This month’s “Take 5 For Wellness” newsletter brings together information and insights from BA advisors, special contributors, and BA committees.
We hope you find this edition helpful and would appreciate your feedback.
Help Employees Get Into the Habit of Saving
A 2024 survey of Canadian workers and retirees reveals that financial stress, especially among younger employees, is impacting workplace productivity and delaying retirement savings. While most retirees stopped working earlier than expected, many still wish they had saved more, highlighting the need for flexible retirement planning and employer support. With rising life expectancy, planning for decades of post-retirement income is more critical than ever.
Thinking Outside the (Neurotypical) Box
When properly supported, individuals with ADHD can thrive personally and professionally, yet stigma and lack of workplace accommodations often hinder success. With ADHD affecting millions of Canadians and costing billions in lost productivity, employers are urged to offer comprehensive benefits, flexible environments, and compassionate leadership to unlock the potential of neurodivergent employees.
Say “I Do” to Spousal RRSPs
Spousal RRSPs offer a valuable tax-saving strategy for employees and their partners, allowing income splitting in retirement and continued contributions after age 71 if the spouse is younger. Despite misconceptions, they involve no extra cost or administrative burden for employers, making them a smart addition to compensation packages.
Bringing Plan Members’ Voice to Policy Tables
Canada’s newly launched Smart Health Benefits Association (SHBA) aims to unify the voices of 10 million workplace health benefits plan members to advocate for smarter, more inclusive healthcare policies. Backed by major benefits advisory firms, SHBA seeks to influence federal and provincial decision-making on key issues like pharmacare and virtual care through coordinated, proactive advocacy.
6 Steps for a Cancer-Care Strategy
Employers can boost productivity and retention by implementing a cancer-care support strategy that includes flexible accommodations, critical illness insurance, and coordinated access to care and resources. With rising cancer rates among working-age Canadians, such strategies help employees manage treatment and recovery while protecting benefits plans from high-cost claims.