Corporate Planning
Corporate Planning should always include insurance elements to protect your business assets for the future. Our collaboration with each corporation’s accountant, lawyer and owner(s), enables us to provide the right solutions for your business. Owning your own business can be risky, we offer many different products that can protect you from the unexpected.
Plan Features
They say it takes a team to run a business but there always has to be a leader. Key person insurance protects your business if a key leader passes away.
In the event of your partner passing away, partnership insurance enables the remaining partner(s) to buy out available shares to effectively continue running the business.
Long Term Disability coverage typically are payable after a qualifying period. A percentage of your pre-disability earnings is used to calculate the monthly LTD benefit. Benefits typically end at age 65. Two different definitions of disability coverage:
- Any Occupation: Total disability is determined medically by physical or mental impairment because of injury or illness which prevents them from regular duties of any occupation they might be suited for.
- Own Occupation: Total disability is determined medically by physical or mental impairment because of injury or illness which prevents them from participating in regular duties of their own occupation.
Disability Buy-Out Insurance
- Disability Buy-Out Insurance is a predetermined buy-out amount which is paid out in the event of an owner’s disability where they are unable to manage the business. This benefit allows for managing partners to “buy-out” the disabled owner and continue managing the business.
- Buy-Sell / Stock Purchase Agreements
- Strategies for Retained Earnings
- Disability Buy-Out Insurance
- Disability Buy-Out Insurance funds a predetermined buy-out amount in the event of an owners disability seeing them unfit to manage the business.
Plan Features
A comprehensive Employee Benefits Plan is an excellent way to distinguish your company as a competitive and progressive employer, attracting quality employees for your workplace. Together, we will design the right plan to insure and protect your employees and their families.
Comprehensive Benefits Plans can include:
- Life Insurance
- Accidental Death & Dismemberment Insurance
- Short Term Disability Insurance
- Long Term Disability Insurance (LTD)
- Health Coverage
- Dental Coverage
- Cost Plus Program
- Health Spending Account
Preparing a quote requires the company administrator to complete an Employee Data Sheet. Once we receive the employee data, together we will design a plan to best suit your needs. We will prepare a detailed summary of our recommendations according to the company’s budget and employee needs.
Plan Features
Both employer and employee may contribute to the Group RRSP.
Employers may:
- Contribute a flat percentage of income each month (e.g., 5%), regardless of what the employee contributes
- Equally match contributions made by the employee up to a certain maximum percentage of income each month; the employee may continue to contribute more than the amount matched by the employer
- Reward long term employees more substantially than other employees. For example, the employer may match contributions made by employees up to 3% for employees with the company for 1-9 years, and 5% for employees with the company 10+ years.
