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Cost Plus and Group Benefit Plans
– life-insurance-quotes.ca
What is Cost Plus?
Group benefit plans, also called group insurance or employee benefits, offer company employees coverage for various healthcare costs. These benefit plans commonly cover dental and prescription drug costs, and they may also cover costs resulting from vision care expenses and paramedical expenses (for example, chiropractors, massage therapists, etc.).
Sometimes, however, healthcare expenses may be incurred that are not covered by a benefits plan. Group benefit plans are highly customizable, and what one plan covers another plan may not.
Business owners in particular might want to have healthcare expenses paid for in a tax friendly manner that are not covered by the benefits plan they provide their employees.
This is where Cost Plus, a Private Health Services Plan (or PHSP), comes into play. Most (but not all) group plans have an option for Cost Plus, which is a method for business owners to use corporate pre-tax dollars to pay for expenses not covered by the group plan…
How to improve your credit score
– moneysense.ca
Moving out on your own, financing a car or landing your dream job—all of this can require having a good credit score. Your credit score indicates how trustworthy you are in the eyes of creditors, and it can range from a low of 300 to a high of 900.
A good credit score (typically in the high-600 to mid-700 range) can help you qualify for a car loan, mortgage or insurance. It can help you get the best interest rates from your lender. At times, a landlord or employer may even ask to see your credit score before accepting you as a tenant or offering you a job. For that reason, it’s important to know how credit scores work, was well as how to build or improve your own score.
Factors that impact your credit score
Young adults tend to have lower credit scores on average than older Canadians. At the time of a 2018 study by Equifax Canada, Canadians aged 18 to 25 had an average score of 692. That was lower than all other age groups—including 26-to-35-year-olds, whose average score was 697…
