Group Benefits
Group RRSP’s and Pension Plans
With the stability of future pensions in question, there is a growing interest in Group RRSP’s by employers and employees.
As an employer you can start a Group RRSP Plan. This is simply a collection of individual RRSP’s where you arrange for employees to make contributions through regular payroll deductions on a pre-tax basis. Your employees can apply to join the program and decide how much they want to contribute. You then deduct that amount from each employee’s pay in pre-tax dollars and forward it to your financial organization selected as the investment manager and administrator for your group plan. Each employee’s contribution is then deposited into their individual RRSP and invested as they specify.
Group RRSP, contributions are made on a pre-tax basis by payroll deduction, so the amount of tax you, as the employer, are required to deduct at source is calculated after your Group RRSP contribution is deducted. This results in an instant tax saving for employee contributors, instead of them having to wait for a refund after they’ve filed their tax return.
Group RRSP Plans are very popular with employees because they will see reduction in their taxes instantly at source, thereby giving them that money as extra take-home pay to spend or save as they see fit.
Wondering if your company and its employees could benefit from a Group RRSP Plan? Let’s talk
Group Life and Health Benefits
In today’s competitive marketplace attracting and retaining quality personnel is a constant concern and potential drain due to interrupted operations and turnover costs. Quality workers want to work for an organization that appreciates them as a whole person. This means that companies need to show that they support their employees by investing in their employees.
Your organization will realize many benefits by initiating a Group Benefits Plan. From improving morale, increasing productivity and employee loyalty, deducting the costs as a business expense to rewarding valued employees with enhanced coverage – the introduction of a customized benefit plan will foster a more positive and productive culture within your organization.
Interested in knowing more about how to experience these benefits in your company? Let’s talk
