You have probably heard the term “taxable benefits” floating around, but have you ever wondered what it would actually mean to anyone that is not familiar with the tax and benefit space? Let’s explain taxable benefits in a very simple way: explaining them to a 10-year-old. A Simple Explanation of Taxable Benefits “Imagine you get an allowance for doing chores. In this example, we will say you get $10 each week. You get to keep all of that money because it’s what you earned. Then let’s say one week your parents give you an extra $5 because you did an extra good job or helped out more than...

Not sure where to start with investment options for your Canadian employees? While there are many different types of investment opportunities, this post will focus on the Registered Education Savings Plan (RESP). What is an RESP? Registered Education Savings Plans (RESP) exist to help save money for post-secondary education – most commonly, this is a parent saving for their child’s future. An RESP account creates a savings vehicle where money can be invested and those investments will grow tax-free compound interest while in the account. While there is no annual limit on contributions into an RESP account (from the year 2007 onward), there is a lifetime contribution limit...

As an employer, it is your responsibility to ensure that you keep your employees safe, and make necessary adjustments to keep them comfortable. According to information from Workplace Safety & Prevention Services (WSPS), the following are 8 tips that can help keep your employees protected at all times; Plan for sick days – Ensure that you have a backup plan in place to cover daily responsibilities when an employee is taking a sick day. It is important to ensure your employees don’t feel obligated to come into work, and they’re encouraged to stay home. Check your HVAC system – Good indoor air quality is crucial for a healthy...

The summer has come and gone, and there is much to look back on. Now that it’s the beginning of Fall, we are settling into our routine of school and work. Whether you are a parent or a student in college, you know how those first few weeks are, which can be described in one word: chaos. However, have no fear, as we are here to assist by supplying you with information regarding your overage dependents and what that means for their coverage on your benefit plan. What is classified as an overage dependent? In Canada, an overage dependent (OAD), is a dependent that has reached a certain...

As summer comes to a close, employees are taking vacations to try to enjoy the last of the warm weather. But if they are leaving the country, they should be prepared and make sure that they are covered by travel insurance for any unforeseen accidents. There are many reasons to book travel insurance before planning a vacation. What if an emergency happens and flights needs to be cancelled? What if luggage is lost? What if there is a medical mishap and a visit to a hospital is required? What happens if you are pickpocketed? Luckily, most basic travel insurance policies cover these unexpected events and will help reimburse...

Maintaining good oral hygiene is important for our overall health, which is why most employers make sure to include dental plans in their employee benefits packages. Even if you follow a diligent oral hygiene routine, it is always good to take advantage of your dental benefits to be certain there are no surprises. Your dental hygienist is a professional doctor that is looking out for your health and you should visit them just as often as you would your family doctor. It is highly recommended that adults visit their dentist regularly at least once a year, however some people may go sooner if their benefits plan allow them...

If an employee is injured at work, there are responsibilities on both the employee and the employer when a claim is made through the Workers’ Compensation Board (WCB). It is important to note that all workers have a right to make a WCB claim if they are hurt at work and that it is against the law for an employer or supervisor to ask an employee not to report an injury. The first step is to inform your employer of your injury. Try to give as much detail as possible if you are able to immediately. In the event your treatment requires more than basic first aid, you...

March is Nutrition Month in Canada, which is a great reminder to employers to take a look at promoting healthy eating in the workplace. Food has a direct impact on performance and productivity, and healthy foods will provide energy and happiness to employees – which in turns makes them more engaged, creative, and effective during the day.  There are many different ways to engage and empower your workforce to explore healthy eating in their daily routines: Start by offering opportunities for employees to educate themselves on healthy eating practices. Catered lunch-and-learn sessions, inviting a nutritionist onsite for a workshop, or even posting nutrition information and resources in a...

Canadians may have life insurance, pensions, group retirement services, and other savings to help protect our loved ones in the event that something happens to us. But do you know who is listed as your current beneficiary on these policies? Many of us set the beneficiary designations when we initially enroll or sign up for retirement savings plans (RSP), group retirement services, and other programs, and then we tend to forget about them. We all encounter many changes throughout our lives and we need to be aware that these changes should be reflected in who we want as beneficiaries in the event something dire should happen. It is...

As we ease into the holidays and things begin to slow down a bit, you may recognize that you’re not quite feeling yourself. Maybe you have a persistence headache, sore muscles, or just slowed reflexes. Or it could be that you are more irritable than usual, or les productive. Is it just the time of year, or could it be that fatigue has you feeling not so festive? Fatigue is a feeling of constant tiredness or weakness and can be physical, mental or a combination of both. This could be resulting from insufficient sleep, prolonged mental or physical work, or extended periods of stress or anxiety. Fatigue can...