Benefit Plans For Your Canadian Employees
You’re an American employer expanding into Canada, or maybe you already have Canadian employees and need to improve a benefits package.
The thought of this project might cause anxiety due to the complex state of US benefits. Barnett & Associates is here to make things easy for you in Canada. You hear Canadians already have free healthcare. Why do we even need to do anything? Nothing is free and Canadians pay taxes to pay for the “free healthcare”, a lot of them at that. Despite the opinion of many, the taxpayer is not an endless source of cash for everything and the ability for the taxpayers to pay has limits.
The core concept is if the provincial health plan pays, then extended group plans do not and when the provincial plans do not pay, the extended group plans can.
Simple right, you’re already feeling better about this!
Why Group Benefits?
At one time, a politician somewhere understood that the resources of the taxpayer were limited and that corporations have additional pressures. Competition, technology, economy, rules and regulations and human resources to name just a few challenges these employers face. We are looking for that person again but that is another story.
While this politician is unknown to us, they deserve credit. They used the tax system to encourage corporations to provide various benefits to their employees that they can not buy themselves.
Your corporation can easily develop, implement, and maintain an employee benefit plan for your employees which can be used to attract, retain, and provide you with a competitive human resource advantage over your competition.
What could it cover?
- Extended healthcare i.e. items the government plan does not pay for (drugs, emergency services, paramedical services)
- Dental
- Life insurance
- Long- and Short-Term disability
- Critical illness
- Employee assistance
- Health spending account
- Wellness spending accounts
Group Retirement Plans
Group retirement plans are also very similar to USA retirement plans so far as the end objectives are similar. How the government treats contributions, withdrawals, income, dividends, and capital gains along the way may be slightly different but not unsimilar.
Barnett & Associates can help you create and maintain a retirement plan that works towards your objectives while benefiting your employees today and the future.
Group RSP, Tax Free Savings, Deferred Profit Share Plan or Defined Contribution pensions are all available. Just think 401k, ROTH IRA, DC Pension easy right.
How do we create a Canadian Benefits Plan?
Contact Barnett & Associates whether you are in New York, Los Angeles, Chicago, Atlanta, Maimi and or somewhere between in the United States. When you have a Canadian Corporation that needs employee benefits, Barnett & Associates is here for you.
How can we maintain a Canadian Employee Benefits Plan in the USA?
You are going to want to have an incorporation of a Canadian company with a Canadian bank account to make your life easier. Today electronic age allows for internet administration on many to all functions required to keep things running smoothly.
Why have a Canadian based advisor?
When it comes to your Canadian benefits plan, you’re working in a highly regulated financial services industry. Staying on top of rules and regulations with the various changes, updates and future events is always going to best served from advisor based in that Country.