The 2013 Ontario budget proposes introducing pooled registered pension plans (PRPPs) in the province.
EP3 – Drug claims have been on the rise for the past decade. Employers have the added benefit of more pooling. The usual stop loss is 10,000 per individual, EP3 now provides a second level of pooling per certificate $25,000. This applies to employers with 125 employees or less.
Beneficiary designations are done at time of enrolling in a benefit plan. What happens if the beneficiary you designate dies before you? It is always a good idea to review and update your beneficiary every two to three years. Insurance proceeds gets paid to a named beneficiary directly, no tax implications. If you have no beneficiary or the beneficiary dies before you then the proceeds are paid to your estate and now there is estate tax and probate costs.