The 2022 federal budget includes several important items and changes that could affect employers as well as sponsors of pension and benefit plans, notably about public dental benefits, national pharmacare and solvency reserve accounts for federally regulated pension plans.
Please see our Client Advisory: Highlights of the 2022 federal budget for further details.
This is the first budget since the Liberals were reelected in September 2021. Although the Liberals are a minority in Parliament, the recent Supply and Confidence Agreement with the New Democratic Party means that it is expected that the 2022 budget will pass and the proposals will become law. Affected employers and plan sponsors should monitor the legislative progress and consider the impacts on their plans.