Employee Benefits in Canada

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Employee benefits are any perks or extras that an employer offers to their employees. These can include things like health insurance, retirement plans, paid time off, and more. Employee benefits are often used as a way to attract and retain top talent.

employee benefits

What are the reasons that companies in Canada offer employee benefits?

When it comes to employee benefits, Canadian companies are among the most generous in the world. According to a recent survey, the average Canadian company offers its employees an impressive array of benefits, including health insurance, dental coverage, and pension plans. While the reasons for this generosity vary from company to company, there are a few key factors that contribute to the prevalence of employee benefits in Canada.

First, the Canadian government offers significant tax breaks to businesses that provide employee benefits. This helps to offset the cost of providing these benefits, making them more affordable for companies.

Second, Canadian companies recognize that offering employee benefits is an effective way to attract and retain top talent. In a competitive job market, employees are often looking for companies that offer the best possible benefits package. By offering competitive benefits, companies can ensure that they attract and retain the best employees.

Finally, many Canadian companies view employee benefits as an important part of their corporate social responsibility programs. By offering benefits like health insurance and dental coverage, companies can help their employees lead healthier and happier lives. This not only improves employee morale and productivity, but it also helps to create a positive image for the company.

What are the most common employee benefits offered in Canada?

There are many employee benefits that are offered in Canada. Some of the most popular benefits include:

1. Health and dental insurance – Many employers offer health and dental insurance as an employee benefit. This can help to reduce the costs of healthcare for employees.

2. Retirement savings plans – Employers often offer retirement savings plans, such as 401(k)s or RRSPs, as an employee benefit. This can help employees save for their retirement.

3. Employee assistance programs Many employers offer employee assistance programs (EAPs) as an employee benefit. These programs provide counseling and other services to employees who are dealing with personal problems.

4. Flexible work schedules – Many employers offer flexible work schedules as an employee benefit. This can allow employees to better balance their work and personal lives.

5. Paid time off – Many employers offer paid time off (PTO) as an employee benefit. This can allow employees to take time off from work when they need it without having to use their vacation time.

6. Wellness programs – Many employers offer wellness programs as an employee benefit. These programs can help employees improve their health and well-being.

Is Employee health insurance a mandatory employee benefit in Canada?

In Canada, employee health insurance is not typically considered a mandatory employee benefit. However, there are a number of companies that require their employees to have health insurance in order to keep their jobs. In some cases, health insurance may also be required as part of the company’s benefits package. 

What is the cost for employee benefits package in Canada?

The cost of employee benefits programs can vary depending on the size and scope of the program. However, some estimates place the average cost at around $1,500 per employee, per year. This can add up to a significant expense for businesses, especially if they have a large workforce. There are a number of ways to offset these costs, such as offering employees voluntary benefits packages or using payroll deductions to pay for the program. Businesses should also keep in mind that employee benefits programs can offer valuable tax breaks.

MantraCare offers the most comprehensive and cost-effective employee benefits program starting at $3 per employee.

Who are the top employee benefits providers in Canada?

Morneau Shepell is one of the largest employee benefits providers in Canada. They offer a wide range of products and services, including health and wellness programs, employee assistance programs, and pension and retirement planning.

Sun Life Financial is another large employee benefits provider in Canada. They offer a wide range of products, including group life and health insurance, dental plans, disability coverage, and investment products.

MantraCare is the top employee benefits solution provider in Canada. They help design the benefits plan and execute the same with the HR. They offer comprehensive employee benefits programs that promote physical and mental well-being.

Their services include EAP, corporate yoga, physical therapy, chronic condition reversal (for diabetes & hypertension), meditation, work counseling, and more.

In which cities can MantraCare offer Employee Benefits Packages in Canada?

  • Bishan
  • Bukit Merah
  • Bukit Timah
  • Downtown Core
  • Geylang
  • Kallang
  • Marina East
  • Marina South
  • Marine Parade
  • Museum
  • Orchard
  • Queenstown

If you are a company in Canada, looking to implement an Employee Benefits program, talk to employee benefits experts at Mantracare: Schedule a Call >