When small business owners decide to move ahead with offering a savings plan for their employees, by the far the first choice for many is a Group Registered Retirement Savings Plan (RRSP). Whereas Pension Plans are highly regulated, Group RRSPs are simple to implement. A Group RRSP is subject to the same rules as an individual RRSP. The main difference is that the RRSPs for all the employees in your firm are “grouped” together under one plan at a financial institution. Although the accounts are grouped together, funds between each employee are kept separate, and each person receives his/her own annual statement showing total contributions, growth, and investment returns…

It's hard to believe, but November is nearly half-way through, and once again that crazy time of year is breathing down our necks.... And no, we are not talking about the upcoming holiday season! (Although that is quickly creeping around the corner as well! Don't forget to come visit our blog in December for some easy and fun holiday recipes/tips.) We're talking about "RRSP Season" - the months of January and February - when Canadians are suddenly inundated by messages to contribute money into a Registered Retirement Savings Plan (RRSP). From radio ads, full-page newspapers and magazines spreads, posters being displayed in the bank, and phone calls from investment advisors, there are certainly…

In Canada, many of us consider our healthcare expenses to be "free." Perhaps we feel that our expenses are limited only to our group benefits plan premiums at work. Or maybe we pay for our provincial medical plan premiums - which is sometimes even paid for us by employers. True - as constituents in a country offering a public healthcare system, we are not directly billed for services received. But while we may not hand over our personal credit and debit cards each time we visit our doctor or the emergency room, there is an unseen associated cost for the services we receive.  And these costs are paid from…

Question of the Week:  I just got a new prescription from my doctor, and my pharmacist told me that my drug plan will only allow a 30 day supply to be dispensed. WHY?  When you get a new prescription filled, you may find your Insurer has applied a limit to the number of pills you are allowed to be reimbursed for under your Benefits Plan.   We are often asked why this limit is necessary. The “Initial Days’ Supply” - that is, the number of days you are allowed to claim,  will vary by: the type of…

Question of the Week: Why did my Insurer cut off my drug claim reimbursement? Apparently I can’t claim any more drugs until I send my Insurer proof of registration with PharmaCare. What??? Though 12 years have passed since British Columbia’s Fair PharmaCare program was initially implemented in 2003, our office still gets calls occasionally with this question! In short, since 2003, ALL individuals must register with Fair PharmaCare to receive a family deductible; the deductible is based on your net family income. You are covered for drugs under PharmaCare – but only after the deductible for…