What You Can Do – Your Options When Leaving a Group Insurance Plan

Options when leaving a group insurance plan

When one leaves an employ most of the time a person loses their group insurance benefits.  Often, they still need their Life insurance, Long Term Disability Insurance and Health and Dental benefits What options are available and what can you do. The follow options are time sensitive.  They require that you apply and pay the first … Continue reading

3 TAX TIME TIPS – Health & Group Insurance

3 Tax Time Tips

 TAX TIME TIPS The personal income tax return deadline of April 30 is fast approaching    so here are 3 handy tips to help you save on your income taxes. TAX TIP # 1 – If you are Self Employed – Individual Health Plan – Deduct Your Health & Dental Premiums as a Business … Continue reading

CRA changes Group Disability Insurance Withholding Tax Rule

The Canada Revenue Agency  – CRA changed the Group Disability Insurance Withholding Tax Rule that applies to group disability plans. The new rule takes effect January 1, 2015 .  It applies to those disability claims where the employer pays the premium for the group disability portion (we call them taxable group disability plans). A taxable … Continue reading

A.D.&D. (Accidental Death & Dismemberment) premiums are now a taxable benefit to employees

Morning Sky Beautiful Lake Ontario

Effective January 1, 2013: As a result of the March 2012 Federal budget, Group Accidental Death and Dismemberment benefit premiums are now a taxable benefit to employees, if the premium is paid by the employer. If you are an employer and pay 100% of the group premiums, or are paying the … Continue reading

Group Life Insurance – 3 things you need to know.

Woman Gazing over Beautiful Lake Ontario

It does not follow you wherever you go It normally reduces by 50% at age 65 At Age 70 – it probably terminates or is reduced to a nominal amount, such as $5000. In other words, it does not last forever.  And if you need life insurance to last until … Continue reading