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EMPLOYEE BENEFITS

If you own a business, planning for your company’s financial future and taking care of your employees may seem overwhelming and expensive.  You may know that having an employee benefit plan or a group retirement plan will help you keep and attract good employees, but perhaps you aren’t sure what is best for your company or if they are affordable.  At Buss Financial Group, it’s our business to protect your business.

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Employee Benefit Plans include:

Group Disability Insurance

A single disability policy that covers many people.

Group Life Insurance

A single life insurance policy that covers many people. It is offered by an employer to its employer as part of the benefit package.

Group Health and Dental Plans

These plans offer coverage for medical expenses that aren’t covered under the provincial health plan.  Plans are often customized and can include prescription drugs, vision, hospital, paramedical and dental expenses.

Plan design consulting is critical to the ongoing viability of a Group Benefit Plan.  Whether you choose a Traditional or Pooled Benefit Plan, a Health Care Spending Account or a Self-Funded Plan, your group plan will be designed and customized benefit to meet the needs of your company.  Our clients range from companies with hundreds of employees to small businesses with one employee.

We are committed to keeping you up-to-date on the latest market and legislation changes so you can make the most informed and cost-effective decisions possible.  Coordination with Provincial plans ensure that you are not paying for unnecessary claims.

Annual renewal reviews ensure you are getting the best value at renewal time by evaluating the rates, usage and renewal projections.  It’s always our goals to reduce costs without reducing benefits.

“Like many small business owners, I tossed around the idea of employee benefits for a long time, but found it costly and time consuming. Tammy understood. She’s been there too. The difference is that she specializes in small business benefits. Tammy customized a plan that is both flexible and cost effective.”

Betty Tam, VP   Forever Homes

Group Retirement Savings Solutions

Group retirement savings plans can include Registered Retirement Savings Plans (RRSPs), Deferred Profit Sharing Plans (DPSPs), and Registered Pension Plans (RPP). These types of group plans can help your employees to benefit from a tax-efficient compensation option and ultimately enables them to pay lower investment management fees than they would pay if they were investing on their own.

Group Retirement Savings Solutions can include:

Defined Contribution Plans

A type of retirement plan in which the employer, employee or both make contributions on a regular basis. Individual accounts are set up for participants and benefits are based on the amounts credited to these accounts (through employee/employer contributions) plus any investment earnings on the money in the account.

Defined Benefit Plans

A type of pension plan in which an employer/sponsor promises a specified monthly benefit on retirement that is predetermined by a formula based on the employee’s earnings history, length of service and age, rather than investment returns.

Deferred Profit Sharing Plans (DPSP)

A type of pension plan registered with the CRA, where the employer contributes a portion of pre-taxed profits to the employees.  Employees can not contribute to the DPSP. The employer’s contribution is considered a tax deductible expense and are not a taxable benefit to the plan member.

Group RRSP

A group RRSP is an employer-sponsored savings plan, similar to an RRSP but administered on a group basis by the employer. Contributions are made by pay-roll deduction, on a pre-tax basis, through a group RRSP administrator. 

Group TFSA

A group TFSA is another type of employer-sponsored savings plan, similar to an individual tax free savings plan but administered on a group basis by the employer.  Contributions can be set up through pay-roll deduction, through a group administrator.

A Group Retirement Plan can help provide greater financial security for your employees and their families with the added benefit of building morale and enthusiasm.