Offering group benefits is a method for business owners to attract top talent. Running a business is hard work and competition is intense. Attracting and keeping top employees gives a business a competitive advantage over its competitors.

Offering a solid group benefits plan to employees gives the employees a sense of security and comfort knowing that they don’t have to worry about retirement savings, the financial liabilities of medical expenses and liabilities that can arise as a result of disability. As a result, the employee can better concentrate on his/her work.

The business owner can also benefit. The business owner can participate in the group plan to help save for retirement, and to offset medical expenses, life insurance and disability insurance costs. Both the employee and the business owner can benefit.

Quick Facts on Benefits of Group Insurance:

• Cost effective: Provides cost effective coverage for medical expenses, dental expenses, life insurance coverage, and disabliity insurance coverage.
• Tax efficient: Provides tax efficient compensation to employees with deductible costs to the business owner. Business owners can receive a deduction and some benefits that are received are not taxable benefits. In most provinces, health and dental benefits can be received tax free by employees whlie offering the business owner a tax deduction.
• Competitive compensation: Provides the business owner with a competitive advantage. Employees want to work for a company that offers benefits; hence, the employer can attract top talent.
• Coverage for the business owner: The business owner can benefit from participation in the plan. The coverage can supplement the business owners own coverage at a low costs.
• No medical: Provides coverage for employees without having to complete medical questionnaires.
• Commitment to employees: Demonstrates a commitment to the employees by the employer; hence creating loyalty to the employer.

Quick Facts on Benefits of Group Retirement Savings Plans:

• Employees find it desirable: A recent government survey stated the 67% of workers would prefer to participate in a retirement plan instead of getting a raise. A group RRSP wlil enhance the employer’s abliity to retain talented employees.
• Group RRSP’s are cost effective:
• No cost to employer (except for matching)
• No setup or trustee fee
• No annual admin fee
• No transfer or withdrawal fees
• No regulatory fees
• Easy to set up; no complex regulations
• Easier to meet guidelines than with defined contribution plans and individual pension plans
• Employer benefits of a Group RRSP:
• A cost effective employee benefit.
• As a plan sponsor, the employer pays no fees in establishing a group RRSP.
• Commitment to the employee
• Contributing to your employees’ RRSP shows them that you value his/her contribution to the company.
• Flexible
• Contributing to your employees’ RRSP shows them that you value his/her contribution to the company.
• Simple to administer:
• Only one form authorizing payroll to make withhold contributions from the employees pay is required.
• Portable
• The is no ongoing fee for retired or former employees.
• Group RRSP’s provide a valuable benefit to the employee.
• Helps employees bulid long term wealth.
• he investments wlil accumulate on a tax deferred basis.
• Immediate tax savings on every pay cheque
• The amount of income tax withheld from the employee’s paycheque wlil be reduced. The employees are only taxed on the income earned after the contribution to the RRSP.
• The amount of tax withheld by the employer can be reduced for an employee that contributes to a group RRSP.
• Expert financial advice
• A professional advisor wlil assist the employee in making investment decisions.
• Regular savings through payroll deduction
• The employee does not have to worry about a large RRSP contribution at the end of the year.
• Excellent portfolio management
• The employee’s RRSP wlil be managed by professional money managers
• The plan is portable
• If an employee leaves your company, his or her group RRSP can be transferred to an individual RRSP.
• The employee wlil have the freedom to join or leave the group RRSP at any time.

Key Benefits of GTA Wealth Group Benefits

• Independent advice: GTA Wealth can access multiple insurance companies to ensure you receive the best solution for your needs. Our financial advisors do not work for an insurance company; therefore, there is no requirement to patronize only one company.
• Low cost: Your GTA Wealth financial advisor will search for the best value to meet your insurance needs. Multiple insurance company’s solutions can be reviewed so you get the best value.
• Flexible: If you are denied coverage from by one insurance company, your GTA Wealth financial advisor can apply to another insurance company.

Get the most for your employees with a Group Benefits package from GTA Wealth

An excellent group benefits package from GTA Wealth Management Inc. will help your company attract quality employees and retain the ones you have. You can count on the highly qualified financial advisers at GTA Wealth to precisely craft the perfect group benefits package to suit your company's needs.

Contact or call the Accountants at GTA Wealth Management Inc. toll free at 1 855 GTA WLTH (855 482 9584) for your group benefits requirements. GTA Wealth Management Inc. has three convenient locations in Mississauga, Toronto and Markham to serve you.

Insurance sales are conducted through Allen Wong & Associates (AWA), a Managing General Agency