Your rights as they pertain to your personal information
- You have the right to know why an organization collects, uses, or discloses your personal information.
- You have the right to expect an organization to handle your information reasonably and to not use it for any other purposes other than the one(s) to which you consented.
- You have the right to know who in an organization is responsible for protecting your information.
- You have the right to expect an organization to protect your information from unauthorized disclosure.
- You have the right to inspect the information an organization holds about you and make sure it is accurate, complete, and current.
- You have the right to expect an organization to destroy your information when requested or when no longer required for the intended purpose(s).
- You have the right to confidentially complain to an organization about how it handles your information and to the Privacy Commissioner of Canada if need be.
How we collect, use, and disclose your information
When you do business with us, you share personal information so that we may provide you with products and services that best meet your needs. We assume your consent for our firm to use this information in an appropriate manner. We may use and disclose this information in order to:
- Communicate with you in a timely and efficient manner.
- Assess your application for investment, insurance, and other services available to you by our firm.
- Evaluate claims and underwriting risks when required.
- Detect and prevent fraud.
- Analyze business results.
- Act as required or authorized by law.
What we will NOT do with your information
- We do not sell client information to anyone, nor do we share client information with organizations outside of our relationship with you that would use it to contact you about their own services.
We strive to protect your personal information
- All employees, associated advisors, and suppliers who are granted access to client records understand the need to keep this information protected and confidential. They know they are to use the information only for the purposes intended. The expectation is clearly communicated. We’ve also established physical and systems safeguards, along with proper processes, to protect client information from unauthorized access or use.
Permissions
- By signing this document:
- • You give us permission to comingle your file with that of your family members.
• You give us permission to retain entire applications and supporting documentation within our client files.
Your privacy choices
- You may withdraw your consent at any time (subject to legal or contractual obligations and on providing us reasonable notice) by contacting our privacy officer. Please be aware that withdrawing your consent may prevent us from providing you with the requested products or services. We may occasionally use your personal information to advise you of products or services we believe may be of interest to you or fit your personal circumstances. If you would rather not receive this type of communication, please advise our privacy officer.
Our Privacy Officer is:
Peter Crossgrove
Crossgrove and Company, Inc.
430 Westmount Avenue, Unit S
Sudbury, ON P3A 5Z8
Phone: 705-525-2131
Fax: 705-525-2140
I received prompt, courteous, personal and knowledgeable service from Crossgrove & Company. Additionally, dealing with them saved me valuable time. No need to ‘shop’ when working with these professionals
Victor Rocine
President, Change Integration Systems
Is it time for a raise?
You should consider a Group retirement savings plan if you’re contemplating a raise. With at source deductions, both employer and employee will realize immediate tax benefits.
Additionally, choosing the right plan doesn’t have to be confusing. At Crossgrove & Company we understand each customer’s unique needs. Get the answers you need by sitting down with one of our group retirement specialists.
We are Independent Consultants
Whether you are sponsoring a group RRSP, a Defined Benefit (DB) or Defined Contribution (DC) Registered Pension Plan (RPP), an DPSP or the new Pooled Registered Pension Plan (PRPP), Crossgrove & Company brings a wealth of experience and industry knowledge to the table to recommend the right option for your organization. We provide plan sponsors with expertise in risk management to ensure proper compliance with regulatory and fiduciary obligations.
Our value-added service
With Preferred relationships with multiple carriers, Crossgrove & Company will tender service offerings and negotiate with service providers to help secure the most cost-effective plan for your members.
Financial Advice to Members
The key difference between financial success and failure for members of a group retirement plan is often the behaviour of the individual members. Through education sessions and one on one meetings with an accredited financial advisor, Crossgrove & Company will be there to make sure that your members will have everything they need to make the right financial choices.
Benefits to your employees
Low fees – When fees are low, savings grow! The investment management fees (IMFs) in a group plan are typically lower than the management expense ratio fees charged by individual mutual funds and banks
Immediate tax savings – employees see immediate tax savings with the group RRSP if contributions are deducted from their gross pay, which means they pay income tax only on the reduced amount.
Group RRSP
A group Registered Retirement Savings Plan (RRSP) is a savings vehicle offered by an employer to his/her employees as a way to save for their retirement. Employees can contribute to the plan and attain certain advantages.
Eligibility: Employees must have contribution room. Employers may limit eligibility according to any criteria.
Contribution Limits: Set at 18% of previous year’s earnings to an annual maximum ($24,930 in 2015), plus any carry forward RRSP contribution room, less any pension adjustments. These limits are updated annually.
Employer contributions – Tax Implications: Deductible as a salary expense and are considered a taxable benefit to the employee. Employer contributions are subject to payroll tax.
Vesting: Employee is immediately entitled to all contributions.
Defined Contribution
A tax deferred retirement plan to attract and retain employees by encouraging long-term saving and loyalty through a variable vesting schedule and locking-in feature.
Eligibility: In most provinces, employees must be eligible for membership after 2 years of service with the employer. Part-time employers may need to meet specified earnings or hours criteria.
Contribution Limits: Maximum contribution limits set at 18% of current year’s earned income to a maximum of $25,730 in 2015 (These limits are updated anually). The employer may elect a formula that is a percentage of the employee’s salary or a flat dollar amount. Minimum employer contributions is 1% of employee earnings.
Employer contributions – Tax Implications: Contributions made by employer are tax deductible. They are NOT considered additional salary or a taxable benefit to the employee and are not subject to payroll taxes.
Vesting: Province specifies minimum requirements, usually after 2 years of plan membership or sooner. Plan provisions may specify sooner than 2 years. Federal, Quebec, Ontario, Manitoba and Alberta vest immediately.
Pooled Registered
A Pooled Registered Pension Plan (RRSP) is a plan designed fro small to medium-sized businesses, as well as self-emploued business owners. Easy to set up and manage.
Eligibility: Full time employees are eligible immediately; part time employees are eligible after 24 months of conitnuous service. All eligilble employees are auto-enrolled in the plan and have 60 days to opt of the plan participation.
Contribution Limits: Set at 18% of previous year’s earnings to a maximum of $24,930 in 2015, plus any carry forward RRSP contribution room, less any pension adjustments. These limits are updated annually.
Employer contributions – Tax Implications: Deductible as a salary expense. Not subject to payroll tax.
Vesting: Employee is immediately entitled to all contributions.
Group TFSA
A group Tax-Free Savings Plan (TFSA) is an additional savings account that enables money to grow tax free.
Eligibility: Members must be at least 18 years of age. Eligibility is not governed by legislation. Employers may limit eligibility according to any criteria.
Contribution Limits: $10,000 per year. This annual dollar amount has been indexed to the inflation rate. Unused TFSA contribution room from previous years can be carried forward. Withdrawals in a year will be added back to the member’s contribution room the following year.
Employer contributions – Tax Implications: Deductible as a salary expense and are considered a taxable benefit to the employee. Employer contributions are subject to payroll tax.
Vesting: Employee is immediately entitled to all contributions.
Defined Profit Sharing
A tax deferred savings plan designed for employers to contribute to employees’ retirement by sharing company’s profits.
Eligibility: Any employees who are not related to the employer, a specified shareholder of the employer’s firm, or a related company, are eligible.
Contribution Limits: Employer contributions only. Employer contributions are limited to the lesser of 18% of the employee’s compensation from the employer and the maximum DPSP dollar limit for the year (currenlty $12,685 in 2015), which is one half of the Defined Contribution Pension Plan Limit.
Employer contributions – Tax Implications: Contributions made by employer are tax deductible. They are NOT considered additional salary or a taxable benefit to the employee and are not subject to payroll taxes.
Vesting: Contributions may be vested after 2 years of plan membership. Plan provisions may specify sooner than 2 years.