Group Products & Services

  • Pensions:
    • a systematic registered savings account established by the employer for the employee, either by payroll deductions or a lump sum payment
    • the employer must allocate a percentage of the payroll towards the employee’s funds, whether the company had a profit or loss during the year. Normally, the employer would have the employee match a portion or, all of the percentage of the employee’s payroll towards his registered savings plan
    • pension plans may be set up in numerous ways including:
      1. Defined Benefits (DB) Plan
      2. Defined Contributions (DC) Plan
      3. Pension Equity Plan (PEP)
    • If the employee leaves the company within the two first years of participating in a pension plan, the employer’s contribution will be retained by the employer. However, after the two years have passed, all funds contributed by the employer will be 100% owned by the employee. The employer’s portion will be known as a locked-in pension fund, to be used only at retirement which can be set to begin at age 55 onwards. Government regulations vary from province to province. From age 55 to 69, you are allowed to receive a certain percentage of your pension fund per year. This is called thecansim rate.
  • Benefits: A pool of benefits to protect you and your employees (including optional family coverage), in regards to:
    • life insurance
    • accidental death & dismemberment
    • dependent life insurance
    • short-term disability
    • long-term disability
    • health insurance:
      • prescription drugs
      • hospitalization
      • out-of-province and out-of-country coverage
      • paramedical services
      • vision
    • dental insurance
    • critical illness insurance
  • Registered Retirement Savings Plans (RRSPs):
    • a systematic registered savings account, established by the employer for employees, either by payroll deductions or a lump sum payment
    • the employee enjoys the immediate tax savings from his/her payroll deductions, rather than having to wait until the end of the year, when he or she files his/her tax return
    • all funds deposited are immediately 100% owned by the employee, even if the employer is contributing on behalf of the employee
    • spousal RRSPs can also be established via payroll deductions