GROUP PLANS

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

Looking for Group Solutions?

We can review your existing group plans, or we can set up a new plan!

What are your company needs?


Math Captcha 40 + = 50

LOCATION
716 Gordon Baker Rd #101

Toronto, ON M2H 3B4

CONTACT
Tel: 416-548-5622

Fax: 416-548-5623

EMAIL
info@financiallink.ca
HOURS OF OPERATION
Mon-Fri – 9:00 – 5:00 Saturday – By appt