Dear ,
The days are getting shorter and the temperatures are falling. We've even had a day that looked just like this picture.
Check out this month's articles:
The federal government is providing some dental benefits for children under 12 who do not have coverage elsewhere and whose family earns less than $90,000 / year.
EI is also changing their sickness benefits - expanding coverage from 17 weeks to 26 weeks for people who access the program after December 18, 2022.
Finally, if you're one of the lucky people who have Travel in their future - don't forget your travel insurance.
If you have any questions, please contact me directly, by phone – 416-806-5478, by e-mail – heather@freed.ca or you can schedule a video conference by ZOOM or phone call yourself, click here.
Heather
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Canada Dental Benefit
One third of Canadians don’t have dental insurance and, according to a 2018 Statistics Canada report, 39% of Canadians without dental insurance avoided the dentist because of the cost.
The interim Canada Dental Benefit is intended to help lower dental costs for eligible families earning less than $90,000 per year. Parents and guardians can apply if the child receiving dental care is under 12 years old and does not have access to a private dental insurance plan. The government has not yet released details on what dental treatments are covered under this program.
Depending on your adjusted family net income, a tax-free payment of $260, $390, or $650 is available for each eligible child. This interim dental benefit is only available for 2 periods. You can get a maximum of 2 payments for each eligible child. Benefit payments are administered by the Canada Revenue Agency (CRA).
The first benefit period is for children under 12 years old as of December 1, 2022 who receive dental care received between October 1, 2022 and June 30, 2023.
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Federal Government Employment Insurance (EI) sickness benefit extension
This change will be available for new EI claims established on or after December 18, 2022. EI sickness benefits are paid at 55% of the applicant’s average weekly insurable earnings up to the maximum entitlement amount of $638 per week for 2022.
To be eligible, claimants of EI sickness benefits need to demonstrate that:
- they are unable to work for medical reasons;
- their regular weekly earnings from work have decreased by more than 40% for at least one week;
- they accumulated at least 600 insured hours of work in the 52 weeks before the start of their claim or since the start of their last claim, whichever is shorter; and
- if it weren’t for their medical condition, they would otherwise be available for work.
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Is Travel in your future?
Are you dreaming of spending some time this winter anywhere but in Ontario?
One of the critical items to pack is Travel Insurance. You may already have some as part of your group benefits, but you should check before you leave to make sure.
If you don't have coverage, there are many suppliers out there. You want to ensure, that the coverage will be in effect for the entire time that you are out of Ontario and that any medical condition you have, has been stable (with no change in medications or dosage) for 30 to 180 days (depending on your age).
Give me a call and we can discuss what you need and I can recommend a supplier. Or, you may be able to get an online quote from Securiglobe Use my code BFZ003 if you call them at 1-888-333-0994.
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Heather Freed, CFP®, CLU, CHS
Group Benefits, Insurance, Estate & Financial Planning
Insure Your Freedom
416-806-5478
Disclaimer:
The material provided in this newsletter is for informational purposes only and does NOT constitute legal, tax, accounting, financial, real estate, medical or other advice, and should not be relied on as such. If you require such advice, you should retain a qualified professional to advise you.
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