Group insurance and retirement savings for your business

A lump sum paid to the beneficiaries when the employee dies, often a multiple of salary (for example 1 or 2 times), with accidental death and dismemberment (AD&D) coverage.

Tip Employer-paid life insurance premiums are a taxable benefit for the employee. Coverage ends when the employee leaves the company: the right to convert to an individual policy must usually be exercised within a short period, often 31 days.

Guide: points to check in your contract

1. Compare the amount with the family's real needs (mortgage, income, education)
2. Review designated beneficiaries after every life change
3. Add a personal policy that follows the employee

Replaces part of the salary during the first weeks of an absence due to illness or accident, in addition to or instead of Employment Insurance sickness benefits (up to 26 weeks).

Tip A qualifying plan may entitle the employer to a reduced Employment Insurance premium rate. The waiting period and the maximum duration determine the cost.

Guide: points to check in your contract

1. Choose the waiting period (accident and illness)
2. Coordinate the duration with the start of long-term disability
3. Assess the Employment Insurance premium reduction

Pays a monthly benefit, often 60% to 70% of salary, after the waiting period (frequently 17 or 26 weeks) and for the duration of the disability, sometimes up to age 65.

Tip If the employee pays the entire premium, the benefits received are not taxable. If the employer pays, they are taxable: premium sharing changes net income in case of disability.

Guide: points to check in your contract

1. Read the definition of disability (own occupation or any occupation)
2. Check the monthly maximum against higher salaries
3. Have the employee pay the premium where possible

Reimburses prescription drugs, paramedical care (physiotherapy, psychology, massage therapy), hospital expenses and vision care.

Tip In Québec, a person eligible for a group plan that includes drug insurance must join it, and enrol their spouse and children if they are not covered elsewhere. The share of the premium paid by the employer is a taxable benefit for provincial tax purposes.

Guide: points to check in your contract

1. Choose the coinsurance and deductible
2. Check pooling for high-cost drugs
3. Add telemedicine and online pharmacy

Covers preventive care, restorations and, depending on the plan, major services and orthodontics.

Tip The Canadian Dental Care Plan is for people without access to dental insurance: an employee covered by the group plan is generally not eligible.

Guide: points to check in your contract

1. Cap major services and orthodontics to control costs
2. Set the fee guide used (current or previous year)
3. Provide a waiting period for major services

A lump sum paid on diagnosis of a covered illness (cancer, heart attack, stroke, etc.).

Tip The amount can be used freely: treatments, home adaptation or replacing a spouse's income.

Guide: points to check in your contract

1. Compare the list of covered illnesses
2. Check coverage for children
3. Offer an optional, employee-paid module

Confidential access to psychological, legal or financial counselling, and to a doctor online.

Tip These are often the most used and least expensive coverages: they reduce absenteeism related to mental health.

Guide: points to check in your contract

1. Promote the EAP from the onboarding of new employees
2. Check the number of sessions included
3. Measure usage at each renewal

A fixed annual amount the employee uses for health expenses not otherwise covered or, for a wellness account, for wellness activities.

Tip The cost is known in advance. In Québec, health care spending account amounts paid by the employer are taxable provincially; the wellness account is taxable at both levels.

Guide: points to check in your contract

1. Set an amount per employee class
2. Allow unused balances to be carried forward
3. Use it to complement a core plan

Covers emergency medical expenses outside the province and, depending on the contract, trip cancellation.

Tip Useful for employees who travel for work or on vacation: hospital costs abroad can be very high.

Guide: points to check in your contract

1. Check the maximum duration per trip
2. Confirm 24/7 assistance
3. Read the exclusions for pre-existing conditions