Group Benefit & Pension Plans in Ontario
As a business owner in Ontario, you’re continuously navigating unique challenges that evolve as your company grows. At Retirement Benefits Insurance Agency, we offer comprehensive solutions to streamline your business needs, whether you’re looking for a straightforward group benefits plan or a more flexible and diverse range of group pension and RRSP options.
Group Benefits Plans
Our group benefits programs are designed to support small businesses by:
- Providing affordable and easily accessible options
- Offering plans that can be customized to meet your company’s specific needs
- Contributing to your long-term business success by enhancing employee satisfaction and loyalty
With our group benefits plans, you can:
- Gain a competitive edge in the job market
- Protect employees and their families cost-effectively
- Utilize a tax-efficient method of compensation
Group Retirement Plans
Group retirement plans offer exceptional tax-sheltering opportunities and are vital for employee savings. As government pension plans face uncertainties, our group retirement solutions, including group RRSPs, play a crucial role in helping Canadians prepare for retirement. These plans are also instrumental in attracting and retaining top talent.
When designing your group retirement plan, consider the following factors:
- Contribution Levels: Should the plan be contributory or solely funded by the employer? What percentage should the employer contribute? Should there be a matching formula?
- Contribution Flexibility: Should contributions be uniform, linked to profitability, discretionary, or based on years of service?
- Vesting and Eligibility: Should the plan vest immediately (with a maximum vesting period of 2 years)? Who should be eligible for the plan and after how long?
- Administration: Is the plan’s administration feasible given your workforce size and objectives?
- Costs: What are the costs associated with each option, and are they reasonable relative to your plan’s goals?
Choosing the right group pension or RRSP plan requires careful consideration of these factors. Our team is here to guide you through every step and develop a plan that aligns with your business goals.
Get in Touch
Let us help you create effective group benefit and group pension solutions tailored to your needs. Contact us today to explore how our expertise can benefit your business and employees.