Group Health Benefits
Group Benefits are provided by employers and associations to assist their employees cover the costs of medical/health expenses that the provincial health plans may not pay for.
- May include group life, disability, critical illness coverage
- Tax-effective way to compensate employees
- Helps with employee retention
- Allows employees to get coverage they would otherwise not have access to due to medical eligibility and/or cost
Group Benefits can be used in the following instances:
- To attract and retain employees
Group Savings Benefits
A group RRSP plan is offered by employers or associations to help employees save for their retirement. Some employers may offer to match a portion of the employee’s contribution. It is a great way to help employees save for the future while deferring some of their taxes.
- Wide range of investment options available
- Typical percentage of contributions ranges between 3% to 10% of employee’s pay.
- The employee chooses contribution percentage.