Group Plans
GROUP BENEFITS
Designing and implementing group plans is a standard procedure for us! Representing most of the nation’s insurance carriers, we are able to provide strategic and tax effective solutions to optimize your dollars.
We offer:
- Needs analysis and plan designs for small to large groups
- Competitive pricing
- Administrative support and plan implementation
- Prompt, accurate claims service and reimbursement
- Renewal rate analysis and cost containment
- Access to personalized service from our representatives
GROUP RRSPs
Group RRSPs are a collection of individual RRSPs where the employer assists a group of employees by handling their contributions through regular payroll deductions on a pre-tax basis. The employer also has the choice of making regular or lump sum contributions on behalf of all or some employees on a pre-tax basis as permitted by CRA.
Investment selections depend on the financial institution of the employer’s choice.
contributions
| Employer Contributions | Employee Contributions |
| Can be made to your employees’ RRSP. No minimum contribution amount and can be changed at any time. | Employees can set up regular contributions and make spousal contributions |
| Can be deducted from company’s taxable income | All contributions are eligible for Home Buyers’ Plan (HBP) and Lifelong Learning Plan (LLP). |
| Count as salary, which means they’re a taxable benefit for employees | Not a taxable benefit, but tax deductible |
advantages
| Employer Advantages | Employee Advantages |
| Straightforward, low-cost administration | Gains grow tax-free |
| No need to calculate and report pension adjustments | Tax-deductible contributions |
| Employees familiar with plan | Easy to make regular contributions |
DPSPs allow employers to set aside certain amounts of a company’s profits to benefit its employees. With DPSPs the employer makes the entire contribution on behalf of the employee and all the contributions are tax deductible by the employer as long as they don’t exceed 18% of the employee’s salary for whom the contributions are made.
This kind of plan is often combined with a group RRSP.
contributions
| Employer Advantages | Employee Advantages |
| Helps drive employee engagement | Helps drive employee engagement |
| Contributions and operating costs are tax-deductible | Contributions and operating costs are tax-deductible |
| Provides flexibility and discretion in terms of employer contribution amounts | Provides flexibility and discretion in terms of employer contribution amounts |
advantages
| Employer Contributions | Employee Contributions |
| Minimum contribution amounts based on previous years’ profits | No employee contributions |
| Owners with at least 10% stake in company shares aren’t eligible for plan | Employer contributions vested after no more than two years |
| No employee contributions |
Group Home and Auto insurance benefits are a value-added feature that can supplement your existing benefits to your employees. It’s a great and unique way for you to attract and retain your employees.
Your company will benefit from personalized support from our Brokers that have access to multiple markets and the ability to insure 100% of your employees.
Your employees will benefit from:
- Preferred rates and discounts, that are usually not available to the general public
- Exceptional customer service and convenient hours of operation
- 24/7 claims service
- Flexible billing and payment options