The federal government announced proposed changes to its Canada Emergency Wage Subsidy(CEWS) program that will take effect as of July 5, 2020. To summarize, there are three principal impacts of these changes: For the near term, companies that have experienced a revenue drop of greater than 50% will receive an even larger subsidy than the […]
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Corporate Owned Life Insurance
Regardless of whether the need is primarily personal, we almost always recommend owning and paying for life insurance in your corporation. The difference between corporate and personal tax rates can result in a significant savings in premium while the tax-preferred treatment of the death benefit will still give you the personal protection you need. Lower […]
COVID-19 – Good news/Bad news for Critical Illness and Disability Insurance
In response to our email last week, a number of people asked us whether insurers are waiving the requirement to provide blood and urine samples in order to obtain Critical Illness (CI) or Disability Insurance (DI) as they are doing for Life Insurance. The answer is yes! Depending on the insurer and your age, up […]
Let’s Get Local Ottawa! Your Covid-19 Guide to What is Open.
There are multiple businesses open and ways that we can still support local during this time. It’s as simple as this: Whenever possible, buy locally Order from local businesses online Purchase gift certificates now to use later Order meals for takeout or delivery Send messages of support on social media Below are a few […]
Covid19 offers an unprecedented opportunity to obtain life insurance without medicals.
There is no doubt that the implications of Covid19 have been terrible for businesses and consumers alike. We’ve all experienced changes rolled-out by businesses to align their processes with social-distance requirements. Life Insurance companies are no different……and in this case the changes are positive for the consumer! Traditionally, only the very young or those purchasing […]
Canada Emergency Commercial Rent Assistance: Provincial Program Details
The Government announces help with rent for small business. But is the “help” any better than the terms you may have already negotiated with your landlord? Who qualifies?: Businesses who pay less than $50,000/month in rent Non-essential businesses who were forced to close or other businesses that have suffered at least a 70% drop […]
UPDATED: Covid-19 Federal Government Assistance for Employers and Employees
UPDATED!!!! April 9th, 2020 If your business needs financial support: Canada Emergency Wage Subsidy: Designed to keep (or recall) employees on payroll, this program will subsidize a portion of your payroll cost. For employers that have suffered a 15% reduction in revenue due to Covid-19 in March 2020 and/or a 30% reduction in revenue for […]
Your January 2020 Market Summary
January 2020 Market Summary Top Themes Consumer debt in Canada and US: – 50% of Canadians $200 away from financial insolvency – average Canadian owes $1.72 for every dollar earned – Canadians owe $2.16 Trillion – highest debt load of G7 – 5.54% of consumers were 90 or more days past due on at least […]
The reasons you should, shouldn’t and the cost.
Why you should incorporate your small business? Limited liability (except personal guarantees and director liabilities) If you are a sole proprietor, all of the risks of the business are also your own personal risks. If the business gets sued, you get sued – All of your personal assets are at risk. A corporation is the […]