Build Benefits Packages With a Retirement Plan Consultant in Rouyn-Noranda
Group retirement plans for businesses in Quebec can provide additional coverage above and beyond the Canada Pension Plan and Old Age Security. As of 2015, the rate of labour force participation in Rouyn-Noranda was 62.7% and the employment rate was 57.4%. A retirement plan consultant in Rouyn-Noranda can work with business owners to find group retirement plans and offer Canadian Registered Retirement Savings Plans and Tax-Free Savings Accounts.
The Leading Retirement Benefits for Canadian Employees
The latest census reports the population of the Rouyn-Noranda agglomeration as 42,313, and the majority of residents are of working age. According to the 2021 census, 63% of residents in the capital of the Abitibi-Témiscamingue region are between the ages of 15 and 64. Employers in this city can improve recruitment prospects and raise retention rates by offering the following types of retirement coverage in addition to the CPP, OAS and Quebec Pension Plan:
- Group RRSP Packages: Yearly contributions to RRSPs can be deducted from taxes, and these tax-deferred accounts increase compounded returns. The government limits the amount that workers can place into these accounts to 18% of pay or up to $30,780 in 2023.
- Registered Pension Plans: A defined contribution pension plan has set amounts that an employee and company will contribute to the plan each year, but it does not guarantee what the plan will pay out upon retirement. A defined benefit pension plan specifies an amount that an employer or sponsor will pay once an employee retires.
- Deferred Profit Sharing Plans: A DPSP allows an employer to register a trust with the Canada Revenue Agency to share profits with employees. Employees cannot contribute to these plans, which are funded by tax-deductible employer contributions.
Policies To Discuss With a Retirement Plan Consultant in Rouyn-Noranda
Retirement plans for workers in Rouyn-Noranda build on basic coverage available through the Canadian and provincial governments. Some of the most popular options include share ownership plans, in which an employer allocates shares to employees and programs to promote employee wellness. Here are a few of the most popular types of policies related to retirement plans:
- Employee Share Ownership Plan: An ESOP enables employees to purchase shares in a company or allows employers to contribute stock to a trust on behalf of employees. The three types of ESOPs include equity shares, stock options and phantom plans that provide benefits of stock ownership.
- Extended Health Care Benefits: Paramedical benefits can cover dental and vision care and reduce out-of-pocket pharmacy expenses. Over 90% of Canadian employers offer extended health care benefits.
- Health Care Spending and Wellness: Spending accounts for health care are tax-free benefits, while taxable Lifestyle Spending Accounts can cover a wide range of wellness expenses. Pay-as-you-use models can make these benefits more affordable for small- and medium-sized firms.
- Voluntary Employee Benefits: Organisations that offer employees the option to customize coverage with voluntary or flexible benefits can close gaps in coverage. A HUB International insurance broker can help employers find ways to affordably offer a wide range of policies.
A retirement plan consultant in Rouyn-Noranda can recommend policies that promote retention and provide benefits when employees retire. Many employees factor in retirement coverage when choosing a workplace, and enterprises that offer competitive packages can have considerable advantages in recruiting qualified applicants.