Blog
Talking About Financial Matters That Affect You and Your Organization
Selectpath and Interval Partner To Deliver Real-Time Valuation To Clients
May 9th, 2023
London, ON, May 9th, 2023 | For Immediate Release - interVal, an innovative and comprehensive software platform to help business owners measure, understand, and monitor the value and health of their business, today announced a distribution partnership with London-based Selectpath, a leading financial advisory firm specializing in employee benefits, wealth management and insurance with offices...
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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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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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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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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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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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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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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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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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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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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
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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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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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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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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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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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
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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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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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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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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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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