The sad reality is that only about one-third of small business’s survive into the second generation. – Are you prepared? As a business owner, you have worked hard and tirelessly to get your business to where it is today. But the sad reality is that only about one-third of small business’s survive into the second generation. Experts agree that the thorn in the side of family-owned businesses stems from a lack of preparation – on everything from succession planning to taxes…
News & Blog
Federal Government Considers Taxing Employer-Paid Health Care Benefits
The possibility of taxing employer paid group benefits was raised last year, when the government’s report on federal tax expenditures calculated that doing so would add $2.9 billion to the federal coffers in 2017. The current tax exemption for employee benefits was introduced in 1948 and the deduction for self-employed individuals was introduced in 1998. Both of these measures were put in place to “improve access to supplementary health and dental benefits” the report notes. Taxing employee benefits will likely…
Are Employee Absences Giving you a Headache?
HERE’S THE FIX……. Changes to the Employment Insurance waiting period brings employers focus back to managing short-term disabilities. The 2016 Federal Budget released earlier this year included a change that will impact disability coverage on plans. The waiting period for Employment Insurance (EI) benefits will be reduced from two weeks to one week starting JANUARY 1, 2017. With this renewed focus on short-term benefits, many employers are struggling with how to best manage employee absenteeism due to sickness or injury. …
Who Should Think About Critical Illness Insurance?
Who should think about critical illness insurance? The answer is, most of us. It’s not fun to think about how your life might change if you were diagnosed with a critical illness. Or even, if your partner or child was diagnosed with a critical illness. But it’s realistic and responsible to be prepared. You likely know at least one person in your immediate or extended family or circle of friends who’s had cancer, a heart attack or stroke, don’t…
Hold the Salary, UP the Benefits!
There’s an alternative form of compensation that business owners may have overlooked: a group benefits plan that provides health protection for their employees – and cost effectiveness for them. For those employers who have already implemented a group benefits program, it may be worth a look to add some enhanced features and benefits in lieu of a salary increase to their employees. A study done by SunLife Financial conducted in 2011 on Generation Y (made up of employees currently in…
Pay less tax, keep more money with Corporate Life Insurance
While passive corporate investments can grow quickly and be accessed easily, here are some things to keep in mind: You pay the highest corporate tax rate You or your shareholders may pay an additional 30% in personal taxes if these investments are paid to you as dividend income. You may pass on less money than intended to your estate, surviving shareholder and heirs. Unlock your corporate investments. Growth in a permanent corporate owned life insurance policy isn’t taxed as long…
Traveling this Winter? Don’t forget to register your coverage with the Government of Canada
The Government of Canada just published a useful summary of how to ensure you have protection for emergency costs that may come up when you travel. It also includes a link to easily allow you to register your coverage through the Canadian Government which makes it much easier if you do have to claim when out of the country. Click here to register your travel and your travel insurance details with the Canadian Travel Advisory. Click here for the Government…
Executive Disability Benefits – Are you adequately protecting your key employees?
Is your company providing less benefits to the owner and your key employees than the rest of your staff? It happens all the time. Your hard work and efforts are paying off in your business. You want to reward yourself and your employees by implementing an employee benefits plan. One of the biggest mistakes companies make is providing a worse disability program to top employees compared to the others. They don’t even realize they are doing it. An employee benefits…
Health Care Spending Accounts – A Popular Alternative To Conventional Group Health & Dental Plans
Healthcare spending Accounts (commonly referred to as HCSA or HSA) are an increasingly popular alternative to conventional group health and dental plans. They are practical, affordable, flexible and a cost-effective way to meet the changing needs of many employers and diverse needs of many employees. What is a Healthcare Spending Account? A Healthcare Spending Account is a pre-determined amount of money provided to employees at the beginning of each benefit year for coverage of their medical and dental expenses.…
It’s Not All About the Looks – Feeling WELL
“You Look Marvelous”. Contrary to that iconic line from the classic sketch by comic Billy Crystal, it is not all about appearance. How you feel is in fact of paramount importance. Silently, many Canadians suffer through real hardship as a result of how they “feel”. They suffer from mental illness. Facts 1 out of every 5 Canadians will experience a mental health issue – a 20 Billion dollar issue to workplaces in Canada! (MHCC) More than 500,000 Canadians will not go to…