GROUP BENEFITS
Group insurance benefits have a significant financial obligation Max Financial understands there is an important role in planning the program, for the betterment of employees and their families.
Group RRSP is an employer-sponsored retirement savings plan. Usually contributions are made by payroll deduction on a pre-tax basis which allows employee to take home a little extra pay on every paycheck as an instant tax refund. It is also a great benefit for employees as an investment growth start right from each pay deduction which may further enhance due to tax deferral growth and dollar-cost averaging. Employer often matches employee contributions to a maximum of 2-5% of earnings. Employer contributions are not mandatory. Group RRSP is very similar to individual RRSP except that is administered on a group basis by employer. Employees gain access to their funds with no tax to buy a first home under Home Buyers’ plan or for education under Lifelong Learning Plan.
DEFERRED PROFIT SHARING PLAN (DPSP) A DPSP is an employer-sponsored profit sharing plan registered as a trust with Canada Revenue Agency (CRA ). Employee contributions are not permitted. Only employer contributions which are linked to the profitability of the business. Employer contributions are tax deductible for the employer. Employees do not pay income tax on DPSP contributions until funds are withdrawn. A DPSP is usually offered in conjunction with a group RRSP. The employee contributes to the group RRSP and the employer’s matching contributions are deposited to the DPSP.
Group insurance benefits are one of the major benefits offered by many employers.Provincial health plans (OHIP) may not cover everything. A group insurance benefits help to ensure your employees and their dependents are adequately protected and help you to retain the happy employees.
The group insurance benefits and options include, basic life, optional life, accidental death and dismemberment , short term and long term disability, prescription drugs, Extended health care , semi private, vision, dental , emergency travel , employee assistance program and critical illness. We help you to design the group plan suitable to your needs and with in your budget at an affordable price from an array of benefits and options.
We explore Group retirement solutions.
Group retirement solutions are one of the best ways to help you to save for your retirement. Group retirement solutions such as Group RRSP, Group TFSA and Group Annuity , enable you to save consistent amount over a long period of time .
Group retirement solutions offer the following benefits:
For Business owners :
•Your contributions are tax deductible as business expense.
•Improves employee morale, productivity and efficiency.
•Attracting and retaining valuable employees.
For Employees:
•Paying yourself first through payroll deductions is an easy, painless way to save conveniently and quickly.
•Payroll deductions are instant tax deductible.
•Payroll deductions also provide the benefit of dollar-cost-averaging.
•Employer matching contributions enhance your personal contribution amounts.
•Professional investment management and lower management fees than individual plans.
•Free educational sessions and any time online account access.
•You can name a beneficiary to avoid the probate process and fees that might otherwise apply.
•Group plans may also offer creditor protection.
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