The cost of Family Benefits is somewhat confusing to many businesses as it relates to the cost of a Single Person’s benefits.
For simplicity, the cost of a single person’s plan is about 3 times less that a family plan. So, if you assume the business pays 100% of the plan, this means the budget requires 3 times more money for an employee hired who has a family than one that doesn’t (and remember, no employee discrimination allowed!).
So, hold on, wait a minute…
When you buy a computer for an employee, do you need to buy them two monitors if they have a husband and children, while you would only purchase one monitor for a single employee?
When there’s an RRSP match, you certainly don’t get a top up for having a family.
The CRA doesn’t require a higher tax withholding at source if you have kids.
I guess that means we need to get a ‘Single’ or ‘Family’ box on a resume to financially plan for our fiscal years’ benefit budget expenses.
For more perspective or just to grab a coffee, contact firstname.lastname@example.org