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Business Planning

Group Insurance

Your group insurance

Does your company want to offer a group insurance plan? This is possible for businesses with three or more employees.

Does your company currently offer a seemingly expensive group insurance plan?

We will provide you with quotes from ALL insurers free of charge and in complete confidentiality.


We offer the best rates

Whether it's for a first group insurance plan or to move to a new insurance company, we will help you. Our team will be happy to help you every step of the way to make sure you get the best rate available.

Please note that we can insure business of all areas of work and any size


We can guarantee you the best available rate because we are an independent rate comparison service. We will never favor any financial institution. We represent Assumption Life, RBC Assurances, Capitale, Blue Cross, Desjardins, Manulife, Great West, Empire Life, Humania Assurance, Industrial Alliance, SSQ Financial Group, Sun Life and Union-Life Mutual.


Medical insurance

Providing company health insurance is a great way to empower employees to lead healthy and productive lives. Employers are required by law to pay 50% of the single premium for these policies. GIS helps you understand the laws that govern group insurance and works with you to create a package that benefits both employee and employer.

Dental and vision

Dental and vision insurance can be offered to employees on a strictly voluntary basis or an employer can choose to contribute to the premium as well as the employee. It gives employees who need coverage the opportunity to enjoy the most comprehensive health care possible when paired with medical insurance.

Life, short and long term disability insurance

In today's ever-changing economy, financial stability is a major concern for working families. Like dental and vision care, these policies can be offered on a voluntary basis only with no employer contribution required. These offers can give employees invaluable peace of mind and a sense of security for the well-being of their families.

Group RRSP

A group registered retirement savings plan (RRSP) is an employer-sponsored retirement savings plan, similar to an individual RRSP, but administered on a group basis by the employer. Contributions are made by deduction from salary, on a pre-tax basis, through a group RRSP administrator. Employee contributions are often matched by the employer (usually up to a maximum of 3-5% of earnings). However, employer contributions are not compulsory. Employer contributions are taxable as employee income.


Under current legislation, contributions of up to 18% of the employee's previous year's earned income up to the maximum contribution limit may be made, if the employee is not a member of a deferred profit sharing plan (DPSP) or registered pension plan. If the employee participates in a DPSP or pension plan, the maximum RRSP total will be reduced by a pension adjustment.


Investment decisions are made by the employee and the options are similar to those available for an individual RRSP and may include:

GICs and GICs (guaranteed interest annuities)

Mutual fund

Segregated funds


Unlike an individual RRSP, members of a group RRSP are generally not allowed to purchase individual securities.


Group board


Group RRSPs are very flexible in how money is received in retirement. The plan member has the choice of taking the money in cash, purchasing a life annuity, purchasing a fixed term annuity (also known as a term annuity) or purchasing a registered retirement income fund ( RRIF).


Advantages of a group RRSP over an individual RRSP:

Employee Contribution Payroll Deductions Method

Immediate tax relief for the employee

Less or no administrative costs

Minimum government reports

Not subject to provincial pension regulations, so flexible in terms of employee eligibility and contribution levels

Lower minimum deposits

Income splitting is possible thanks to spousal contributions

May offer enhanced RRIF and annuity rates in retirement


Disadvantages of a group RRSP compared to an individual RRSP:

Group plan may have limited investment options

Employer contributions are a taxable benefit for employees

The plan can be terminated at any time by the employer

Employer may limit an employee's ability to withdraw funds

Group TFSA

A Tax-Free Savings Account (TFSA) is a registered general-purpose savings vehicle that allows Canadians to earn tax-free investment income. A group TFSA is available to group plan members aged 18 or over. Contributions do not generate the same tax deductions as contributions to a group RRSP, but withdrawals can be made tax free. A TFSA complements existing registered plans such as a registered pension plan (RPP) or a registered retirement savings plan (RRSP).


The VRSP is a simple and straightforward plan

Simplified configuration

Easy maintenance

Minimum administration

Even if you don't have to contribute to your employees' VRSPs, it has its advantages. Your contributions are:

Not subject to social charges

Tax deductible - federally

Tax deductible - provincial


A VRSP is a win-win for you and your employees. You attract and retain valuable employees and help them save for their retirement.

Here are some highlights of the VRSP:

Employer requirements

All businesses with five or more eligible employees are required, over the next few years, to offer a VRSP if they do not already provide all their employees with access to a group registered retirement savings plan, an account tax-free savings or registered pension plan via payroll deductions.

Employer contributions


Flexible - employers can change their contribution rates upon notice to London Life

Not subject to social charges

Locked in

Employee contributions

A default rate will apply if the employee does not determine a rate:

2% of the gross base salary from July 1, 2014 to December 31, 2017

3% of gross base salary from January 1, 2018 to December 31, 2018

4% of gross base salary as of January 1, 2019

Employees can set their contribution rate at any amount they prefer, including 0%.

Employees can change their contribution rate up to twice a year unless the employer allows them to do so more frequently.

Can be deducted from taxable income and subject to the same limits as RRSPs

Not locked-in (amounts withdrawn will be subject to Quebec and federal tax)


Employees with at least one year of continuous service are automatically enrolled in the company's VRSP.

Before plan contributions begin to be deducted from their pay, employees have 60 days to notify their employer if they wish to opt out of the plan.


VRSPs are administered by authorized financial institutions.


There is a default investment option if the employee does not make an investment selection.

There are five other investment options available.

The same investment management fees apply to all plan members.


The obligation for an employer to offer a VRSP will be spread over several years depending on the size of the business:

20 or more eligible employees as of June 30, 2016 - the VRSP must be offered before December 31, 2016

10 to 19 eligible employees as of June 30, 2017 - the VRSP must be offered before December 31, 2017

Five to nine eligible employees, the VRSP must be offered from January 1, 2018 (date to be determined by the Quebec government)


Employees can continue to contribute to the same plan even after changing employers or transfer the total amount to another VRSP.

Need more details? Contact us

We are here to assist. Contact us by phone, email or via our Social Media channels.

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