Group Benefit and Savings Plans

Offering employee benefits in Canada, which supplement individual health insurance with additional insurance products, is one of the best ways to attract top-notch employees to your company. When other companies try to woo away your top talent, and they will, Northern River Financial offers the kind of comprehensive group insurance other companies can’t compete with will persuade talented people to stick with your company.

Reasons to offer group employee benefits

In business, you want to generate revenue while keeping expenses as low as possible. That is why many employers try to save money by keeping health benefits plans to a minimum. Although offering skimpy employee insurance plans might save your company money in the present, you will lose out over the long term. Do not miss out on the advantages by failing to invest in group benefit plans.

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:

  • Supplemental health coverage – These benefits cover medical consultations and procedures that Canada’s national health insurance doesn’t.
  • Coverage for employee family members– Your employees can provide for the health needs of their spouses, children, and other dependents.
  • Health benefits for travel– When employees are traveling on your behalf or enjoying a vacation outside of Canada, they won’t have to purchase a supplemental travel policy.
  • Dental benefits – Dental insurance provides coverage for preventive dental care and dental procedures not covered by Canada’s national health insurance.
  • Life insurance – In addition to purchasing their individual policies, employees can supplement their life insurance coverage with the benefits you provide.
  • Disability insurance– If your employees have to work for a short time, or a disability makes them unable to do their jobs, disability insurance protects some of their income.

Key Considerations

  • Attractivenss to new hires
  • Healthy employees
  • Lower tax burden
  • Incentive to stay
  • Positive positioning

Investing in the future

In addition to the group insurance 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.

Register Retirement Savings Plan

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. 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.

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, Northern River Financial has a package that’s right for you.