Navigating Financial Strategies for Small Construction Business Owners

Description

When: Wednesday, May 15, 2024
Where: CHBA - Central Interior
Time: 11:30am - 2:00pm
Cost: Free to Members
CPD: 2

Overview:

• As sole proprietors/small business owners, many are not part of a group plan that provides benefits such as life or disability. That means that if they get hurt or injured, the only coverage that you may have is WCB and/or EI. We will explore how government plans work -what are the limitations and what to expect. 
• We will also explain the three main types of insurance (life, disability and critical illness) and provide examples of plan options that can protect you and your family 
• For those that are incorporated and in a situation where there are additional shareholders, a Buy-Sell Agreement is an important concept. This is the agreement that states what is to happen with the corporation if one of the shareholders dies. We will talk about how insurance can make sure that the plan can actually be executed 
• Do you have very valuable employees that have a huge impact on your business (ie. Foreman)? What would happen if they were hurt or died? How can you protect my business from this? 
• When you have an incorporation – there are some great strategies that can create tax efficiencies. We will show you how insurance can be used as a tool for putting more money in your pocket and less in CRA’s.

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