The Importance of Group Health & Wealth Benefits in Canada

Compensating employees by having access to group health and dental benefits and wealth plans, can provide peace of mind knowing that they are protected against unexpected medical expenses and can retire with a bright financial future. This not only promotes physical, mental and wealth health, but also contributes to overall employee satisfaction and retention.

 

Providing additional incentives like retirement savings plans with strong returns will give your employees more confidence in their loyalty to your company to remain until retirement.

 

Employers also benefit from offering these benefits as it helps attract top talent and maintain a productive workforce. By providing comprehensive coverage options, companies can demonstrate their commitment to employee well-being while enhancing their overall compensation package.

Advantages of Offering Group Health and Dental Benefits to Employees in Canada

Happy and healthy employees with group benefits

As inflation and the cost of living increase, businesses struggle to keep expenses down. In efforts to retain top talent without breaking the bank with higher salaries, employers balance employee compensation that is tax-efficient for both the employer and employee by implementing a well-designed health benefits and retirement package. Here are the advantages of having a competitive package:

Choose From a Comprehensive List of Employee Benefits

You can offer almost any imaginable perk to your employees, but these are the most common group employee benefits employee benefits businesses currently offer:

Investing in the Future:
Group Retirement Plans

In addition to the group insurance Canada businesses provide, offer your employees a competitive retirement plan. Most businesses match a percentage of their employees’ contributions as a way of saying “thank you for your service.”

Registered Retirement Savings Plans

Your employees can contribute to RRSPs, and you can match their contributions as part of your overall compensation package. However, keep in mind that your contributions will count as taxable income for your employees. Remind them that the total of their contributions and yours shouldn’t exceed the current year’s deduction limit.

Other Types of Retirement Investments

In addition to contributing to individual RRSPs, you can offer life income funds (LIF) to employees after they turn 55 years old. These accounts pay out locked-in RRSPs and locked-in retirement account (LIRA) proceeds, including pensions transferred from other companies.
After transferring funds to their LIFs, employees can withdraw them according to minimum and maximum allowances. They can use the money to fund their children’s educations, to care for aging parents, or for any other purpose. They can also designate beneficiaries who’ll receive any remaining money after they die.

How to Get a Quote for Employee Benefits Coverage

Decide whether you want to offer coverage only to full-time employees or whether you’d like to add benefits for part-time employees. Then, choose the kinds of benefits that your employees want most, and contact us for a quote. Whether you’re a small business in Toronto, Ontario or anywhere in Canada with just a couple of employees or a large corporation that pays taxes in Canada, we’ll connect you with great employee group benefits delivered at a competitive price.

Act Now

If other businesses in your industry offer an employee benefits plan while you don’t, they’re going to attract the best employees. Whether you realize it or not, they’re leaving your business behind. No matter how small or large your company is, we have a package that’s right for you. Talk to us today about getting started with group employee benefits.

 

If you already offer group benefits for your employees, but would like a comparison quote with other carriers, contact us today to get a free comparison quote.

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