Invest in your company’s health
Making your employee’s health and wellness a priority can attract new talent and engage your workforce.
Group insurance and benefits
In a competitive job market a group benefits plan is a great way to separate yourself from the competition. A benefits plan can help retain staff, improve morale and productivity, and keep your employees healthy and at work.
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Flexible options
Build a plan that fits your organization.
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Cost containment
Find solutions to help manage costs.
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Secure online tools
Save time with online enrolment, management and billing.
What is a group benefits plan?
A group benefits plan helps employees cover the cost of things that provincial health care plans may not pay for, including certain prescription drugs, dental, hospital, vision, paramedical and ambulance services. You can also combine your group benefits plan with a retirement and savings plan to help your employees reach their financial and retirement goals.
Why offer a benefits plan?
Making your employee’s health and wellness a priority can attract new talent and engage your workforce, and fill the gaps that the provincial health care plans leave.
Provincial and territorial plans pay for basic healthcare and dental services and needs, and what’s covered will vary depending on where you live. Generally speaking, these plans will cover things such as visits to the hospital or doctor, but may not cover other healthcare or paramedical services.
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Employees can get coverage at a reduced cost compared to most personal plans
Help protect your employees and their family’s health
Help reduce financial stress if something happens
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Help improve morale and increase productivity
Can be less expensive than providing salary increases as there are no additional increases in CPP, EI or Workers’ Compensation rates
Premiums paid on group benefits can be written off as a business expense
Maintain a competitive edge in the job market
Attract and keep key employees
Prescription drug coverage
Affordable and sustainable
A healthy workforce is a productive workforce. Prescription drug coverage can help bridge the gap between provincial health insurance plans and the coverage your members and their families need.
Dental insurance
Benefits to smile about
Employees identify dental coverage as one of the most valued benefits, but a dentist visit can be expensive. Dental benefits will save your employees from high costs and protect their dental health.
Disability benefits
Coverage when it counts
Lost productivity, absenteeism, rising drug costs and disability affect your bottom line. Create a seamless wellness and disability management program that helps control costs and supports recovery.
Insurance benefits
Expecting the unexpected
You can help your employees in case tragedy strikes. There are flexible options for you to provide financial support for your employees and their families in case of an illness, accident or death.
Group retirement and savings plans
Help secure your employees’ financial future. A group retirement and savings plan can be tailored to the needs of your business and your employees’ financial goals.
Offering a group retirement and savings plan can be an affordable and effective way to attract, motivate and keep employees, while helping them save for their retirement. But it’s not just about your employees. There are real benefits to your company when you offer a plan.
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Help reduce costs
Potentially less employee turnover means less hiring and training.
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Customized solutions
Work within your budget to create solutions that work for you and your employees.
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Retain employees
A plan helps you keep valuable employees by meeting their needs throughout their life.
What is a group retirement and savings plan?
A group retirement plan is set up by an employer for employees as a workplace benefit. Employers offer the plan because their contributions are tax-deductible, and the plan acts as an employee incentive.
Employee contributions are invested in preselected investments offered under the plan and when they are, employers often match a percentage of the contributions. For employees, it’s an easy way to save for retirement or other goals.
The right plan balances the needs of your employees at a cost that works for your organization.
Why offer a group retirement and savings plan?
Beyond helping improve the financial, physical and mental wellbeing of your employees, a benefits, retirement and savings plan can increase productivity and attract talented people. Provide a comprehensive approach to your employees' wellbeing that’s customized for your organization within your budget.
Canadian companies come in all shapes and sizes, so doesn’t it make sense to find a benefits plan that does too? Let’s design a benefits package that fits your business’ needs, size and budget.
Benefits for your employees
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Lower fees
Keep more money in your employees’ pockets since group fees are generally lower than retail.
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Convenience
It’s easier for them to manage and monitor an investment fund than choosing individual stocks and bonds on their own.
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Help build lifelong habits
You can help your employees build good financial, health and wellness habits – a plan they can continue to use for life.
Benefits for your business
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Tax benefits
With some products you can deduct administrative fees as a business expense.
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Reduce payroll expenses
Contributions to a deferred profit sharing plan can, in some cases, reduce your payroll expenses.
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Simplified plan governance
While there are certain responsibilities that come with offering a group retirement and savings plan, we simplify the process to help make sure your plan is compliant.
What’s the right plan for your company?
Let’s take a look at the different plans you can offer. We can build a solution that works for you from an extensive investment fund lineup.
Saving for any situation
Registered retirement savings plan (RRSP)
Canada’s staple retirement product provides employees the benefit of pre-tax payroll contributions, shelters their investment earnings and contributions until they withdraw – all with simplified administration for you.
Tax-free savings account (TFSA)
Provide employees a lot more flexibility to use their money for short and long-term goals with no tax on their investment earnings or withdrawals.
Non-registered savings plan (NRSP)
Provide employees more flexibility when they retire or if they are no longer employed by your company with a plan where amounts aren’t restricted by contribution limits. Unlike an RRSP or TFSA, investment earnings are taxable.
Retirement pensions
Registered pension plan (RPP)
A retirement plan for employees set up by an employer. Within certain limits, it provides tax advantages because contributions are tax-deductible and investment income isn’t taxed until it’s paid out of the plan. Employers are required to contribute a minimum amount to an RPP.
Simplified pension plan (SPP)
Available only in Manitoba and Quebec, it offers flexible contribution levels and ad-hoc contributions. You also don’t have to worry about most of the administrative obligations and responsibilities because Canada Life will be the plan administrator.
Stock and profit-sharing plans
Employee profit-sharing plan (EPSP)
A plan where amounts are paid by the employer into an account that allows employees to share in company profits. Employer contributions are deductible as an expense without limit. Tax treatment of EPSP contributions is the same as if the employer paid the employee an increased salary. Employees can also contribute to an EPSP.
Employee stock purchase plan
Employers who offer this plan typically give eligible employees the opportunity to purchase shares of the company at the market price. The employer can make contributions on behalf of their employees. Employees purchase the shares using after-tax income.
Deferred profit-sharing plan (DPSP)
When the company succeeds and grows, so can your employees. Share profits with your employees depending on how well the company does. Contributions are tax-deductible to the employer within certain limits, as defined by the Income Tax Act.
Let’s build a plan that works for your business
Contact us today to start work on a customized group insurance plan that helps your employees and benefits your business.
