As an employer in order to run an efficient, profitable business you need great employees. Salary is important but what benefits are you offering? It’s a fact that approx. 50% of businesses in Canada do not offer Group Health and Dental benefits even though it is a tax efficient form of compensation. At RSA Financial we believe having a Group benefits plan for your employees gives you as an employer a significant edge in hiring and retaining the best employees. As an Independent Licensed Life Insurance Broker, RSA Financial has access to a multitude of benefit plans. With escalating rates of inflation for medical and dental it is critically important that you have a broker that can help you put in place a benefits plan that is comprehensive, cost effective and sustainable. We are also available to help in educating employees on how claims experience can effect premium cost.
You don’t own your own business and your employer does not offer a Group Benefits plan. If a family member or yourself had a large medical or dental expense to deal with, would it significantly stress your financial well being. It does not have to be that way. At RSA Financial we can offer tailor made Individual Benefit plans that can spread the cost of these expenses on a monthly basis. As a individual self employed business owner these plans are also available with monthly premiums being tax deductible to the business.
Private Health Services Plan (PHSP)
Private Health Services Plans are an alternative to traditional health insurance, whereby you pay standard premiums usually on a monthly basis. They are effective tool for you, the small business entrepreneur or self employed professional to cut taxes and reduce your medical costs. They are available to both proprietors and incorporated businesses. At RSA Financial we can guide and help set up your PHSP so you can start experiencing these savings immediately.
Group Pension Plans
With Group Pension Plans, employer and member contributions are pooled in a pension fund and invested. The pension plan sponsor, usually the employer is responsible for ensuring that the plan can pay members the required retirement income. Tax benefits and employee retention are just some the reasons RSA Financial helps business owners put Group Pension Plans in place.
Personal Pension Plans (PPP)
How is this achieved ?
Regardless of your age, your annual RRSP contribution limit remains constant each year. By contrast, as you get older, your annual PPP contribution limits grow and exceed those under RRSP rules.
Please contact us at RSA Financial for more information on these obvious tax reduction benefits and for your own PPP illustration.