How to attract and retain employees
with Kaleido’s Corporate RESP
Employers, add another tool to your toolkit by enhancing your employee benefits with a Registered Education Savings Plan (RESP)! No matter what business you’re in, improving your employees’ working conditions has never been easier.
Why your human resources department should add an RESP as an employee benefit
It’s a fact: one of the biggest human resources issues in recent years has been the labour shortage and employee retention. A company RESP is just one more way to help you retain current employees and attract new ones. It’s an effective retention strategy that meets the needs of employees who have families. It’s also a benefit that will set you apart, since very few other employers offer it!
Interested in adding an RESP as an employee benefit?
Make an appointment with one of our advisors today!
Benefits of an RESP for the company
Easier to attract and retain talent in a job market beset by serious labour shortages.
Enhanced employee benefits at no additional cost.
Promotion of your employer brand and its commitment to offering benefits that will contribute to a sustainable future for children.
Simplicity of introducing an RESP as a new employee benefit with Kaleido’s assistance.
Benefits of a company RESP for employees
Generous grants with a savings vehicle that helps young people realize their full potential (lifetime maximum of $12,800 in grants per child1).
Peace of mind thanks to financial support that provides choice and flexibility.
Access to Kaleido’s exclusive Family Accompanying Services,2 an array of resources (videos, webinars, tools, etc.) that support family well-being.
Easy enrolment and contributions through source deductions.
Did you know?
According to an Ipsos survey, more than a third (37.55%) of employees who leave their jobs are looking for better benefits.3
How employer RESP contributions work
It’s simple: once your employer account has been activated with Kaleido, you make source deductions at your pay frequency and monthly remittances based on the contribution amounts chosen (your employees’ and yours, if applicable).
We take care of the rest! Kaleido tailors the program to you and your employees, so that the RESP becomes an integral part of your corporate culture. As an employer, you take on minimum administration, as Kaleido manages the RESP and works with you to ensure success:
- Easy to set up and free of charge
- Dedicated account manager
- Information session at your workplace when the account is opened
- Information brochures and leaflets
- No-cost self-enrolment by employees
- Online RESP calculator4
- Email templates available
Note: Employer contributions are a taxable benefit and are subject to source deductions for the Quebec Pension Plan (QPP), Employment Insurance (EI) and the Quebec Parental Insurance Plan (QPIP).
What are the best employee benefits a company can offer?
In addition to an attractive salary, paid leave, a good work-life balance and a pleasant work atmosphere, employees care about benefits!
Did you know that workers with a benefits plan feel better about their jobs? Nearly two-thirds (64%) of employees who have benefits say they’re satisfied with their jobs.5
Today, to stay with their current company or move to another company, employees want the following benefits, at a minimum:6
- Dental and medical coverage
- Prescription drug insurance
- Paid leave
- A retirement or pension plan to which the employer contributes (an RRSP, for example)
Adding an RESP, an investment that will give your employees peace of mind about the children’s future, is sure to be a plus for your human resources retention strategy.
Learn more about our Corporate RESP today, and make your employee benefits package even better!
What is an RESP?
Designed specifically to save for a child’s education, the Registered Education Savings Plan is a very rewarding investment vehicle. In addition to growing tax-free, it has the extra bonus of generous government grants!1 It’s an attractive financial product not only for parents but also for grandparents or anyone who cares about the future of a loved one.
Curious about RESPs?
1. Canada Education Savings Grant (CESG) of 20% to 40% and Québec Education Savings Incentive (QESI) of 10% to 20% (available in Quebec only), based on adjusted family net income. The maximum annual CESG payment is $600, and the maximum annual QESI payment is $300. The maximum lifetime amount per beneficiary is $7,200 for the CESG and $3,600 for the QESI. Canada Learning Bond (CLB) of up to $2,000 per beneficiary for a child born after December 31, 2003, whose family is eligible, subject to obtaining the necessary authorizations to proceed with the grant applications. Some conditions apply. See our prospectus.
2. Some conditions and limitations apply. The promotions, benefits and other advantages of the family accompanying services are subject to change without notice and may not be available in certain areas.
3. Source: Randstad, https://www.randstad.ca/employers/workplace-insights/.
4 The results shown are for illustration purposes only and are not a guarantee of the future performance of IDEO+ plans.
5. Source: RBC Insurance, Canada-wide survey, 2022.
6. Source: https://www.randstad.ca/employers/workplace-insights/job-market-in-canada/best-benefits-perks-employees/.