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2007 Quebec Budget Affects Retirement and the Elderly
The Quebec government tabled its 2007-2008 Budget on February 20, 2007. Among the announcements and initiatives of particular interest to employers and plan sponsors are measures to encourage phased retirement and an “Action Strategy for the Elderly”, featuring the introduction of retirement income splitting, enhanced income tax credits, and free medication for low-income earners.
2007 Ontario Budget Affects Pensions, Employment and Health Care
The Ontario 2007 Budget was tabled on March 22, 2007 and contained several significant proposals of interest to employers and plan sponsors, including measures for a new life income fund and increased funding in health care and education. The impact of these measures will be assessed as they are implemented.
Accounting Standards Board Issues Exposure Draft on Employee Future Benefits
On March 29, 2007, the Accounting Standards Board issued an Exposure Draft to amend CICA Handbook Section 3461 on Employee Future Benefits. The Exposure Draft deals with the recognition, measurement, presentation and disclosure requirements of accounting for employee future benefits. Since the proposed accounting changes apply to all defined benefit plans and could significantly affect shareholder equity and income tax, plan sponsors need to become familiar with them now.
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