Blog
Talking About Financial Matters That Affect You and Your Organization
Tax Loss Selling Overview
Dec 2nd, 2022
As a resident of Ontario, Canada, you may be able to reduce your annual tax spending through a strategy known as Tax Loss Selling. This strategy involves selling investments that have decreased in value before the end of the tax year in order to offset any capital gains you may have made from other investments. By doing this, you can effectively reduce the amount of tax you owe on your capital...
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Year End Planning
Nov 21st, 2022
Year end financial planning is an essential process for individuals and businesses. It involves reviewing your income, expenses, and investments, as well as making necessary adjustments to your financial plan. This process allows you to take a comprehensive look at your financial situation and identify any areas that need improvement. For example, you may realize that you need to save more for...
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Canada Dental Benefit Update - September 2022
Sep 15th, 2022
Primary Impact – At this time, there is no impact to your Benefits program, as the government is indicating a condition of coverage is not having access to private Dental coverage. In addition, coverage is specifically based on family income, with benefits ranging from $260 to $650 per child per year, and no Benefit for families with combined $90,000+ income or private coverage. The benefit...
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Tax Tips 2022
Feb 15th, 2022
With tax season coming to an end soon, Selectpath wants to make sure you have all the information you need. Check out this handy chart filled with tips, if you still have questions or are looking for financial advice, contact Selectpath today to speak to one of our many excellent Financial Advisors!
Selectpath Benefits & Financial Inc. Announces the Launch of Selectpath Insurance and the Addition of Selectpath Atlantic
Jun 17th, 2021
London, ON, June 15th, 2021 | For Immediate Release – Selectpath Benefits & Financial Inc. (“Selectpath”), is an independent employee benefits consulting firm focused on Canadian organizations. As one of Ontario largest benefits and financial services advisory firms, we work in partnership with our clients and guide them along The Right Path® to financial security and success. We do this by...
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Selectpath COVID19 Resources Hub for Client Insurance Companies and Provincial Announcements
Dec 24th, 2020
Your Selectpath team
continues to work hard to support you and your staff in this challenging time.
We know that you are managing many business demands, employee concerns, and a
variety of other challenges. We want to continue to provide information and
resources that are helpful in your employment decisions, Benefit Plan
management, and staff support.
We are ready to assist your team with...
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Young Londoners can gain FREE leadership advice and inspiration from some of our community’s top leaders!
Nov 16th, 2020
London Mayor Ed Holder, London Police Chief Steve Williams, Western President Alan Shepard, Fanshawe President Peter Devlin, TVDSB Director of Education Mark Fisher, LDCSB Director of Education Linda Staudt, MP Kate Young, MP Lindsay Mathyssen, MP Peter Fragiskatos, MP Karen Vecchio, and SelectPath CEO and President Gordon Hart, have all created videos that are part of Investing in...
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WEBINAR: TACKLING HR IN OUR POST COVID WORLD OF WORK – LET’S GET READY TOGETHER
Sep 17th, 2020
Webinar Summary:
As life slowly returns to its new normal, so does the workplace, but this time everything looks and feels completely different.
New laws and new entitlements, bringing on different insecurities and new legal challenges.
Work from home arrangements, are they here to stay and if so, how do we cover our bases from a risk perspective. Ongoing health concerns, absenteeism and...
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Selectpath Partners With Navacord
Jul 22nd, 2020
It has been an exciting few weeks at Selectpath and it is my pleasure to formally announce that we have partnered with Navacord, one of Canada’s top four commercial insurance brokerages and a leader in risk management services with more than $1.4 billion in premiums.
As we continued our growth journey at Selectpath, we wanted to scale our business but also maintain our culture,...
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The Economic Implications of Coronavirus
Mar 3rd, 2020
In recent weeks, news about the coronavirus has dominated headlines and has become even more prominent in the last week as the virus continues to spread. But there is something that has been spreading even quicker: fear. This includes fear about the economies that have been affected by the coronavirus.
The fact is that uncertainty breeds fear. We don't know how long the impact of the virus...
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Why don't we talk about money?
Feb 27th, 2020
Money plays a big roll in all of our lives, so you would think that we would have no problem talking about it. Yet somehow, it has become a taboo subject within many families, or even between friends. I think the only thing we might talk about less, is estate planning, but that is worthy of a separate blog on its own. I think it is understandable that we do not talk about money as it can lead...
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Manulife Vitality - Ken Coombs
Feb 3rd, 2020
In 2019, Ken Coombs, Selectpath, Manulife Securities Incorporated had his advisor story featured by Manulife. Learn more about what Ken, and the Manulife Vitality program, can do for you by contacting Selectpath today!
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Taxable Benefits – T4
Dec 19th, 2019
As we enter the year end, it is important to remember that
employer paid premiums for Life, AD&D, Dependent Life, Critical Illness and
Long-Term Disability* premiums must be shown as a taxable benefit. In Quebec,
all premiums paid by the employer must be recorded as a
taxable benefit. You can learn more about
the taxable benefits on
CRA’s
site
.
Selectpath has uniquely positioned...
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Benefits Cost Sharing – Box 85
Dec 19th, 2019
Organizations who share the cost of the benefit plan with
plan members should be aware of Box 85 on the member T4. The portion deducted from employees pay for
Health and Dental benefits belong in this section of their T4. Here is the wording from CRA’s
website,
If you make contributions to a private health services plan (such as medical or dental plans) for employees, there is no...
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Modular Flexible Benefits
Dec 19th, 2019
Currently approximately 77% of benefit plan members are enrolled in a traditional one-size-fits-all group benefit plan. When asked, 64% of members would prefer flexible choices on the coverage their program provides. Typical flex plans provide members with options to purchase more robust coverage to enhance the base program offered. Since members would own the design of their program, they...
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Communication & Education
Dec 19th, 2019
Organizations can struggle with developing tools to communicate, educate and engage members about their employee benefit plan. Selectpath has put together our own offering to provide our clients with engaging, easy-to-understand communication materials in multiple formats and platforms to help them understand their benefits in a medium they are most comfortable with. Utilizing these services...
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Voluntary Benefits - Parachute
Dec 19th, 2019
Organizations are challenged to keep their benefit plan offering relevant to ever changing workforce needs. One of the greatest needs is the protection against unexpected death or illness. While group benefit programs are intended to provide protection, they are often not enough for many plan members. The financial strain of trying to provide the best protection for all plan members is...
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Digital Benefits – Benefits HQ
Dec 19th, 2019
With the ever-growing list of compliance regulations for employee benefits, keeping up with the workload can seem almost impossible. The larger an organization becomes, the greater the complexity due to staffing changes and coverage customizations. For the most part, insurers and providers have downloaded all the record-keeping duties to the plan administrator. Does your organization have...
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Plan Administration Liability - PALC
Dec 19th, 2019
Property or Casualty Insurance (P&C) couldn’t be more different than the services Selectpath provides within the Financial Services space. But one of the areas where there is significant overlap is in the administration of employee benefit and group retirement plans. Failing to administer these plans properly can lead to catastrophic loss for plan members and the organizations that...
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Ontario Out-of-Province/Out-of-Country Coverage Changes - OHIP
Dec 19th, 2019
Starting January 1, 2020, the Ontario government will eliminate OHIP’s Out-of-Country Travelers Program. Up to December 31, 2019, OHIP covers
· Doctor’s services (e.g. medical assessments and
emergency surgery),
· Emergency outpatient services (e.g. MRI’s and CT
scans) and
· Emergency inpatient services (e.g. hospital stays,
nursing services)
Effective January 1st, only...
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Eligibility Rules
Aug 15th, 2019
Plan sponsors often struggle to manage the growing list of responsibilities with limited time and resources. Maintaining plan member eligibility is the single most important responsibility of a plan sponsor. Most benefit plans are self-administered which means that the plan sponsor, and their appointed plan administrator, are responsible to maintain plan member records on-line or via...
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What Does Benefits Fraud Look Like?
Aug 9th, 2019
People you may not expect, like health and dental service providers, friends, family members, and colleagues, could all lead you to commit benefits fraud. It is possible to become involved in it because it was suggested by someone you trust. It’s important to learn what it looks like so you can help prevent it.
Benefits fraud occurs when the plan member intentionally submits false or...
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Employer Considerations in a Changing Landscape Inclusive of Cannabis
Aug 8th, 2019
It is important to recognize that while medical cannabis has been legal since 2001, the issue of recreational access (effective October 2018) and use brings with it uncertainty for both employees and employers. While employers grapple with the issues surrounding cannabis, it is important that human resource policies and employee communications adequately cover the emerging issues. Due to the...
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Digital Health
Aug 7th, 2019
The Canadian healthcare industry is changing rapidly as stakeholders seek to find more efficient ways to deliver access and care. Digital platforms and the prevalence of smartphones has brought the connection of healthcare and technology to a level that is reducing the barriers for care. Instead of having to arrive at walk-in clinic or urgent care and wait your turn (rationing is a...
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Dress Codes - Drafting a Policy with Style
Jul 2nd, 2019
For many offices, policies about workplace attire are seldom discussed beyond the onboarding period. It is generally understood that employees should arrive at work looking professional, neat and in apparel that is appropriate for the industry they work in. However, for some employers, their employees’ clothing may present an opportunity for branding or creating an environment of inclusivity...
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Giving Feedback
Jun 27th, 2019
Giving
and Receiving Feedback – From Onboarding Through Offboarding
By:
Caitlin McCuaig
Providing consistent feedback to employees is crucial for cultivating the employment relationship. Giving your employees feedback throughout the employment lifecycle is key since without it, employees can be left feeling confused and may eventually disengage with their jobs. This can be challenging...
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Effective Delegation – Finally Letting Go of the Reins
Jun 26th, 2019
Effective delegation is one of the cornerstones of productive employee management. However, many mangers find it challenging to let go of control and delegate important tasks to employees for a variety of reasons. Some of these reasons include: it is quicker to do it yourself, the employee may have no interest in taking on the task, the employee cannot be trusted to complete the task on...
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Coaching an Employee Through Failures and Mistakes
Jun 6th, 2019
Mistakes and failure are occurrences that no one likes to discuss but they can happen to everyone. Employees make honest mistakes which leave them feeling embarrassed or, possibly after more then one failed attempt at a project, defeated. To prevent your employee from shifting into this mindset, take this as an opportunity to transform this approach into one focused on learning and growth. ...
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The Next Generation of HRM Practices- Going Green
May 6th, 2019
Environmental sustainability is one of the key issues facing younger generations as we consistently see it discussed in the news, and raised as a topic of debate by analysts and politicians. The topic of Green HRM practices has gained popularity in recent years as Millennials and Generation Z have entered the workforce and environmental initiatives are a passion of this demographic. Green HRM...
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Employee Privacy – Collecting and Protecting Information
May 1st, 2019
A good employee – employer relationship is built on trust. Throughout the hiring process and as employment begins, employees are required to give personal information to their employers such as birthdate, address, and possibly even medical information for insurance purposes. There is a delicate balance between how much information an employee should be required to provide to their employer...
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Bill 66
Apr 25th, 2019
Recently in Ontario, the Conservative government passed the “Restoring Ontario’s Competitiveness Act, 2019”. This act amends several pieces of legislation across a number of different ministries including the Ministry of Labour. The ultimate goal of Bill 66 is increased flexibility for employers in Ontario. Changes that have resulted with this Bill’s passing touch many areas of the...
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The Uber of Employee Benefits?
Apr 10th, 2019
Uber launched less than 10 years ago and in less than a decade has become so synonymous with personal transportation it has:
- Devastated the taxi industry
- Created an entirely new workforce (Uber drivers)
- Created an expectation of on-demand service
- Created a completely cash-less transaction
- For many living in large enough cities - has made automobile ownership unnecessary
But Uber didn’t...
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Corporate Wellness Video Series ft. Gordon Hart
Mar 29th, 2019
Our very own Gordon Hart, President and CEO, Right Path Advisor sat down with Employee Wellness Solutions Network to discuss: How wellness fits within a benefits strategy, How workforce's have changed, EAP vs Wellness, and much more!
Watch using the link below.
Corporate Wellness Video Series - S1 E19 - Gordon Hart
Employee Benefits: The Disruptors Have Arrived – Part III (kind of...)
Feb 27th, 2019
Back in July of 2017 I wrote 2 blogs (Part I HERE) (Part II HERE) on disruption in the Employee Benefits space. Both had pretty good consumption with lots of likes and views. So presumably the topic was a good one at the time. I had great intentions of at least 3 more blogs in that series.
As they say – good intentions unintentionally pave the way to some undesirable places. I never did...
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Introducing Flexbox: Benefits Plans For a Small Business
Feb 18th, 2019
Are you a business in Ontario, Manitoba or Saskatchewan with 2 to 20 employees? Get an estimate in minutes or apply online now. http://bit.ly/flexbox_selectpath
Why choose Flexbox?
Group benefits are your key to attracting and retaining top talent, and staying competitive in your industry.
Flexbox offers:
- Flexible design - Choose the benefits that fit your business. Creating a custom plan...
2018 Year in Review: What to keep an eye on in 2019
Jan 28th, 2019
The war on talent is real. Jobless rates are at 1976 levels with a 5.9% Canadian unemployment rate as reported in October 2018. Over 4 million workers aged 55 plus in the workforce. The fight to keep your talent is only slightly easier than recruiting, and creating the right environment with the culture and support is critical for success. With everything that is unfolding in the insurance...
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Police Record Checks Reform Act
Dec 17th, 2018
It’s safe to say that management around Ontario have been kept on their toes this year… jumping from one new piece of legislation to another, times have certainly been changing. Now, with the potential for Bill 148 to be scrapped entirely, who knows what 2019 will have in store for Ontario.
Shifting gears to a change that (hopefully) won’t be going anywhere, the Police Record Checks...
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Healthy Finances - Ways to Save
Nov 26th, 2018
Knowing financial lingo can help you make good financial decisions. Read on to see TFSAs decoded and find out how they can help you save.
TFSAs explained
Created by the federal government in 2009, Tax-Free Savings Accounts (TFSAs) can contain investments such as cash, GICs, mutual funds, segregated funds, stocks and bonds. You don’t get a tax deduction on your contributions like you would...
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Holiday Party Tips and Tricks
Nov 23rd, 2018
As the winter season is upon us, it’s time to start planning one of every employees’ favourite event of the year – the office holiday party! These parties allow the opportunity to reward your employees after a long, successful year. However, there has been an increasing trend towards companies opting out of these celebrations all together as a result of increasing stress and worry about...
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How to Effectively Bring in Temporary Employees This Holiday Season
Nov 7th, 2018
With winter on our doorsteps, some employers are looking to staff up for the season. Unfortunately, bringing in new, fixed-term employees isn’t as simple as it may have once been. Now, employers have a number of factors to take into consideration when bringing in these employees.
Employment Contracts (and terminations)
When crafting an employment agreement for a fixed-term contract, it’s...
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Ride for a Better Life
Oct 23rd, 2018
Cycling to work can improve your health while facilitating your commute to work. And bike-share programs, such as BIXI-MontrealThis, presented by Manulife, is making cycling a viable and an affordable option when you’re out and about on the town.
Live healthier
Cycling frequently can cut your risk of heart disease by up to 50 percent, studies from Purdue University have shown. As an aerobic...
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Determine Your Differentiator to Optimize Recruiting
Oct 18th, 2018
Canada is currently experiencing the largest talent shortage since 2006, as documented in a ManpowerGroup study. This means that although it’s great that Canada’s unemployment rate is extremely low (lowest in almost 40 years to be more precise), many companies are struggling to attract and retain skilled workers.
ManpowerGroup Canada has predicted that this year’s fourth quarter will see...
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Managing Impairment in the Workplace
Oct 4th, 2018
There’s no doubt that Cannabis has been this year’s hot topic. With October 17th fast approaching, the nation seems to be “calm before the storm” – patiently waiting to see how everything will truly unfold. Whether you’ve been prepared for months, or you’ve decided to put your response on the back burner, I’d like to provide a summary of key items to be aware of.
To be clear,...
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Why An All-in-one Provider Makes Sense
Sep 28th, 2018
One of the things I’m proudest of saying as the CEO of Selectpath is that at 51 employees, we are who our ideal customer is. When I started the company with my business partner, we had one employee and a single office with an external welcome area. We’ve gone through dramatic growth—from a very small boutique firm to an organization that deals with Fortune 500 companies.
All of the...
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Having difficulty finding qualified skilled workers? You’re not alone.
Sep 5th, 2018
According to a recent survey by ManpowerGroup Canada, 41% of employers say that they can’t fill open jobs with the skills they need – bringing the nation to their largest talent shortage since 2006. ManpowerGroup’s solution for companies is to build, buy, borrow and bridge the skilled employees needed. So, what does this mean?
Build – Employers should invest in their people. If the...
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5 Technology Solutions to Help You Retain Employees
Aug 31st, 2018
Only 30% of employees stay at a job for more than four years according to Workopolis. And, it’s predicted that number may shrink even more given Millennials’ preferences to move between jobs at a quicker pace than previous generations.
So, what can you do to improve employee retention numbers in your own organization? Technology may be the answer. We reached out to our partners at Keystone...
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Think about terminating your employees before you hire them. Here’s why.
Aug 30th, 2018
Architects of employment agreements are always thorough in the building process, including all of the expectations and standards that are to be met through the employee-employer relationship. Through all the excitement, it is also important to remember adding verbiage for if this relationship does not proceed as expected, resulting in termination.
A spotlight has been shining recently on...
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Maximize Your Child’s Post-Secondary Education Savings
Aug 27th, 2018
Three strategies to make every dollar count
Saving for your child’s education is probably one of your priorities along with saving for other short and long-term goals. That’s why it’s important to make sure every dollar you put towards your child’s post-secondary education savings goes as far as possible.
The cost of education
Today, Canadian students pay more than $16,000 on average for...
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Managing the Telecommuting Movement
Aug 20th, 2018
In today’s world of recruiting, employers are consistently looking for the “next best thing” that will attract and retain strong candidates for positions. Over the past few years, the trend of telecommuting, or working from home, has become more prevalent as society has shifted to become more socially oriented once again. Shifting the primary focus from living to work to working to live,...
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Think you have an equitable workforce? Transparently not…
Aug 10th, 2018
Now that the majority of Bill 148 has been enacted and rolled out, it’s time to look forward at what’s next for Ontario. Bill 3 is one that has passed it’s third reading and will be enacted Jan 1, 2019.
Along with the trend of “full transparency”, this bill will increase the exposure of pay gaps within the Canadian economy. Pay will be transparent through the generation of reports of...
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Marijuana and the Workplace - Pandora's Box
Jul 31st, 2018
On October 17, 2018 marijuana becomes legal in Canada. No big deal, right? Yes, big deal if you are an employer.
This is a complete Pandora's box for most employers and a potential disaster for any employer with safety sensitive positions.
The more I read, and the more details that come out - the more worried I am about the impact this has on the workplace and how poorly prepared we all...
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What is a Segregated Fund?
Jul 18th, 2018
Can I Guarantee My Investment?
It’s a question we hear often – can I guarantee my investment? Well, in a sense, yes - the product you’re talking about is called a Segregated Fund.
Segregated funds, usually referred to as “Seg Funds”, are individual insurance contracts that invest in one or more asset, much like a mutual fund. Unlike mutual funds, Seg Funds provide a death...
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The Selectpath Story
Jul 9th, 2018
While many companies talk the talk, Selectpath walks the walk. This vision has made Selectpath one of the largest independent financial services firms in Ontario.
Selectpath was formed in 1999 through the merger of two companies - Sabourin Financial Group and Select Benefit Services. Our vision was to offer a broad range of products, services and expertise to our clients and to deliver superior...
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What technology means for benefits and financial services
Jul 6th, 2018
Back around 2011 (through some kind of navel gazing) I foreshadowed that we were going to see the convergence of risk management, advice and technology in the benefits and financial services industry. As a result, Selectpath became an early adopter of technology and we have worked really hard to become students of change and technology. We’ve been learning to understand platforms and...
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Will you Integrate With Ontario Government's Dental Plan?
Apr 2nd, 2018
Kathleen Wynne's pre-election budget had plenty of goodies for taxpayers as we approach a fall election. One of the more interesting developments was the announcement of a provincial dental program for all Ontario residents not covered by a workplace health insurance plan. The details of the plan were limited, but suggested that 80% of eligible dental expenses up to a maximum of $400 for a...
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LTD (Long Term Disability) Claims Process
Mar 29th, 2018
Dealing with an injury or illness that is preventing you from earning your income is tough enough, but navigating the Long-Term Disability process can become frustrating and exhausting. Here are some steps you should take when making your initial submission,
1. Understand your existing program. This means having an up-to-date copy of your employee benefits booklet, benefits statement, and...
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G19 - Commission Disclosure for Group Benefits & Retirement Plans
Mar 2nd, 2018
Canadian Life and Health Insurance Association (CLHIA) has announced its intention on disclosing group insurance commissions effective January 1, 2019.
The current debate over whether disclosure is required has created multiple story lines within the industry. CLHIA members are implementing policy G19 to avoid regulators imposing disclosure, or even banning commissions altogether. Some advisors...
Is Medical Cannabis Coverage a Desired Change by Employers?
Feb 22nd, 2018
Well... the public has been waiting to see which of the large insurers was going to move forward first on adding medical cannabis to employee benefit programs. Sun Life announced February 15th that they have reassessed their position and have determined that medical cannabis can be added as optional coverage under an Extended Health Care (EHC) benefit at the request of the plan sponsor. The...
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Employee Benefits: How Bundling can lower (or eliminate) the cost of health and dental benefits
Feb 7th, 2018
“Price is what you pay, value is what you get”
One of my favourite all time quotes. I think it was penned by Warren Buffet but I’m sure it’s been used by many.
The Employee Benefits market is about to be plunged into the deep end of this value proposition.
In Canada, particularly in the Small and Medium business sector – a large segment of the brokerage/advisor community has...
Read MoreThe Best Things I Spent Money on in 2017
Jan 16th, 2018
Every year, we spend money on stuff. Some stuff is necessary, like food and Netflix, while other stuff is not so much. This year, I decided to look back at some of the best (and later, the other) things that I spent money on in 2017.
Cedar Play Set
Years ago (and two children less), our neighbour gifted us an old swing set that they no longer needed. It had two swings, a slide and a two-seater...
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Tim Horton's Cuts Benefits and Breaks - An Inevitable Choice or Knee Jerk Reaction?
Jan 5th, 2018
Welcome 2018. A few Tim Horton's franchises, those owned by the founder’s heirs, have leapt to the forefront of the debate on minimum wage hikes. (See article below).
In response to the minimum wage hike that came into play January 1 - these franchisees have chosen to scale back benefits (more importantly - have employees pay more to keep what they have - especially newer employees) and to...
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Having an Open and Unlimited Benefit Program
Jan 4th, 2018
Most benefit programs have an open formulary and many offer unlimited drug coverage for any drug that legally requires a prescription. Open and unlimited are the key words here. Not only is there no maximum to cost, there is also no control over the introduction of new medications, cognitive fees or governmental legislative de-listings.
Implication: With an open benefit formulary, employers...
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OHIP+ Children and Youth Pharmacare Launches Jan 1, 2018
Jan 2nd, 2018
In April and August of this year, you received communications from our Selectpath team outlining the highlights of the OHIP+ Children and Youth Pharmacare program effective January 1, 2018.
As the launch date is quickly approaching, we have included below a brief additional update, as well as a Draft Employee Communication you are welcome to use.
Draft Employee Communication - please see the
Why Mortgage Insurance is a Bad Idea
Dec 1st, 2017
As part of my Financial Education seminars, the topic of mortgage insurance always comes up.
“I don’t need more insurance, Ken. My mortgage is protected by the bank.”
Is it? Let us examine exactly what you are paying for and what is actually protected.
When you apply for mortgage insurance (as I have done before knowing better), you tick off a few boxes, they give you a price and...
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My Alumni Association Wants Me to Buy Life Insurance ...
Nov 28th, 2017
So, I got an email from my University's Alumni Association the other day like I usually do. This time, instead of swiping right to delete immediately, the subject line jumped out at me:
Save money with NEW 10-year term life insurance
You see, alumni associations, professional associations and other clubs have referral deals with many insurance providers in Canada. These deals lead to...
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Do I Need a Will? Uh, Ya!
Oct 17th, 2017
Every good financial plan has a solid base. In that base are items like cash flow management, risk management through insurance and having an up-to-date will. A recent survey found that 56% of Canadian do NOT have a will.
I recently had a client pass away and they didn’t have a will, which made for some very tough situations for a family already going through a difficult time.
"Ken, what...
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Employee Benefit Audits are a Helpful Step to Control and Demonstrate Exposure
Sep 5th, 2017
While most employers are looking only at bottom line cost and keeping their overall rates in check, more often than not, they are missing the true drivers of benefit cost increases. As the City of Toronto's Auditor General's Report points out, the true driver of cost are the claims that sneak through the system.
http://www.toronto.ca/legdocs/mmis/2017/au/bgrd/ba...
A common scenario: Its'...
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Selectpath Benefits & Financial expands its operations in Southwestern Ontario with the addition of the LBM Consulting team
Aug 29th, 2017
Bringing together Selectpath's existing Sarnia, Ontario operations with those of LBM Consulting will create a strong platform for future growth. The deal simultaneously reinforces Selectpath as a major player in the Canadian employee benefits and wealth management business, complementing existing operations in Sarnia and London with a similarly strong platform for growth, and substantially...
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Why Ideal clients are, well Ideal...
Aug 18th, 2017
There are no shortage of articles and advice on finding ideal clients. A
quick Google search of the keywords "Ideal Clients" returns 43,000,000 results
(don't believe me -
here's the link)
As an aside - 3 of the first 5 websites listed on
this "Ideal Client" search are titled something like "5 Steps to...." Which
makes me cringe, followed by a touch of sadness that much of our knowledge...
Employee Benefits: The Disruptors Have Arrived – Part II
Jul 28th, 2017
Did video REALLY kill the radio star? Or – was it an incremental change simply moving the radio star to a new media platform? Rather than being a DISRUPTOR, maybe video just made the radio star a little bit better.
In business, DISRUPTORS create seismic shifts rather than incremental changes.
Incremental changes are always happening. Everyone (well, loosely everyone) is trying to get...
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The Selectpath Scholarship Program
Jul 27th, 2017
The Selectpath Scholarship Program was created because Selectpath Benefits & Financial Inc. believes in education and its ability to help people achieve their dreams. The scholarship is awarded annually to a child or grandchild of a Selectpath employee who will be pursuing post-secondary education or training the following year. Each applicant must answer the question “How Will I Make a...
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Employee Benefits: The Disruptors Have Arrived
Jul 17th, 2017
The disruptors have arrived, we just can’t see them. They're hiding in the shadows like some sort of outsider, yearning to be seen but afraid of the response. [Ok - maybe that 's a BIT dramatic...]
One of my favourite non-fiction authors is Walter Isaacson. His books are well researched and well written. Most of all they are great stories based on the life and times of some of the most famous...
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Selectpath 2017 Summer Reading List
Jul 11th, 2017
Why Smart People Make Big Money Mistakes and How to Correct Them – by Gary Belsky and Thomas Gilovich
This book looks less at the mechanics of personal finance and more at the behavior of the person. It outlines 7 of the most common traits that end up hurting our long-term goals. The authors break down normally complex financial and psychological concepts into easy-to-relate-to stories....
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Continuation of Benefits for Disabled Employees
Jun 28th, 2017
One of the questions most commonly asked by our clients is:
“How long do we have to continue benefits for an employee who is no longer actively at work due to illness or injury?”
Unfortunately, there is no definitive answer and each situation must be carefully examined on an individual case basis.
In this article, we have outlined the position of the Worker’s Compensation Boards,...
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Why Google wants its employees to meditate – and why you should too
Jun 23rd, 2017
Meditation hits the mainstream.
The stereotypical image of a Buddhist Monk or 1960’s hippie no longer apply.
Many of the world’s most successful people meditate daily, everyone from athletes to actors, sales people to systems analysts, and CEO’s to construction workers are in on the gig.
Fair enough you say – to each his or her own and if meditation is part of your daily routine – have...
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Coverage for Over-Age Student Dependents
Jun 22nd, 2017
Happy summer everyone! School is winding down and with warmer weather, vacations and summer jobs on the go, about the last thing on any student’s mind is their eligibility for benefits. For most programs through insurers in Canada, you don’t need to worry up to the age of 21, however after age 21 everything changes.
Do you have an over age dependent full-time student? You don’t want to...
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The Benefits Alliance Group
Jun 22nd, 2017
We are excited to officially announce that Selectpath is joining The Benefits Alliance Group as of July 1st, 2017. This organization is the premier network of benefits and pension advisory firms in Canada and stretches from coast to coast. By joining this organization, Selectpath is looking to add new capabilities such as bench-marking of programs and increasing advocacy with the insurers and...
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4 Key Benefits of Automating HR with Human Capital Management Tools
Jun 13th, 2017
Increasing Efficiency & Accuracy
Moving your data to a single platform which can then feed payroll, benefits, group retirement, and project management ensures compliance and drives efficiency. Managing multiple solutions with different data feeds and logins is terribly inefficient prone to error, not to mention lack of control over data ownership! Through secure web based technology, manage...
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Do you work better under stress? There's a name for that.
Jun 5th, 2017
In 1955, Cyril Parkinson wrote a humorous essay meant to critique the "efficiency" of public administration in Britain. The first sentence of that essay spawned a book (60 actually) and a whole new field of study for psychologists. That sentence was "work expands so as to fill the time available for its completion". That's an old-timey way of saying most of us make excuses to not do something...
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Selectpath Recognized As One Of Canada's Top 100 SME by Mediacorp Canada
May 10th, 2017
London, ON - Selectpath Benefits & Financial Inc. (Selectpath), announces that they have been recognized as one of Canada’s Top 100 Small and Medium Employers. Canada’s Top 100 Small & Medium Employers recognizes the small and medium enterprises (SMEs) that offer the nation’s best workplaces and forward thinking human resources policies. The 2017 winners were announced at an awards...
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5 Human Resources processes that destroy the focus of small business
May 9th, 2017
Entrepreneurs value time more than anything.
How they spend that time can make or break their business. At the very least, how they spend that time can determine if their business is growing and thriving or sputtering along.
The highest value activity an Entrepreneur can perform is creative work. That includes strategic planning, marketing and customer acquisition, product/service expansion or...
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OHIP+ Children and Youth Pharmacare
May 5th, 2017
One of the centerpieces of the Ontario 2017 budget released last week, Thursday April 27th, is a new OHIP+ Children and Youth Pharma-care benefit. Please find below a summary and potential impact of this new program.
Plan Details
The budget includes the first provincial plan in Canada to cover prescription drugs for children and young people.
A few quick highlights:
- Effective January 1, 2018
-...
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Preventing Human Resources Catastrophies
Mar 30th, 2017
Human resources policies and procedures encompass many different areas of your business and will be discussed as they relate to benefits in several coming posts. For now, let's look at two common areas where a lack of HR procedures can have a detrimental effect on the program, on-boarding and off-boarding.
On-boarding - In terms of a benefit program, when on-boarding an employee, good HR...
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Would You Pay Your Employees to be Healthy?
Mar 17th, 2017
Equality could be the death knell of Employee Benefits plans.
We may be turning a corner – or at the very least approaching a fork in the road where our options for sustainability do not include current models.
The impact of high cost drugs, and escalating health care costs in general is shifting the landscape for employers. While the shift is dramatic (relatively speaking) –...
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Podcast junkie!
Mar 17th, 2017
I am admittedly a podcast junkie.
I spend a good chunk of work days in my car - and I'm not much of a music guy. So Podcasts are my go to distraction on everything from short jaunts around the city (I'll listen to a piece of a podcast on my 10 minute commute home) to hours long drives to see clients. I also run a lot and prefer a podcast or audio-book over music 99% of the time.
Outside of...
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Medical Marijuana
Feb 21st, 2017
Medical Marijuana and your benefits
On January 30, 2017 the Nova Scotia Human Rights Commission ruled that it was discriminatory to deny coverage for medical marijuana under a welfare trust plan. You can read the decision here. This decision is important, but there are some key elements that must be considered as follows,
- The plan did not limit eligibility to drugs with a drug ...
4 Employee Benefits Trends for 2017 (and a wish)
Jan 17th, 2017
Oh January how we welcome thee!
Time for New Year’s resolutions - the optimism that comes with a fresh start and of course – a list! [Note:by today’s date – something like 80% of New Year’s Resolutions have failed]
In the Employee Benefits world 2017 could be the biggest roller coaster we’ve been on in a long time. So without further ado – here’s my list of the top 4...
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I'll Take a Drug Plan with Travel Please!
Sep 6th, 2016
Recently I came across a prospective client who was utilizing a health spending account to provide reimbursement of their plan member Health and Dental claims. The allocation was a modest amount that was quickly utilized by a number of plan members. Through the discussion with the prospective client we chatted about the goal of the existing program and how the plan was performing. The...
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3 Benefits Landmines
Aug 21st, 2016
As with all administrative duties, the devil is in the detail. Over the last few months there has been a disturbing trend among clients around missing some of the day-to-day obligations of administering the benefits program. Here are three common landmines,
- Failure to enroll an eligible plan member within 31 days of eligibility. Since benefits can form part of the employment agreement...
4 Dont's - Sometimes You Have No Choice
May 2nd, 2016
When living in tough economic times, organizations must make difficult decisions about their workforce and compensation. Reducing wages and benefits is typically the last straw as organizations struggle to survive.
Few relish the decision to make cuts, but sometimes there are no other choices. So how the changes are made will have significant impact on how they are received. As with wages,...
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Pharmacogenetics and Benefits
Jan 15th, 2016
Pharmacogenetics is the study of inherited genetic differences in drug metabolic pathways which can affect responses to drugs, both in terms of therapeutic effect as well as adverse effects. Test results help identify which medications will be the most effective as well as which frequency it should be taken to maximize the metabolic process and minimize adverse side effects.
How is the test...
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What's Reasonable & Customary Mean?
Dec 12th, 2015
Most if not all group insurance plans contain some mention of reasonable and customary. This is an approach by providers to limit allowable costs for some services within a plan without providing a fixed hard cap. Reasonable and customary refers to the maximum allowable amount that a provider will reimburse on a particular service or item.
Few insurers post their reasonable and customary...
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Does It Really Matter If I'm Late?
Dec 4th, 2015
Most group insurance providers require that employees and eligible dependents enroll with the group insurance plan within 31 days of becoming eligible. The purpose of this limitation is to reduce advise risk within the plan from plan members who choose to enroll only when they have a need for services (and therefore claim much more than the average current member which drives up pricing for...
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Building the Solution
Oct 31st, 2015
sus·tain·able
adjective \sə-ˈstā-nə-bəl\
: able to be used without being completely used up or destroyed
: involving methods that do not completely use up or destroy natural resources
: able to last or continue for a long time
© 2014 Merriam-Webster, Incorporated
As we move into 2016 one of the most common discussions with clients revolves around sustainability.
The workforce is the...
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6 Steps to Prepare for Your Benefits Renewal
Oct 25th, 2015
Ever get that feeling when something just does not feel right? Trust your intuition. Although you cannot control every factor that impacts the pricing of your benefit plan, you can protect yourself by following these simple steps in assessing your renewal.
Step 1
Review the Data – Is the data being used accurate? Have you had a change in your workforce that is not reflected in the...
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Benefits.....Yah we got them.
Oct 12th, 2015
All too often we engage with a new client on their employee benefit plan strategy and upon some simple due diligence we find the existing plan operating in some level of obscurity. Obscurity in the sense that the plan members may not appreciate the investment being made by the plan sponsor organization. Obscurity in the sense that the plan members have little or no accountability to the...
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The Industry Must Change
Aug 19th, 2015
The employee benefits market is broken. It is broken because there is no reality check between what a provider takes in terms of risk and what the policyholder is prepared to pay. At any point in time, a policyholder could test the market and find half a dozen quotes with savings ranging from 8% to 40%. 40% you say? Absolutely, in all my years working in employee benefits I have never seen...
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Anatomy of a Group Insurance Death Spiral
Aug 18th, 2015
Group insurance in its simplest form is a promise of an employer to provide protection against unforeseen or unwanted financial loss due to illness or injury. In its most complicated form, group insurance is a part of wages which can be acquired or disposed of based on the net economic benefit seen by the participating party.
Over the last few months, I have had an opportunity to meet with...
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