Corporate Benefits

“The way your employees feel is the way your customers will feel. And if your employees don’t feel valued, neither will your customers.”

– Sybil F. Stershic

Benefits are an investment in a corporation’s employees, with big returns in the form of retention, productivity, and morale. When employees feel they are appreciated, they become more dedicated to serving the company they work for. The best advocates for a business will always be happy employees who act as brand ambassadors wherever they may go.

No matter the size of your budget, it is important to maintain good records of the benefits you offer to your valued employees.

RECORD TYPE: Personnel

Personnel records pertain to the employees of an organization and are helpful to a manager in various decision-making areas. A company’s personnel records should include information such as, name, date of birth, marital status, academic and professional qualifications, and previous employment details.

Suggested Action: Upload a copy of your employee’s Personnel Records.

RECORD TYPE: Group Insurance

Many businesses offer employees group health benefits as part of their compensation to attract and retain qualified people. In addition to life and disability insurance, a typical group benefit package will include coverage for medical, dental and prescriptions not covered by government health plans.

Suggested Action: Upload a copy of your company’s Group Insurance booklet and annual renewal statements.


Many companies offer employees a group RRSP savings plan to attract and retain qualified people. They are similar to an individual RRSP but with the added benefit of allowing employees to have contributions deducted from their pay cheques and receive matching contributions up to a limit set by the employer.

Suggested Action: Upload a copy of your company’s Group RRSP plan and investment options.

RECORD TYPE: Pension Plan

A Defined Contribution pension plan provides retirement income based on the contributions made to the plan and the rate of return earned by the investments. This type of pension provides flexibility to increase or decrease withdrawal but is subject to Sequence of Return Risk.

A Defined Benefit pension plan provides retirement income based on a formula using the employee’s years of service, income and age at retirement. This type of pension plan provides guaranteed income for life but offers no flexibility to modify the amount of income paid.

Another pension option available exclusively to business owners and executives, is an Individual Pension Plan (IPP). An IPP is a defined-benefit pension plan that can be set up for just one member and can provide the maximum pension that Canadian tax law allows.

Suggested Action: Upload a copy of your company’s Pension Plan booklet and most recent statement.

NEXT Steps

  • Download Resources
    Click the Resources link to download and print the various worksheets and templates applicable to your needs. Set aside some time over the next few days to complete each one. Remember to involve your partner/spouse should you have one.
  • Gather Documents
    Complete each worksheet or template and gather other statements and documents for each type of Record to be uploaded to this Tile.
  • Upload Documents
    Using a scanner or the Sidedrawer Mobile App, upload all statements and documents to the appropriate Record for secure storage and collaboration with your family and trusted advisors.
  • Add Collaborators
    From the Sidedrawer home screen, click on the Collaborator icon to add someone you wish to give access to one or more of your Records. Enter their email, name and relationship to you, then select the Record and permissions to be granted.

Click here to print the Corporate Benefits Document Checklist.

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