The Canada Revenue Agency (CRA) provides a list of medical expenses eligible for the medical tax credit.
When you are embarking on setting up an employee benefits plan for your company there are a few key goals and objectives you should consider to help guide the way the plan is built.
For any sized business, an employee benefits plan is a big spend which should be considered carefully within the context of your entire financial picture.
In a perfect world, being able to maintain an ideal work-life balance would be a walk in the park. But how often do we end up struggling to achieve it? Issues that come up out of the woodwork – be they financial worries, emotional well-being or even finding child care – make the impossible task that much more difficult. Although these might sound like common problems, the reality is that they take a toll on our minds and bodies.
Families are putting up their Christmas trees and decorating their homes with poinsettias. Offices around Toronto are full of colour, Secret Santa exchanges, and holiday parties. During the holidays many people go away on vacation with their families and friends – getting away from the concrete jungle and enjoying some well-deserved R&R. Don’t forget your employee benefits plan may cover their out-of-country medical emergencies!
Anyone in business wants to focus on growing their own business – not getting pulled down into the weeds on a topic such as employees who defraud and abuse the company’s benefits plan. So is there a way to sow measures into your benefits plan that will reduce chances of fraud and deter abuse of benefits? Yes, there is.
Stories of fraud and abuse of group benefits have recently rocked the Toronto Transit Commission, York Regional Police and Toronto’s St. Michael’s Hospital. If these large organizations cannot prevent employee benefits fraud, what chance do small and mid-size companies have?
Many small to mid-size companies rely on their benefits plan to help them attract and keep good employees. Here are a few tips to consider.
Like many small, growing businesses dependent on attracting and retaining top talent, the founders of this tech startup felt an attractive compensation package was vital.
I’m looking to boost my group benefits coverage for my employees. What should I be shopping around for?
Revisiting your group benefits plan design every 3-4 years is a good idea to ensure you are getting the benefit of what you are paying for and are keeping up with changing needs of employees.