CAP stands for Capital Accumulation Plan. CAPs are savings plans that are typically sponsored by an employer and allow members to select investments from two or more options. Some example of CAPs include Defined Contribution Pension Plan (“DCPP”), Group Registered Retirement Savings Plans (“GRRSP”), and Deferred Profit Sharing Plans (“DPSP”) […]
What is the difference between a DCPP and GRRSP?
DCPPs DCPPs are retirement plans that allow employees to save for retirement. DCPPs are regulated by Canada Revenue Agency (“CRA”) under the Income Tax Act and provincially under the government of each province. For example, in Ontario, DCPPs are regulated by Financial Services Regulatory Authority (“FSRA”) under the Pension Benefits Act. One of the key […]
What is the cost to offering a retirement plan to our employees?
The bulk of the cost of offering a retirement plan to your employees will come from the employer contribution, if the employer decides to contribute to their employee plans. GRRSPs can be set up with no employer contribution, just voluntary employee contributions. Other fees include Investment Management Fees (“IMF”) which can be paid by the […]
What are Investment Management Fees?
IMFs cover the majority of the fees required to manage a retirement plan. The fees typically cover services such as record keeping, custodian, investment management and consulting. IMFs are equivalent to Management Expense Rations (“MER”) on the retail side. […]
How do consultants get paid?
We offer flexible fee options, including commission, fee for service and fixed fees. For commission based fees, we imbed the commission in the IMFs so the fees are paid for by the employees. […]
Do most companies offer retirement plans to their employees?
No, approximately one-third of employers in Canada offer a retirement program to their employees. […]
What is a Health Care Spending Account (HCSA)?
A HCSA is a tax-deductible expense for your company and provides plan members with tax-free coverage of expenses that are not covered under their provincial insurance plan or other benefit plan sponsored by their employer. They can be set up as a stand alone plan, however they are generally added to a core plan to increase […]
What is a Personal Spending Account (Wellness Account?)
A PSA or Wellness account provides employees with additional health and well-being options. Coverage options under a PSA are almost limitless. Employers set up their PSA and decide what will and will not be covered. They can set as many (or as few) parameters as they wish. ! When setting up a PSA, an employer […]
What is Telehealth?
Telehealth is a free, confidential telephone service providing health advice or information. A Registered Nurse will take your call 24 hours a day, seven days a week. Assistance is available in more than 300 languages. […]
What is Virtual Care?
Virtual care is a broad term that encompasses all the ways healthcare providers remotely interact with their patients. In addition to treating patients via telemedicine, providers may use live video, audio and instant messaging to communicate with their patients remotely. People can see and talk to a doctor through their smartphone, tablet or computer, meaning […]