Effective January 1, 2010 the Medical Services Plan of BC (MSP) rates will increase for the first time since July 1, 2005.
EFFECTIVE JANUARY 1, 2010
Adjusted Net Income | Subsidy Level | One Person | Family of Two | Family of Three or More |
$0 - $22,000 | 100% premium assistance | $0.00 | $0.00 | $0.00 |
$22,001 - $24,000 | 80% premium assistance | $11.40 | $20.40 | $22.80 |
$24,001 - $26,000 | 60% premium assistance | $22.80 | $40.80 | $45.60 |
$26,001 - $28,000 | 40% premium assistance | $34.20 | $61.20 | $68.40 |
$28,001 - $30,000 | 20% premium assistance | $45.60 | $81.60 | $91.20 |
Over $30,000 | Full Rate | $57.00 | $102.00 | 114.00 |
Employment Insurance (EI) rates have also changed for 2010.
2009 | New rates effective January 1, 2010 | |||
Maximum insurance earnings | $42,300 | $43,200 | ||
Maximum weekly EI benefit | $447 | $457 | ||
Employment Insurance (all provinces except Quebec) | 2009 | New rates for 2010 |
Maximum insurable earnings | $42,300.00 | $43,200.00 |
Maximum weekly benefit | $447.00 | $457.00 |
Employee premium rate | $1.73 | $1.73 |
Employer premium rate (per $100 of insurable earnings) | $2.42 | $2.42 |
Maximum annual employee premium | $731.79 | $747.36 |
Maximum annual employer premium | $1024.51 | $1046.30 |
Benefit plans with Short Term Disability plans will likely see a slight change to benefits and premiums. Benefit plans with wording related to EI maximums will also be effected.
Annual Maximums
In addition to these government changes, most plan maximums are based on calendar year cycles, so dental, medical and paramedical limits have been reset. Vision Care is usually based on a 24 month cycle so benefits may not have reset this year.
Group RRSPs and Pensions
will have ended for the tax year, most group plans do not allow for additional deposits to be made after the year end. Personal RRSP's allows you to make deposits until the end of February and claim the deduction on last years tax return, group plans only take into account contributions made in the same calendar year.
Salary Updates
The begining of the year is often a time when raises in salary are made. remember to update employee earnings for Life Insurance and Disability plans as these benefits can be tied to an employee's salary. Insurance benefits are based on what has been reported to the insurance company and paid in premium, not necessarily what the employee is actually earning. So if you fail to report an increase in salary, and only pay premiums for the lesser amount, the employee will not receive the total benefit they are entitled to.
That is all I am aware of for now, if anything else crops up I will let you know.
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