A Benefit For Your Employees

Employee Benefits in Barrie, Ontario

Know your options when it comes to employee benefits

Employee Benefits in Barrie, Ontario

Wondering why promising young professionals keep declining your job offers again and again? Chances are, it has to do with employee benefits. For many Canadians, the employee benefits package is a major deciding factor in whether to accept or decline the offer. This means that, under similar circumstances, a potential hire will choose an employer who offers more comprehensive or more desired benefits.

So, if you are looking to attract top industry talent, you must offer something in return: comprehensive employee benefits, in addition to competitive salaries. At Walton Financial, we can help you build a top-notch employee benefits package that features the most desired employee benefits.


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All You Need to Know

What are Employee Benefits?

Employee benefits are any forms of compensation or perks offered to employees on top of their base salaries. This can include retirement plans, healthcare insurance, vacation, and paid time off. The premium necessary to cover the benefits is paid on a monthly basis by both the employer and the employee.

Various factors will determine how a specific benefits package will look like. Some employee benefits are required by law, and some are “nice to have” and are left up to the employer. In addition, the level of benefits a particular employee receives can be dictated by the size of the company they work for, whether they work part-time or full-time, and whether they are salaried or paid on an hourly basis.

Most of the time, employer benefits premiums are tax-deductible.

  • Attract Top Talent
  • A Solid Investment
  • Many Options to Choose From

What are the Benefits?

Types of Employee Work Benefits in Barrie, Ontario

All types of company benefits can be divided into two categories: mandatory benefits dictated by the Canadian government and employment standards legislation; and supplemental benefits chosen by the employer.

Mandatory Employee Benefits

  • Legislated leave
    Legislative leave includes sick leave and paid time off, such as vacation and parental leave.
  • Canada Pension Plan
    Canada Pension Plan (CPP) is a mandatory pension savings plan. This means that all employees, employers, and self-employed individuals must make contributions to CPP.
  • Employment insurance
    Employment insurance (EI) coverage offers benefits to those who have lost their jobs at no fault and are struggling to find a replacement job.

Supplemental Employee Benefits

  • Medical and health insurance
    The coverage typically includes dental care, hospital visits, prescription drugs, vision care, paramedical services, and more.
  • Retirement plans
    Additional employer-sponsored pension plans can include defined benefit pension plans, defined contribution pension plans, registered retirement savings plans, and pooled registered pension plans
  • Life and disability insurance
    Life and disability insurance policies offer monetary compensation in case of an individual’s death or inability to work, respectively..
  • Health Care Spending Accounts
    This is an individual employee account that provides reimbursement for eligible health care expenses or other benefits that are not covered under provincial health insurance plans or your current plan.
  • Other benefits
    Other types of benefits include health and wellness programs, profit-sharing and stock options, tuition reimbursement, and more.

Have Questions?

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