 Motion 1. That Convocation
More informationNew Brunswick Federation of Labour Submission to the. WorkSafeNB Ministerial Task Force. December 2017
New Brunswick Federation of Labour Submission to the WorkSafeNB Ministerial Task Force December 2017 Introduction The New Brunswick Federation of Labour (NBFL) represents 324 affiliated union locals and
More informationFile my Return Q s & A s
File my Return Q s & A s Q1. What is the File my Return service? A1. File my Return is a new Canada Revenue Agency (CRA) service that lets eligible Canadians, particularly those with low income or a fixed
More information96 Centrepointe Dr., Ottawa, Ontario K2G 6B National Dental Hygiene Labour Survey
96 Centrepointe Dr., Ottawa, Ontario K2G 6B1 2006-2007 National Dental Hygiene Labour Survey Executive Summary In 2006, the Canadian Dental Hygienists Association conducted its third national survey. The
More informationInsolvency Statistics in Canada. April 2013
Insolvency Statistics in Canada April 2013 List of Tables Table 1: Total Insolvencies... 1 Table 2: Insolvencies Filed by Consumers... 2 Table 3: Insolvencies Filed by Businesses... 3 Table 4: Insolvencies
More informationGovernance of WorkSafeNB
Legislative Review of Workers Compensation Governance of WorkSafeNB Discussion Paper May 2015 Discussion Paper May 2015 Published by: Province of New Brunswick P.O. Box 6000 Fredericton NB E3B 5H1 CANADA
More informationSPECIMEN Application for Registration of a Pension Plan (Application)
(Application) All Applications must be submitted to FCAA via the Registration and Licensing System (RLS) The fields found throughout this SPECIMEN Application identify data that you will need to know prior
More informationApplication for Registration of a Pension Plan To be completed and signed by the Plan Administrator
1 Plan identification Plan Name Application for Registration of a Pension Plan To be completed and signed by the Plan Administrator Effective Date Plan Fiscal Year End Registration Number*, if known *
More informationJanuary 2013 Canadian Payroll Tax Update. Sage BusinessVision
January 2013 Canadian Payroll Tax Update Sage BusinessVision Changes reflected in the January 2013 Payroll Update The January 1, 2013, tax update contains modifications to payroll tax tables and calculations
More informationNet interest income on average assets and liabilities Table 75
Supplementary information Net interest income on average assets and liabilities Table 75 balances Interest rate (Millions of dollars, except for percentage amounts) 2014 2013 2012 (1) 2014 2013 2012 (1)
More informationThe Nova Scotia Minimum Wage Review Committee Report
Annual Report January 26 2018 The Nova Scotia Minimum Wage Review Committee Report Minimum Wage Review Committee Report Page 5 of 4 Honourable Labi Kousoulis Minister of Labour and Advanced Education 1505
More informationProgram Policy Background Paper. Minor revisions to program policies related to contractors and subcontractors
Program Policy Background Paper Minor revisions to program policies related to contractors and subcontractors June 03, 2013 1 Table of Contents 1. Introduction and Purpose of this Paper.. 2 2. Background.
More informationAll decisions cited in a court decision or reported tribunal decision (from 2000 forward)
12/2018 LawSource includes all tribunal decisions published in print reporters from 1997 forward, and the full text of all decisions reported in Labour Arbitration Cases since 1948. LawSource also includes
More informationWorkers Compensation Board of Nova Scotia
Workers Compensation Board of Nova Scotia Issues Clarification Paper: Employer Access to Injured Worker Claim File Information March 23, 2007 TABLE OF CONTENTS INTRODUCTION... 3 1. BACKGROUND... 4 2. THE
More informationMULTILATERAL INSTRUMENT LISTING REPRESENTATION AND STATUTORY RIGHTS OF ACTION DISCLOSURE EXEMPTIONS
Definitions Office of the Yukon Superintendent of Securities Ministerial Order Enacting Rule: 2015/19 Instrument Initally effective in Yukon: September 8, 2015 MULTILATERAL INSTRUMENT 45-107 LISTING REPRESENTATION
More informationEstimated total job losses from 10% minimum wage increase across all provinces Upper Bound 321,300 Lower Bound 92,300 Source: CFIB calculations from Statistic Canada s 2009 Labour Force Survey data. iv
More informationWhat s new. Release
What s new Release 2017.1 Sage 50 Accounting Canadian Edition What s New - Release 2017.1 Sage 50 Accounting Canadian Edition (Release 2017.1) 1 What's new and product improvements 1 Sage 50c cloud solutions
More informationAppendix A Jurisdiction-Specific Requirements General Insurance Agents And Brokers
Appendix A Jurisdiction-Specific Requirements General Insurance Agents And Brokers Documents to be attached to Application: Non-residents must attach a Certificate of Authority from their home jurisdiction
More informationEI parental benefits changes and amendments to federal and provincial maternity/pregnancy and parental leaves
FEDERAL LEGISLATIVE CHANGES 18-05 EI parental benefits changes and amendments to federal and provincial maternity/pregnancy and parental leaves Employment Insurance Act changes The Employment Insurance
More informationNotice and Request for Comment
Notice and Request for Comment Proposed Amendments to National Instrument 31-103 Registration Requirements and Exemptions and Companion Policy 31-103 CP Registration Requirements and Exemptions and Proposed
More informationChanges In The Law To Encourage Diversity In The Workplace
Changes In The Law To Encourage Diversity In The Workplace Presented by: Arlene O Neill, Partner May 17, 2018 Recent and Proposed Changes Ontario and Federal Ontario 2016: Bill 132 Sexual Violence and
More information2018 FEDERAL BUDGET HIGHLIGHTS What Professionals and Business Owners Need to Know
2018 FEDERAL BUDGET HIGHLIGHTS What Professionals and Business Owners Need to Know February 28 2018 Contents Corporate Tax Rates... 1 Passive Investment Income... 2 Business Limit Reductions... 2 Refundability
More informationPost-Secondary Education, Training and Labour Prepared May New Brunswick Minimum Wage Report
Post-Secondary Education, Training and Labour Prepared May 2018 2018 New Brunswick Minimum Wage Report Contents Section 1 Minimum Wage Rates in New Brunswick... 2 1.1 Recent History of Minimum Wage in
More informationAnnual Information Return
File at https://pensionfilings.alberta.ca/ Not to be mailed in. (AIR) Note: Information collected on this form will become subject to the Freedom of Information and Protection of Privacy Act and will be
More information2019 Canadian Rates and Limits
2019 Canadian Rates and Limits Disclaimer: This fact sheet is provided for informational purposes only and is not intended to be legal, tax, or accounting advice. Please contact a legal or tax advisor
More informationHow Investment Income is Taxed
BMO Wealth Management How Investment Income is Taxed When it comes to investment income, all is not equal after tax. Knowing how tax rules affect your investments is essential in order to maximize your
More informationCANTAX T1Plus 2007 versions December 2007
CANTAX T1Plus 2007 versions December 2007 Introduction This tax changes summary was prepared to allow you to evaluate the impact of the tax changes on your tax season. This document takes into account
More informationPost-Secondary Education, Training and Labour August New Brunswick Minimum Wage Factsheet 2017
Post-Secondary Education, Training and Labour August 2017 New Brunswick Minimum Wage Factsheet 2017 Contents PART 1 - Minimum Wage Rates in New Brunswick... 3 1.1 Recent History of Minimum Wage in New
More informationThe Nova Scotia Minimum Wage Review Committee
Annual Report January 2016 The Nova Scotia Minimum Wage Review Committee Minimum Wage Review Committee Report Page 1 of 5 Honourable Kelly Regan Minister of Labour and Advanced Education 5151 Terminal
More informationAlberta Minimum Wage Profile April March 2017
Alberta Minimum Wage Profile April 2016 - March 2017 Introduction The Alberta Minimum Wage Profile presents current information on persons whose average hourly earnings 1 are at or below minimum wage in
More informationAlberta Minimum Wage Profile April March 2018
Alberta Minimum Wage Profile April 2017 - March 2018 Introduction The Alberta Minimum Wage Profile presents current information on persons whose average hourly earnings 1 are at or below minimum in Alberta
More informationRegistered Pension Plans
Registered Pension Plans T4099(E) Rev. 16 Before you start Is this guide for you? This guide has general information about pension plans. It is designed to help employers and plan administrators register
More informationHow Investment Income is Taxed
BMO Financial Group How Investment Income is Taxed When it comes to investment income, all is not equal after tax. Knowing how tax rules affect your investments is essential in order to maximize your after
More informationWhat s new. Release
What s new Release 2018.3 Sage 50 Accounting Canadian Edition What s New - Release 2018.3 Sage 50 Accounting Canadian Edition (Release 2018.3) 1 What's new and product improvements 1 Government compliance
More informationCanada Education Savings Program Annual Statistical Review. December 2008
Canada Education Savings Program Annual Statistical Review December 2008 TABLE OF CONTENTS MESSAGE TO STAKEHOLDERS... 3 CANADA EDUCATION SAVINGS PROGRAM (CESP)... 4 REPORT METHODOLOGY... 4 KEY HIGHLIGHTS
More informationLang Michener LLP Lawyers Patent & Trade Mark Agents
Lawyers Patent & Trade Mark Agents BCE Place, 181 Bay Street, Suite 2500 Reply to: P.O. Box 747 Philippe Tardif Toronto ON M5J 2T7 Direct dial: 416-307-4085 Canada Direct fax: 416-304-3761 ptardif@langmichener.ca
More information2011 BCSECCOM 77. Applicable British Columbia Provisions National Instrument Insider Reporting Requirements and Exemptions, s. 10.
February 1, 2011 Headnote Multilateral Instrument 11-102 Passport System and National Policy 11-203 Process for Exemptive Relief Applications in Multiple Jurisdictions National Instrument 55-104 Insider
More informationRetirement Income Options for Group Retirement Plan Members
Retirement Income Options for Group Retirement Plan Members Everything you should know about your retirement income options Make the choice that s right for you You ve been enjoying the benefit of saving
More informationEstimate Request for Canada Pension Plan Retirement Pension and Post-Retirement Benefit
Estimate Request for Pension Plan Retirement Pension and Post-Retirement Benefit You may also visit the website at servicecanada.gc.ca/calculator to use the online retirement calculator to estimate your
More informationDISCUSSION PAPER EXECUTIVE SUMMARY
DISCUSSION PAPER EXECUTIVE SUMMARY 1. TITLE The Partners in Injury and Disability Prevention Program ( Partners Program ) 2. ISSUES The Partners Program is a voluntary incentive program intended to motivate
More informationAlternative Assessment Procedure (AAP) for Interjurisdictional Trucking and Transport
Head Office: 200 Front Street West Toronto, Ontario Canada M5V 3J1 Telephone: 416-344-1000 1-800-387-0750 TTY: 1-800-387-0050 Fax: 416-344-4684 1-888-313-7373 Alternative Assessment Procedure (AAP) for
More informationTheir role in retirement income planning
Locked-in Plans Their role in retirement income planning When you leave an employer, you can generally transfer the tax-sheltered portion of the commuted value of your pension to a Locked-in Plan governed
More informationPost-Secondary Education, Training and Labour Prepared November New Brunswick Minimum Wage Report
Post-Secondary Education, Training and Labour Prepared November 2018 2018 New Brunswick Minimum Wage Report Contents Section 1 Minimum Wage Rates in New Brunswick... 2 1.1 Recent History of Minimum Wage
More informationAlberta Labour Force Profiles
Alberta Labour Force Profiles 2011 Highlights For the purpose of this profile, youth are defined as persons aged 15 to 24 years. 1. Alberta Population Statistics Among the provinces, Alberta had the third
More informationTAX INITIATIVES TAX OPTION GRADUATED FLAT COMPETITIVE
Taxation C1 TAX INITIATIVES Major changes to personal income tax policy across Canada became effective for the 2001 tax year. The most important change has been the replacement of the tax-on-tax system
More informationFINANCIAL INFORMATION
FINANCIAL INFORMATION 2016-17 1 2 This page left blank intentionally. TABLE OF CONTENTS FINANCIAL INFORMATION 2016-17 PAGE FINANCIAL SUMMARIES Consolidated Consolidated Budget of Government Reporting Entity
More informationRULES AND REGULATIONS OF THE MUSICIANS PENSION FUND OF CANADA. (As Amended Effective January 1, 2011)
RULES AND REGULATIONS OF THE MUSICIANS PENSION FUND OF CANADA (As Amended Effective January 1, 2011) (The Plan document contained herein is a working copy of the Plan which incorporates all amendments
More information2010 CSA Survey on Retirement and Investing
2010 CSA Survey on Retirement and Investing Prepared for: Canadian Securities Administrators Executive Summary September 28, 2010 www.ipsos.ca TABLE OF CONTENTS EXECUTIVE SUMMARY... 1 Key Findings... 1
More informationTHE WORKERS COMPENSATION BOARD OF BRITISH COLUMBIA RESOLUTION OF THE BOARD OF DIRECTORS
BOARD OF DIRECTORS Diana Miles Margaret McNeil John Beckett, Chair Lynn Bueckert Tazeem Nathoo Jim Cessford Brooks Patterson Alan Cooke Lillian White 2016/01/26-02 THE WORKERS COMPENSATION BOARD OF BRITISH
More informationIN THE MATTER OF THE SECURITIES ACT, R.S.N.W.T. 1988, ch. S-5, AS AMENDED. IN THE MATTER OF Certain Exemptions for Capital Accumulation Plans
IN THE MATTER OF THE SECURITIES ACT, R.S.N.W.T. 1988, ch. S-5, AS AMENDED - and - IN THE MATTER OF Certain Exemptions for Capital Accumulation Plans BLANKET ORDER NO. 6 WHEREAS the Joint Forum of Financial
More informationTHE HOME STRETCH. A Review of Debt and Home Ownership Among Canadian Seniors
THE HOME STRETCH A Review of Debt and Home Ownership Among Canadian THE HOME STRETCH The importance of property ownership is deeply ingrained in Canadian society, economy and politics. The drive to own
More informationNova Scotia Teachers Pension Plan Guide Booklet. Nova Scotia Teachers Pension Plan Guide Booklet
Nova Scotia Teachers Pension Plan Guide Booklet The information presented in this publication is premised on the rules and criteria which currently exist under the Teachers Pension Plan and which are subject
More informationPARAMETERS OF THE PERSONAL INCOME TAX SYSTEM FOR November 2017
PARAMETERS OF THE PERSONAL INCOME TAX SYSTEM FOR 2018 November 2017 PARAMETERS OF THE PERSONAL INCOME TAX SYSTEM FOR 2018 Legal deposit November 2017 Bibliothèque et Archives nationales du Québec ISSN
More informationThe review focused on three questions that are central to the ongoing debate:
200 Front Street West 200, rue Front Ouest Toronto ON M5V 3J1 Toronto ON M5V 3J1 Dear Stakeholder: In response to concerns expressed by the worker/survivor community, the WSIB has conducted a comprehensive
More information2014 MINIMUM WAGE RATE ANNUAL REPORT
DEPARTMENT OF JUSTICE 2014 MINIMUM WAGE RATE ANNUAL REPORT PREPARED BY: POLICY & PLANNING DIVISION DEPARTMENT OF JUSTICE BACKGROUND INFORMATION The Nunavut Labour Standards Act (the Act ) regulates employment
More informationV o l u m e I I C h a p t e r 5. Sections 10 and 11: Limitation of Actions, Elections, Subrogations and Certification to Court
V o l u m e I I C h a p t e r 5 Sections 10 and 11: Limitation of Actions, Elections, Subrogations and Certification to Court Contents Limitation of Actions Against Workers... 5 Exception to Limitation
More informationMortgage Loan Insurance Business Supplement
CANADA MORTGAGE AND HOUSING CORPORATION Mortgage Loan Insurance Business Supplement FIRST QUARTER March 31, 2015 To supplement CMHC s unaudited Quarterly Consolidated financial statements, which are prepared
More informationPARAMETERS OF THE PERSONAL INCOME TAX SYSTEM FOR November 2013
PARAMETERS OF THE PERSONAL INCOME TAX SYSTEM FOR 2014 November 2013 PARAMETERS OF THE PERSONAL INCOME TAX SYSTEM FOR 2014 Legal deposit - Bibliothèque et Archives nationales du Québec November 2013 ISBN
More informationElectronic filers manual for 2014 income tax returns. Chapter 2 Error messages
Electronic filers manual for 2014 income tax returns Chapter 2 Error messages Ce document est disponible en français RC4018(E) Rev. 14 Table of contents What s new... 1 Introduction... 2 How error codes
More informationComments on Selected Financial Information. 4.3 Debt
4.3 Debt As at 31 March 2006, borrowings were reported in the Consolidated Statement of Financial Position at $6.5 billion, which represents total borrowings of $7.4 billion less sinking fund assets of
More informationIn the Matter of the Securities Legislation of British Columbia and Ontario (the Jurisdictions) and
Citation: 2017 BCSECCOM 122 Headnote Multilateral Instrument 11-102 Passport System and National Policy 11-203 Process for Exemptive Relief Applications in Multiple Jurisdictions 1996 Securities Act s,76
More informationBackground/Overview. New Reporting Requirement. National System Architecture. Moving Forward
SRP CRS National Insurance Company Training June 2009 Main Objectives Background/Overview New Reporting Requirement Participating jurisdictions Companies required to report and effective dates National
More informationSPECIMEN Annual Information Return (AIR) DO NOT SEND IN THIS FORM. AIRs must be submitted to FCAA via the Registration and Licensing System (RLS)
SPECIMEN Annual Information Return (AIR) DO NOT SEND IN THIS FORM. AIRs must be submitted to FCAA via the Registration and Licensing System (RLS) The fields highlighted in yellow are the data that you
More informationElectronic Filers Manual
Electronic Filers Manual Chapter 2 Error Messages 2015, 2016, 2017 and 2018 Income Tax and Benefit Returns Ce document est disponible en français RC4018(E) Rev. 18 Table of contents Page What s new...3
More informationMultilateral Instrument Passport System and National Policy Process for Exemptive Relief Applications in Multiple Jurisdictions
Citation: 2018 BCSECCOM 276 Headnote Multilateral Instrument 11-102 Passport System and National Policy 11-203 Process for Exemptive Relief Applications in Multiple Jurisdictions National Instrument 81-102
More informationMinimum Wage. This will make the minimum wage in the NWT one of the highest in Canada.
Backgrounder Minimum Wage The Minister of Education, Culture and Employment will increase the minimum wage in the NWT to $12.50 per hour on June 1 st, 2015. This will make the minimum wage in the NWT one
More informationHow Investment Income is Taxed
When it comes to investment income, all is not equal after tax. Knowing how tax rules affect your investments is essential in order to maximize your after tax return. This publication explains the taxation
More informationOFFICE CONSOLIDATION OF THE RULES AND REGULATIONS OF THE MULTI-SECTOR PENSION PLAN. (Includes Amendments 1 21 Current to June 30, 2014)
OFFICE CONSOLIDATION OF THE RULES AND REGULATIONS OF THE MULTI-SECTOR PENSION PLAN (Includes Amendments 1 21 Current to June 30, 2014) TABLE OF CONTENTS ARTICLE 1 DEFINITIONS...7 Act...7 Actuary...7 Affiliation
More informationPARAMETERS OF THE PERSONAL INCOME TAX SYSTEM FOR 2011
PARAMETERS OF THE PERSONAL INCOME TAX SYSTEM FOR 2011 October 2010 PARAMETERS OF THE PERSONAL INCOME TAX SYSTEM FOR 2011 Legal deposit - Bibliothèque et Archives nationales du Québec October 2010 ISBN
More informationT3 Minimum Tax Schedule 12
T3 Minimum Tax Schedule Enter the applicable tax year in the box above. If a trust is subject to minimum tax, include a completed copy of this schedule with the trust's return. Use this schedule to calculate
More informationTAX FACTS What s Inside. Quick Estimates. RRSP, RPP and DPSP Limits. Top Personal Rates for CPP, EI and QPIP Rates
1 Tax Q&A: Tax Planning Strategies for Cottage Owners BDO CURRENT TO OCTOBER 1, 2018 www.bdo.ca TAX FACTS 2018 Tax Facts 2018 provides you with a summary of 2018 personal income tax rates and amounts,
More informationThe members of the Canadian Insurance Services Regulatory Organizations (CISRO) include representatives from the following regulators:
Canadian Insurance Services Regulatory Organizations (CISRO) STRATEGIC PLAN N 2010-2013 1. PREAMBLE The Canadian Insurance Services Regulatory Organizations (CISRO) is an interjurisdictional group of regulating
More informationREFERENCE GUIDE. To Canadian Benefits 2018
REFERENCE GUIDE To Canadian Benefits 2018 Table of Contents CANADA PENSION PLAN/OLD AGE SECURITY...3 Maximum Monthly OAS Benefits...3 Contributions 2018...3 Maximum Monthly Benefit 2018... 4 Maximum Contribution
More informationThe Workers Advisers Office (WAO)
The Workers Advisers Office (WAO) This factsheet has been prepared for general information purposes. It is not a legal document. Please refer to the Workers Compensation Act and the Rehabilitation Services
More informationAchieving High Performance in Healthcare Resource Allocation Organizations: Current Practice CADTH Symposium April 15-17, 2012
Achieving High Performance in Healthcare Resource Allocation Organizations: Current Practice 2012 CADTH Symposium April 15-17, 2012 Neale Smith, C2E2 Craig Mitton, Principal Investigator, C2E2 Stirling
More informationCSA Consultation Paper Approach to Director and Audit Committee Member Independence
CSA Consultation Paper 52-404 Approach to Director and Audit Committee Member Independence October 26, 2017 1. Introduction The corporate governance regime in Canada was introduced over a decade ago and
More informationINCORPORATING YOUR PROFESSIONAL PRACTICE
INCORPORATING YOUR PROFESSIONAL PRACTICE REFERENCE GUIDE Most provinces and professional associations in Canada now permit professionals such as doctors, dentists, lawyers, and accountants to carry on
More informationReal Estate Rental and Leasing and Property Management
Catalogue no. 63-249-X. Service bulletin Real Estate Rental and Leasing and Property Management 2009. Highlights In 2009, real estate rental and leasing and property management industries generated $76.5
More informationSprott Flow-Through Limited Partnerships
Sprott Tax-Assisted Investments Sprott Flow-Through Limited Partnerships Natural resources an essential element of a wellstructured investment portfolio Adding natural resource investments to your portfolio
More informationleave and disability regulatory compliance Summary of leave legislation
leave and disability regulatory compliance Summary of leave legislation Canada 2nd quarter 2017 Table of contents New Brunswick... 1 Family Day... 1 Quebec... 2 Family, Parental or Informal Caregiving
More informationDay-to-Day Banking. Opening a Personal Deposit Account including a Low-Cost Account. Cashing a Federal Government Cheque at Scotiabank
Day-to-Day Banking Opening a Personal Deposit Account including a Low-Cost Account Cashing a Federal Government Cheque at Scotiabank Cheque Holding Policy Opening A Personal Deposit Account We make it
More informationV o l u m e I I C h a p t e r 3. The Scope of Compensation Coverage in British Columbia: Who is Covered?
V o l u m e I I C h a p t e r 3 The Scope of Compensation Coverage in British Columbia: Who is Covered? Contents Universal Coverage... 5 Exemptions... 6 Employers... 8 Workers... 9 Volunteers... 15 Independent
More informationTax Alert Canada Private company tax reform: Personal tax increases on noneligible dividends scheduled for 2018 and 2019
Issue No. 51 23 November Tax Alert Canada Private company tax reform: Personal tax increases on noneligible dividends scheduled for and EY Tax Alerts cover significant tax news, developments and changes
More informationCLHIA STANDARDIZED ADVISOR PRACTICE REVIEW FOR USE IN THE MGA CHANNEL
August, 2017 CLHIA STANDARDIZED ADVISOR PRACTICE REVIEW FOR USE IN THE MGA CHANNEL Canadian Life and Health Insurance Association Inc., 2017 for Use in the MGA Channel Instructions Introduction The Standardized
More informationWorkers Compensation Act Committee of Review
Workers Compensation Act Committee of Review Regina, Saskatchewan, 2 Introduction Restaurants Canada is a growing community of 30,000 foodservice businesses, including restaurants, bars, caterers, institutions
More informationThis document is available on demand in multiple formats by contacting O-Canada ( ); teletypewriter (TTY)
You can download this publication by going online: canada.ca/publicentre-esdc This document is available on demand in multiple formats by contacting 1 800 O-Canada (1-800-622-6232); teletypewriter (TTY)
More informationEXHIBIT 1 ACCREDITED INVESTOR CERTIFICATE ACCREDITED INVESTORS. HARBOUREDGE MORTGAGE INVESTMENT CORPORATION (the Company )
EXHIBIT 1 ACCREDITED INVESTOR CERTIFICATE ACCREDITED INVESTORS TO: RE: HARBOUREDGE MORTGAGE INVESTMENT CORPORATION (the Company ) PURCHASE OF CLASS A PREFERRED SHARES OF THE ISSUER (the Securities ) The
More informationForm F2 Change or Surrender of Individual Categories (section 2.2(2), 2.4, 2.6(2) or 4.1(4))
Form 33-109F2 Change or Surrender of Individual Categories (section 2.2(2), 2.4, 2.6(2) or 4.1(4)) GENERAL INSTRUCTIONS Complete and submit this form to notify the relevant regulator(s) or, in Québec,
More informationProfessional Wealth Management Since 1901
Locked-in RRSPS and YouR options Professional Wealth Management Since 1901 RBC Dominion Securities Inc. Financial Planning Publications At RBC Dominion Securities Inc., we have been helping clients achieve
More informationPayroll Deductions Formulas for Computer Programs
Payroll Deductions Formulas for Computer Programs 105th Edition Effective January 1, 2017 T4127(E) Rev. 17 Is this guide for you? Use this guide if you are a payroll software provider or a company which
More information2002 BCSECCOM 418. Applicable British Columbia Provisions Securities Act, R.S.B.C. 1996, c. 418, ss. 34(1)(a), 48, 61 and 76
Headnote Mutual Reliance Review System for Exemptive Relief Applications Relief from the registration and prospectus requirements for securities underlying trust units being qualified by prospectus underlying
More informationSaskatchewan Labour Force Statistics
Saskatchewan Labour Force Statistics April 2017 UNADJUSTED DATA According to the Statistics Canada Labour Force Survey during the week covering April 9 th to 15 th,, 2017, there were 560,100 persons employed
More information