Employer Provided Benefits

Whether you've just started a new job or you've been with the same company for years, you need to make sure you're maximizing your employee benefits.

Most employers offer a host of company-sponsored benefits. Often, the combined value of these coverages is worth a third or more of your base pay. That's too much money to leave on the table. And some employee benefits have valuable tax advantages you can't afford to ignore.

For example, the best way to save for your future and plan for retirement is with a Registered Retirement Savings Plan (RRSP). The plans are regulated by the Canadian government and offer you special tax benefits. While any Canadian with an ‘earned income’ can contribute to an RRSP, many employers offer matching programs where they will match employee RRSP contributions, up to a set limit.

Company pension plan

To determine how much you may qualify for, you will have to ask your employer's human resources department or look at your benefit statement. The benefit will likely depend on whether or not you are retired.

If you are retired and receiving a pension, then one of three things will happen:

If you would like to have the payments continue until the death of your spouse, then see your employer about having a joint-survivor option. If you are not retired, then you will likely be eligible for a lump sum (which can be deferred if it is not needed yet), as well as any unpaid wages and vacation pay.

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