Introducing the new Canada Life: one brand for three iconic Canadian companies

Winnipeg, MB, April 3, 2019. . . Three iconic Canadian brands are coming together under one brand – Canada Life – to better serve their more than 13 million customer relationships across Canada and to position the companies for even stronger growth.

Effective immediately, The Great-West Life Assurance Company, London Life Insurance Company and The Canada Life Assurance Company will begin a journey to move to one brand in the Canadian market. This newly developed Canada Life brand builds on the three companies’ proud histories, whose stories began over 170 years ago. Canada Life will become the new brand under which the organization will create, deliver and communicate products and services in Canada across all of its lines of business.

To learn more: https://www.canadalife.com/content/dam/cl/Documents/corporate/CL-news-release-brand-announcement-en.pdf

Ontario dental fees to increase on average in 2019.

Each year the Ontario Dental Association (ODA) audits both the medical and business practices of its members.  Based on the results of this exercise it then makes recommendations on what a dentist can and should charge for their services. This year, based on an increased scrutiny on prevention and control methods the ODA made a larger than normal recommendation.

If you have any questions about how this could affect your benefits plan please do not hesitate to connect with Elish Toale at (905)206-0900 or etoale@sabrelife.com

To learn more: Benefits Canada

Why provide an employee benefits plan?

Business owners are increasingly recognizing the key importance of implementing employee benefit plans in their organization and this is an area that has grown considerably in recent decades. Employee benefits comprise all of the additional things that you offer to your employees on top of their regular salary, which could include pension contributions, health cover / insurance policies, training and education programs etc. Employees are more and more interested in the total benefits package that a potential employer can offer them, rather than just being focused on a binary salary figure and recognizing and understanding this cultural shift in the modern working world is crucial to maintain your ability to recruit and retain the right talent for your business.

Many employees value the benefits that their employer offers, considering them an integral part of their take home pay, none more so than health cover. This benefit can provide financial and emotional security to your employees and their families, without the need for them to complete any health requirements to be on the plan. They are likely to benefit from a preferable level of cover and the plan may even provide them with insurance products such as long-term disability cover, which can be harder to gain outside of a group plan. What’s more, group plans often offer out-of-country emergency healthcare for employees which has the potential to save them money on personal travel insurance products.

Not only do these benefits provide a sense of security to your employees, they can also help them to feel valued as part of your organization, which may in turn foster higher morale and increased motivation within their roles. It is therefore worthwhile for business owners to encourage their teams to recognize the fact that the benefits package that you offer should be considered as an integral part of their take home pay, alongside their actual salary.

Talk to us, we can help.

Why provide an employee benefits plan?

Business owners are increasingly recognizing the key importance of implementing employee benefit plans in their organization

Financial Planning for Incorporated Professionals

Financial planning for incorporated professionals is often two-sided- planning for the practice and personal financial planning. A few things to keep in mind for professionals are:

  • Professionals are typically in the highest income tax bracket, therefore incorporating their practice can help manage and defer taxes at a lower corporate tax rate.
  • By incorporating- professionals can have access to dividends from their corporation, shareholder loans, corporately held life insurance and since money can be left inside a corporation- this money can be used in years where there are life changes such as pregnancy, buying a home or retirement.
  • Professionals should also ensure that they have access to health benefits.
  • Debt for a professional is not unusual, given the costs of education and equipment, therefore working with an advisor and accountant can help an incorporated professional find a way to balance their cash flow.

Why do you need a Financial Plan?

  • Worry less about money and gain control.
  • Organize your finances.
  • Prioritize your goals.
  • Focus on the big picture.
  • Save money to reach your goals.

For an incorporated professional, personal and practice finances are connected. Therefore both sides should be addressed: Personal and your Practice.

What does a Financial Plan for an Incorporated Professional include?

There are 2 main sides your practice’s financial plan should address: Growth and Preservation

Growth:

  • Cash Management- Managing Cash & Debt
  • Tax Planning- Finding tax efficiencies
  • Health Benefits

Preservation: 

  • Investment- either back into the business or outside of the business
  • Insurance Planning/Risk Management
  • Retirement Planning

What does a Personal Financial Plan include?

There are 2 main sides your financial plan should address: Accumulation and Protection

Accumulation:

  • Cash Management – Savings and Debt
  • Tax Planning
  • Investments

Protection:

  • Insurance Planning
  • Health Insurance
  • Estate Planning

What’s the Financial Planning Process?

  • Establish and define the financial planner-client relationship.
  • Gather information about current financial situation and goals including lifestyle goals.
  • Analyze and evaluate current financial status.
  • Develop and present strategies and solutions to achieve goals.
  • Implement recommendations.
  • Monitor and review recommendations. Adjust if necessary.

Next steps…

  • Talk to us about helping you get your finances in order so you can achieve your lifestyle and financial goals.
  • Feel confident in knowing you have a plan to get to your goals.

Why provide an employee benefits plan?

Business owners are increasingly recognizing the key importance of implementing employee benefit plans in their organization and this is an area that has grown considerably in recent decades. Employee benefits comprise all of the additional things that you offer to your employees on top of their regular salary, which could include pension contributions, health cover / insurance policies, training and education programs etc. Employees are more and more interested in the total benefits package that a potential employer can offer them, rather than just being focused on a binary salary figure and recognizing and understanding this cultural shift in the modern working world is crucial to maintain your ability to recruit and retain the right talent for your business.

Many employees value the benefits that their employer offers, considering them an integral part of their take home pay, none more so than health cover. This benefit can provide financial and emotional security to your employees and their families, without the need for them to complete any health requirements to be on the plan. They are likely to benefit from a preferable level of cover and the plan may even provide them with insurance products such as long-term disability cover, which can be harder to gain outside of a group plan. What’s more, group plans often offer out-of-country emergency healthcare for employees which has the potential to save them money on personal travel insurance products.

Not only do these benefits provide a sense of security to your employees, they can also help them to feel valued as part of your organization, which may in turn foster higher morale and increased motivation within their roles. It is therefore worthwhile for business owners to encourage their teams to recognize the fact that the benefits package that you offer should be considered as an integral part of their take home pay, alongside their actual salary.

Talk to us, we can help.