By Patrick Bouchard, Insurance Broker, CIP and RCCAQ Chairman
As you know, the discussions preceding the reform of the Act respecting the distribution of financial products and services (Bill 188) have been taking up a good deal of our time. However, before we continue our efforts to defend professional insurance brokers, I believe that it is essential for us to understand the broader context and to identify the pivotal events that lie ahead in 2016.
Weak economic growth in Canada, better in Québec
In its economic outlook, the Business Development Bank of Canada is forecasting weak economic growth at the national level. While low demand is currently weighing on commodity prices and oil prices are stagnant, growth in the US should give Canada's manufacturing sector a boost. Thanks to its well-established manufacturing sector, Quebec stands to benefit the most from growth south of the border.
Federal policy: middle-class tax cuts
Justin Trudeau's Liberal government is slated to table its first budget in February or March. Trudeau's team intends to make good on its promise to lower taxes for the middle class, although it will need other revenue streams to rein in the size of the announced deficits. Meanwhile, the Quebec government will be tabling its budget shortly thereafter, in March or April.
If you'd like to take a look at the tax measures that will be affecting your current and/or future clients, I encourage you to read the following article (in French) by Le Devoir's Gérard Bérubé.
Bill 188
The Bill 188 amendment process is our top-priority issue at the moment. Nevertheless the RCCAQ's board will meet to update our strategic plan. After that, we will be hitting the road again for our regional networking/mobilization tour across the province.
Quebec's National Assembly will be getting back to business on February 9. We will then have a better idea as to the schedule of the parliamentary committee tasked with Bill 188. Needless to say, the RCCAQ intends to defend your interests and make your voices heard.
