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Buy/Sell Agreements
In a way, a business partnership can be compared to a marriage. It may help to think of a buy/sell agreement as a sort of “prenup” between business partners. The buy/sell agreement is a contingency plan that outlines the conditions under which a partner’s interest in the business will be bought out by the other partner(s), or the business itself. Our experienced advisors can help you design and fund a buy/sell agreement suited to your companies needs and budget.
Group Health Benefits
A group health benefits policy is purchased by an employer and is offered to eligible participants, and to eligible dependents of participants. With group health insurance, the risk is spread over the company -- the number of participants covered. There are several types of group health insurance plans including health care spending accounts and sole proprietor plans. Health benefit policies are a non taxable benefit for your employees and an excellent retention tool. We also offer administrative services and training, HR resources, and employee assistance programs (EAP). Contact us today for your free no obligation quote!
Key Person Insurance
Key Person Insurance is an insurance policy that a company purchases on a key executive's life. The company is the beneficiary of the plan and pays the insurance policy premiums. Such insurance is needed if that executive's death or inability to work would be devastating to the future of the company. For small businesses, the key person might be the owner or founder, and in some cases, the only person capable of running the business.
The company pays for the insurance, pays the premiums and is the policy beneficiary, should the person die or become incapacitated.
Group Retirement Services
We at EstateGuard believe that saving money is an an essential part of financial security, and what better way to start saving than through a group pension plan. Here are a few of the plan designs that we can put in place for your organization to help your employees save money.
Registered pension plan (RPP)
An RPP is set up by an employer to provide retirement income to employees. The plan is registered with the Canada Revenue Agency (CRA) to provide tax advantages. Contributions made to an RPP are tax-deductible within certain limits. Investment income isn’t taxed until it’s paid out of the plan.
Registered retirement savings plan (RRSP)
A savings plan that’s registered with the federal government. A group RRSP differs from an individual RRSP in two ways:
- Contributions to group RRSPs can be made through payroll deduction.
- Group RRSPs have lower investment management fees.
Tax-free savings account (TFSA)
A TFSA is a flexible investment savings plan that allows investors to earn investment income tax-free and pay no tax on withdrawals.
Deferred profit sharing plan (DPSP)
These plans are set up by employers as a way to share profits with their employees. Contributions depend on the profits of the company. Employee contributions aren’t allowed. The plan is registered with the Canada Revenue Agency (CRA) and contributions are tax-deductible to the employer within certain limits, as defined by the Income Tax Act.
Student Debt Savings Program
Canada Life’s student debt savings program, a first-in-Canada solution, is for members who can’t participate in their group plan because they’re paying off student loans. Employees join their voluntary group retirement and savings plan. Canada Life regularly confirms student loan repayments and uses that data to provide guidance to the sponsor for the employer contribution. After a successful confirmation, the employee gets employer-matching contributions to their group plan.
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