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  • Introduction to taxation of group benefits | Small Biz Advisor
    and Dental expenses are tax free benefits If there were no Group plan employees would be paying these expenses with after tax dollars so this feature is a definite advantage to having a group plan Are Disability payments taxable to an employee when received If the premiums for Short and or Long Term Disability benefits have been paid in full by the employee then CRA states disability income benefits when received by the employee will be non taxable income and need not be declared as income If the Employer pays even any part of the disability premium then any disability income payment received by the employee is considered taxable income and the Insurance Carrier will issue a T4A If the Employer pays the disability premium but includes all premiums paid as a taxable benefit on the employee s T4 statement then by convention CRA has considered that disability benefits received by the employee will be non taxable income Summary of Federal and Provincial Tax Group Insurance plans are subject to both federal and provincial taxes Federal Tax The Goods and Services Tax Harmonized Sales Tax GST HST is not charged on insured benefits The tax is charged on the Administration Fee only under self insured plans which contain no element of insurance Provincial Tax Premium Tax is applicable to every insurance company in Canada and is built into the premium or charged on plan costs for self insured plans This tax varies by province and is currently between 2 and 4 Retail Sales Tax RST or Provincial Sales Tax PST is only applicable in Ontario and Quebec This tax is charged on the premium or plan costs on all plans This tax is 8 in Ontario and 9 in Quebec Group Benefit Taxation Table The following chart outlines the current

    Original URL path: http://www.smallbizadvisor.ca/group-benefits/introduction-to-taxation-of-group-benefits-142 (2016-04-26)
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  • Choose dividends over salary | Small Biz Advisor
    for Business Owners Why taking a salary may not make sense is based on research headed by Jamie Golombek CIBC s managing director of tax and estate planning It takes a fresh look at the age old maxim that Canadian small business owners should always pay themselves enough salary or bonus to ensure that they can maximize their RRSP contributions each year regardless of whether they actually need the cash

    Original URL path: http://www.smallbizadvisor.ca/news/choose-dividends-over-salary-95 (2016-04-26)
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  • Small world…at a cost | Small Biz Advisor
    the most part smaller plans still face the same challenges now as always cost competition and capability It s always a challenge to keep the prices down and still have some good benefits says Murray Kirkpatrick administrator of Queens Association for Assisted Living in Milton N S The 70 employee organization recently switched insurance carriers to help contain costs Queens Association is fortunate According to a 2002 survey from the Canadian Federation of Independent Business CFIB of the 14 500 small to medium size businesses surveyed 44 said they don t currently purchase extended health insurance The main reason Premiums are too high 84 Also 7 said they used to provide extended health but now can t afford it It s a catch 22 says Jessica Cerato human resources coordinator for Hostelling International Canada Pacific Mountain Region in Vancouver We want employees to take advantage of the benefits we offer but at the same time it s a little difficult Aside from health and dental the 60 employee branch offers each full time plan member 500 per practitioner per year for eight different services such as acupuncture and massage therapy However employees are using it to the max says Cerato

    Original URL path: http://www.smallbizadvisor.ca/news/small-world%e2%80%a6at-a-cost-91 (2016-04-26)
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  • A benefits plan or a larger salary? | Small Biz Advisor
    cited as the number one career concern by 32 of working adults with work life balance ranking above job security and earning a competitive salary By coupling a group health plan with strategic non monetary compensation a small business can compete for talent and increase loyalty Will it help us keep the talent we have According to Jacques L Esperance survey advisory board member of the 2010 sanofi aventis healthcare survey having a health benefit plan encourages Canadian employees to stay with their current employer In addition the importance of drug plan coverage is illustrated by the 9 of respondents who said they may not fill a prescription if it s not covered by their benefit plan and this number increases with lower income employees Aside from keeping employees from leaving your business having a group benefit plan can help keep your talent healthy and at work rather than absent and distracted by health related issues The research and polls illustrate that investing in an overall health plan for employees that includes monetary and non monetary benefits makes good business sense Benefits play a significant role in the success of a business and an effective benefit program should shield your employees from the financial burden of illness and disability while developing a stable productive and loyal team for the business Is it affordable For small business owners considering a group benefit plan there are an ever increasing number of cost effective solutions available Key to the decision is whether the business budget will allow for additional cost and whether current administrative resources can manage the demand a burden reduced over the years by technology and web resources When using a benefit plan as a form of compensation it is important to compare it to the alternatives usually a bonus or

    Original URL path: http://www.smallbizadvisor.ca/group-benefits/a-benefits-plan-or-a-larger-salary-87 (2016-04-26)
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  • Group Benefits | Small Biz Advisor - Part 73
    case managers BY Staff June 30 2011 Morneau Shepell is sending its case managers and account executives back to school The benefits and New insurance agency for SMBs BY Staff June 30 2011 ADP Canada a provider of human resources and payroll solutions announced the launch of ADP Canada Insurance Agency Creating wellness programs on a budget part 1 BY Danielle Arbuckle June 29 2011 Many small business owners feel that workplace wellness programs belong in larger companies because they Insight into benefits plans application administration and renewal BY Leigh Doyle June 24 2011 Group benefits plans are a valuable tool for small business owners when it comes to New academic chair for small and medium sized enterprises at Schulich BY Staff June 22 2011 The Certified General Accountants of Ontario CGA Ontario has announced a 2 million gift to EAPs may ease costs of mental health Morneau Shepell BY Staff June 21 2011 In the workplace mental health issues are costing Canadian organizations a lot of money and Employees not happy survey BY Staff June 21 2011 It s not just Air Canada and Canada Post workers who are unhappy with their employers How to sell wellness programs to

    Original URL path: http://www.smallbizadvisor.ca/group-benefits/page/73 (2016-04-26)
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  • Group Benefits | Small Biz Advisor - Part 74
    Life Financial Canada June 2 2011 Custom health and wellness program can provide small business owners with many benefits Read Part Healthy wealthy wise part 1 BY Daniel Henry regional vice president central region national corporate accounts segment lead Group Benefits Sun Life Financial Canada June 1 2011 Custom health and wellness programs can bring solid rewards for small business owners The benefits of The benefits application process how to prepare part 2 BY Danielle Arbuckle May 31 2011 The application process of a benefits plan can prove to be challenging if an advisor BenefitsCanadaTV launches June 1 BY Staff May 31 2011 The team at BenefitsCanada com is proud to present an exciting new element to our website The benefits application process how to prepare part 1 BY Danielle Arbuckle May 30 2011 Small business owners know that offering a benefits plan is essential for attracting and retaining top The healthcare system needs an overhaul Morneau Shepell BY Neil Faba Benefits Canada May 26 2011 Canadians are paying into one of the world s most expensive healthcare systems but aren t getting Morneau Shepell launches EAP app BY Staff May 26 2011 Morneau Shepell under the Shepell fgi brand

    Original URL path: http://www.smallbizadvisor.ca/group-benefits/page/74 (2016-04-26)
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  • Group Benefits | Small Biz Advisor - Part 75
    not utilizing cost containment strategies BY Benefits Canada Staff May 20 2011 Canadian organizations are considering innovative strategies as a means to better manage their prescription drug Improve your client s benefit plan communication Part 2 BY Leigh Doyle May 18 2011 Advisors have an opportunity to build trust and value by helping their clients improve their Improve your client s benefit plan communication Part 1 BY Leigh Doyle May 16 2011 You and your client might have developed the perfect tailored benefit plan plan for his Desjardins launches new healthcare platform BY Staff May 16 2011 Desjardins Financial has launched a new healthcare platform The Health is Cool 360º platform will Applying the DB DC plan model to group benefits BY Michael Trowell May 16 2011 Traditional group benefits programs are facing unsustainable cost pressures healthcare costs alone are expected to Social media promising for plan communications BY Neil Faba Benefits Canada May 10 2011 Social media and technology are creating new opportunities to communicate with plan members according to Sun Life launching claims app BY Advisor ca Staff May 10 2011 Sun Life Financial plans to offer a free mobile application for group benefits and group Cdn employers

    Original URL path: http://www.smallbizadvisor.ca/group-benefits/page/75 (2016-04-26)
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  • Group Benefits | Small Biz Advisor - Part 76
    for Clients April 27 2011 Group medical benefits programs are an invaluable part of a total compensation package for employees 2011 Group Benefits providers report BY Sonia Felix Benefits Canada April 26 2011 This article was first published in Benefits Canada According to the Canadian Institute for Health Information s US SMB executives expect growth concerned about health costs survey BY Staff April 26 2011 Small and mid sized business owners in the U S are seeing a new economic reality unfold Sun Life buys Buffett and Company BY Staff April 13 2011 Sun Life announced today the acquisition of Buffett Company Worksite Wellness Inc Sun Life has Healthcare costs to skyrocket BY Steven Lamb April 11 2011 If you think healthcare costs are high already the next two decades are likely 3 quick tips for communicating to client s plan members BY Susan Cranston assistant vice president group small business marketing and advisor services Manulife Financial April 7 2011 Advisors who want to build their brand presence win sales and establish a value added consistent Dealing with the review and appeal processes for mental distress claims BY Brooke Smith Benefits Canada April 6 2011 As employees begin to turn

    Original URL path: http://www.smallbizadvisor.ca/group-benefits/page/76 (2016-04-26)
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