If you are like 80% of the enterprises, you are probably not taking advantage of the complex tax optimizing Group Insurance rules and get some 10K$ in FREE money.
This presentation is designed to first identify if you could qualify for this $10K as well as any of the other 4 bene-FIX GREAT saving opportunities.
For sake of presentation we use a real typical Quebec enterprise with some 20 employees and compare the most common Employer/Employee contribution of 50/50. The plan includes long term taxable disability insurance coverage.
With an annual premium of 62K$, a none optimized deduction creates a taxable income of 22K on the provincial level and 6K$ on the federal. Using a sophisticated bene-FIX tool we estimate the income taxes to be almost 5K$ + 1300$.
Because the employees have taxable income, the employer needs to pay an extra 850$ to cover the additional social cost.
Now, let’s redo those calculation using the bene-FIX Optimizing tools. With the same premium of 62K$ the taxable income drops to less than 14K on the provincial part and become insignificant for the federal. The direct impact is a significant reduction in INCOME TAXES being paid by the employee that now total some 1,300$.
Having reduced the taxable employee’s income, we also reduce the social cost for the employer to 500$.
The net result is staggering:
The employer gets 350$ while each employee gets an average of 500$ in FREE money.
While these number could vary based on your specific situation, we are please to remind you that If you qualify, this is FREE money can be yours for a single loonie and naming bene-FIX your preferred provider.
Call us NOW to get your FREE MONEY..
If you qualify, this is FREE money can be yours for a single loonie.