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March 21, 2018

Where Some of The Money Goes

People Want and Need Benefits

The article below just arrived in our office from an Advisor Newsletter. to which we subscribe. We thought we should share it. To some it will be shocking, but it shows some places where people spend their money. Everyone has different priorities. The complete original article was published in the Globe and Mail, March 13.

"Today's parents are sparing no expense on their children's lifestyles – be it lavish birthday parties with a price tag of $1,000, tutoring sessions to help them get ahead or competitive hockey fees than can run above $20,000 for a single season.

But for some parents, this over-the-top spending on their kids is leaving them mired in debt and stressed about their financial future.

It all adds up. A 2015 Statistics Canada report found that couples with children spend $34,441 more than their childless counterparts a year on household expenses. A significant portion of these costs go directly on credit; the ratio of household credit market debt-to-disposable income rose to 167.3 per cent in the fourth quarter of 2017, according to Statscan.

For some parents, the decision to spend on enhanced learning is considered a necessity. Alexandra Stabins, president and founder of in-home tutoring firm,, sees many parents – from all income groups – paying as much as $4,800 a year in tutoring fees. *They'll give up everything for their kids,* she says. *Every second child is diagnosed with [learning disabilities] and parents feel they need tutors."

The Benefit Guys will design a most cost effective benefit program for employees and employers. Every penny matters to employees and employers. Is it time to review your LTD, and/or Health and Dental plans? Maybe it's time to add Critical Illness. Is it time to look at a company pension plan? We have access to the best plans and the best advice available today.

"No matter how many employees you have - it's perfect. And it starts with one!"

Our Best Practices Annual Review is available for download. You need to reduce your benefits liability exposure. The content in this document will help you.

Get your preliminary questions answered immediately.

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