There are a number of different benefits we can add to your group plan. These benefits can be tailored and designed for your needs. The benefits may include:

Group Life Insurance

  • May be a flat dollar amount (i.e., $35,000) or multiples of salary (i.e.,1x salary). 

Dependant Group Life:

  • Flat dollar amount (i.e., $10,000 spouse, $5,000 per child)

Dental Benefits

May include:

  • Diagnostic and Preventative: this level of service includes examinations, cleaning and X-rays.

  • Minor restorative: scaling, fillings, extractions, periodontics (gum disease) and endodontics (root canal) may be required.

  • Major Restorative: crowns, inlays, bridges and dentures.

  • Orthodontics: braces are used to align teeth. Most plans only cover dependants under the age of 19 for this benefit. Adult orthodontia coverage is uncommon.

  • Benefit schedule: minor restorative, major restorative and orthodontic benefits often have a coinsurance to reduce cost and share the responsibility of dental health. Major restorative claims are often reimbursed at 50%-80% up to an annual maximum of $1500 – $3000. Orthodontic claims are often reimbursed at 50% up to a lifetime maximum of $1500 – $3000.

Short and Long Term Disability

This is income replacement whilst off work due to accident or injury. There are various level of income replacement (i.e., 60%, 66%, 85%, graded formula). Different benefit periods (pay for 5 years, 10 years, to age 65). There are different definitions of disability. (any occupation, 2 year own occupation, 5 year own occupation, 10 year own occupation, own occupation to age 65). One can also include a number of options:

  • partial disability

  • rehabilitation benefit

  • inflation benefit, etc.

Extended Health Care Benefit

May include:

  • drug plan with or without co-insurance

  • out of country coverage

  • private duty nursing

  • hospital coverage (private or semi-private)

  • medical services and supplies

  • paramedical services (at various maximum per year)

  • vision care benefit

Group RRSP

A Payroll Deduction Registered Retirement Savings Plan (GRRSP) can be an important component of your total employee benefits package.  It’s an ideal, low-cost way to encourage your employees to prepare for eventual retirement.

A Payroll Deduction RRSP is simply a collection of individual RRSPs, where routine administration is centralized and members benefit from convenience and other advantages of regular monthly or bi-weekly payroll deductions.

Pension Plans

There are basically two types of Registered Pension Plans:

  1. The “Defined Benefit” plan is an agreement to provide specific benefits at retirement, based on years of service and earnings.

  2. The “Money Purchase” or Defined Contribution plan operates much like an RRSP.  Employer and employee contributions are accumulated in the plan and are used to purchase a retirement income, the amount based on the accrued funds and on interest rates at the time of the employee’s retirement.

The Money Purchase RPP is by far the simpler, more flexible plan.  The Defined Benefit plan, while providing the employee with a guaranteed amount of retirement income, can be complex and expensive.  The Money Purchase concept is therefore more popular today, particularly with small to medium size businesses.  An important advantage is that the employer can easily control and forecast the cost of the program, which is always a fixed percentage of payroll.  Total plan expenses are typically about 5% of the covered payroll, but can start lower if necessary.

The unique features and tax treatment of the plan made an MP-RPP one of the most highly-appreciated benefits an employer can provide.  It is an effective way to attract and keep well-trained, motivated employees.  An RPP can also be used in conjunction with a Payroll Deduction RRSP or Deferred Profit Sharing Plan.