Join The Group
Health Insurance Benefits and Taxation

YXE Benefits offers the simple, stable, smart choice for Saskatoon businesses; combining accessibility, flexibility and the stability of pooled benefits. Saskatoon companies choose the Chambers group plan because it offers unsurpassed value & outstanding customer service. The Chambers plan group benefits are for Chamber members.  In our latest post, we discuss health insurance benefits and taxation.

Health Insurance Benefits and Taxation

When you get your T4 slip in January or February, you may wonder why the employment income reported in Box 14 is higher than the salary or wages you earned for the year. That’s because your employer must report premiums it pays for certain group benefits and the value of some perks as a taxable benefit, and you must pay taxes on those amounts.

In addition, both you and your employer have to make Canada Pension Plan contributions on the value of all taxable benefits plus Employment Insurance contributions on taxable benefits you receive in cash.

Here is how the Canada Revenue Agency (CRA) treats employee benefits for tax purposes:

1. Group life/health premiums

Employer-paid premiums for group life insurance, dependent life insurance, accident insurance and critical illness insurance are taxable benefits and the amounts paid on your behalf will be added to your taxable income. You may also be able to claim health insurance premiums you paid as a tax credit.

2. Group short- or long-term disability

Employer-paid short-term disability (STD) or long-term disability (LTD) premiums are not taxable benefits. However, when your employer pays any amount towards your STD or LTD coverage, any benefits you may collect in future will be taxable.

3. Pension plan/Group Registered Retirement Savings Plan

Your employer’s contributions to a registered pension plan on your behalf are not taxable. However, when your employer contributes to or matches your group RRSP contributions, this amount is viewed as taxable earnings that increase your income. If you notify your employer that you have sufficient RRSP contribution room, your employer may deposit the full amount into your RRSP account without any withholding tax being deducted. And as long as you have RRSP contribution room, you can deduct the total amount contributed to your RRSP in the year of contribution or a future year. Be aware, however, that your employer’s contribution to your pension reduces your RRSP contribution room the following year, via the “pension adjustment” that is reported on your T4 and that the CRA notifies you about every year.

 

We encourage you to connect with us on our Saskatoon social media platforms on Facebook, Twitter & Linkedin. 

Contact us today for a quote…. find out if you can benefit!

‘Join the Group- It’s Time To Benefit’
www.yxebenefits.ca

 

 

 

Extended Health Benefits Of The Chambers Plan

YXE Benefits offers the simple, stable, smart choice for Saskatoon businesses; combining accessibility, flexibility and the stability of pooled benefits. Saskatoon companies choose the Chambers group plan because it offers unsurpassed value & outstanding customer service. The Chambers plan group benefits are for Chamber members.  In our latest post, we discuss Extended Health Benefits.

With quick claim payments, rate stability, and guaranteed renewable coverage, the Chambers Plan makes it easy for you to invest in the health and well-being of your employees. 3,000 small businesses just like yours join the Plan every year across Canada. Our local YXE Benefits advisors will design a plan to fit your needs and your budget from an array of benefits and options, including extended health benefits!

Extended Health Benefits.

Health insurance helps employees and their dependents pay for necessary medical expenses that aren’t covered by their provincial plan. The Chambers Plan Health options cover up to 100% of eligible costs and provide affordable health insurance for what Canadian employees need most: prescription drugs, paramedical services, vision care, emergency travel insurance and medical equipment and supplies.

Extended Health Benefits Prescription drugs Saskatoon

Prescription Drug Coverage

You want a prescription drug plan that is affordable, easy to use, provides comprehensive coverage and can save time and money. The Chambers Plan uses TELUS Assure pay direct cards for easy, convenient, real-time adjudication of drug claims right at the point of purchase.

The Chambers Plan also uses the TELUS Health National Formulary – an evolving list of prescription drugs that ensures coverage and accessibility to safe, cost-effective, quality drug therapies. The Plan pairs the formulary with a second, higher co-pay tier to encourage patients to make smart choices while providing coverage for the most frequently dispensed medications. Read more about the National Formulary

Paramedical Practitioner Services

Chambers Plan Health options cover many paramedical practitioner services at the usual and customary rates, with maximums ranging up to $600 per person per type of service in a calendar year.

Audiologists / Chiropractors / Podiatrists and Chiropodists / Massage Therapists / Acupuncturists / Physiotherapists / Licensed Speech Therapists / Licensed Clinical Psychologists / Naturopaths / Osteopaths / Clinical Dieticians

Medical Equipment and Supplies

  • Up to $25,000 per person toward home nursing care
  • Emergency ground or air ambulance to the nearest hospital
  • Up to $700 per person toward the purchase and installation of a hearing aid

Emergency Travel Insurance

Emergency travel insurance for employees and their dependents is included in every Chambers Plan Health option. Travel insurance includes coverage for eligible expenses resulting from a medical emergency outside an employee’s province of residence and includes services such as:

Telephone translation services / Emergency medical funding and evacuation / After-hospital care and nursing / Returning dependent children to their home / Trip interruption / Return of vehicle

Extended Health Benefits

Vision Care (Glasses, Contacts, Eye Surgery)

The Chambers Plan offers up to $200 of Vision Care benefits per individual.

Your YXE Benefits Chambers Plan advisor in Saskatoon can provide a complete list of Extended Health Care benefits based on the option you choose.

We encourage you to connect with us on our Saskatoon social media platforms on Facebook, Twitter & Linkedin. 

Contact us today for a quote…. find out if you can benefit!

‘Join the Group- It’s Time To Benefit’
www.yxebenefits.ca

Subscribe error, please review your email address.

Close

You are now subscribed, thank you!

Close

There was a problem with your submission. Please check the field(s) with red label below.

Close

Your message has been sent. We will get back to you soon!

Close