Group benefits designed for Ontario businesses of every size, from sole proprietors to growing teams. Flexible, affordable, and tax-efficient.
Many small business owners believe comprehensive employee benefits are only for large corporations — but that’s a myth. Group benefits on an individual basis let companies of any size offer health, dental, disability, and life insurance coverage through structures that are cost-effective and tax-efficient.
At Nova Star Insurance Consultants in Richmond Hill, Ontario, we work with business owners across the Greater Toronto Area to design customized benefit programs that attract top talent, improve retention, and protect both employees and their families.
Offering group benefits isn’t just a nice extra. In fact, it’s a strategic investment in your most valuable asset: your people.
Attract and keep top talent: benefits are among the top factors candidates weigh when comparing job offers. As a result, a strong package helps you stand out.
Improve morale and productivity: employees who feel supported are more engaged and take fewer sick days. In turn, that improves your bottom line.
Financial security for families: benefits protect employees from unexpected medical costs and lost income. Consequently, they feel less stress and focus better at work.
Tax advantages for employers: many group benefit premiums are deductible business expenses. Therefore, benefits are a cost-efficient way to reward your team beyond salary.
We offer a suite of individual-based group benefit solutions tailored to your business size, industry, and budget. Each plan can be customized and combined for comprehensive coverage.
A well-designed plan usually combines several layers of protection. For this reason, we help you choose and combine the right parts for your team.
To check how different benefits are taxed, see the CRA’s guide to taxable benefits.
Group benefits on an individual basis allow small business owners and their employees to access health, dental, disability, and life insurance coverage similar to large-group plans – but structured flexibly to suit companies of any size, including sole proprietors with no other employees.
Most Canadian businesses can qualify, including small businesses, incorporated self-employed individuals, and corporations with one or more arms-length employees. Nova Star will assess your specific situation and recommend the most suitable structure for your business.
A Health Spending Account is a CRA-recognized private health services plan. It lets an incorporated business pay for eligible medical and dental expenses as a deductible business expense. In effect, it turns an after-tax personal cost into a pre-tax business cost, which is a significant tax advantage.
Under a Cost Plus plan, the employer pays for eligible health and dental expenses that employees submit. A third-party administrator processes the claims, and the business deducts the cost. As a result, employers keep full control of their benefits budget, with no premiums.
No, and that’s one of the biggest myths about benefits. In fact, Health Spending Accounts and Cost Plus plans are designed for small businesses and even single-person corporations. We specialize in finding flexible solutions for businesses of every size.
Speak with a Nova Star Insurance consultant today to explore group benefits options tailored to your Ontario business. No obligation – just expert guidance.
