iAtoday

In an interview with HRD Canada, Daniel Werbrouck, Strategic Leader, Group Savings Products, discusses a tool that is still underutilized in group plans: the FHSA.

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Beyond its tax advantages, this plan—which combines the features of an RRSP and a TFSA—offers a comprehensive solution to a major challenge for employers: access to home ownership and the financial stress that comes with it. The challenge has grown significantly in recent decades: the average value of a home in Canada is now nearly eight times the average annual household income, compared to about three times in the early 2000s—a trend confirmed by analyses from the Office of the Parliamentary Budget Officer and housing organizations.

Given that these factors directly influence employee engagement, productivity and retention, the group FHSA provides a practical way to strengthen an organization's overall value proposition.

The group version further enhances its appeal with lower management fees, simplified contributions through payroll deductions and seamless integration into existing group plans. It simultaneously enhances both the plan member experience and the overall appeal of the program, without any additional administrative burden.

More than just an additional product, the group FHSA positions employers as being committed to the financial wellbeing of their teams, meeting very real generational expectations.

In an environment where competition for talent is intensifying, organizations can gain a competitive edge by adopting this type of solution.

Looking to support your clients in improving their offerings and better addressing the financial priorities of their group plan members? Contact your iA Financial Group Account Executive.

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