In this episode of Financial Planning for Canadian Business Owners, Jason Pereira, award-winning financial planner, university lecturer, and writer, interviews his colleague Guy Anderson, Full-Licensed Investment and Financial Planner with Aligned Capital, on the topic of planning for disabilities for business owners, including how they can plan for their family members/employees/themselves that have disabilities,
Episode Highlights:
● 01:48: – What is somebody entitled to in Canada when they are disabled?
● 02:19 – What does WSIB do for business owners and employees?
● 04:37 – What else is there besides WSIB?
● 07:00 – How does the disability tax credit at the federal level work?
● 08:50 – If you can’t afford the insurance on whatever it is that you are looking to cover, you can’t afford what you are looking to cover.
● 13:12 – They dig back deeper into the disability tax credit and what it gets you.
● 17:35 – How do people qualify for the Canada Pension Plan Disability?
● 19:42 – What are the estate planning considerations with people with disabilities?
● 24:42 – If business owners take dividends instead of income, how does that effect the other benefits they are entitled to?
3 Key Points
1. If you are starting a business go to the Workplace Safety Insurance Board website to register with WSIB within 10 days if it is required in your industry.
2. WSIB is generally for industries that have a high rate of injuries and illnesses to take a lot of the risk off of the business owners.
3. Every Canadian province has their own disability plan, which aren’t that hard to qualify for, generally speaking,
Tweetable Quotes:
● “A lot of business owners would probably be fully aware they may have to register with the WSIB, so the Workplace Safety Insurance Board.” – Guy Anderson
● (WSIB) “It takes a lot of the risk off of the business owners themselves, because if someone is injured on the job, the employee first files, I believe it
is a Form 6 or a Form 8, and WSIB takes care of the disability claim.” – Guy Anderson
● “Roughly about a third of Canadians would have a disability, and the disability doesn’t have to be physical. It can be mental.” – Guy Anderson
Resources Mentioned:
● Facebook – Jason Pereira’s Facebook
● LinkedIn – Jason Pereira’s LinkedIn
● FintechImpact.co – Website for Fintech Impact
● jasonpereira.ca – Website
● Linkedin – Guy Anderson’s Linkedin
● KindWealth.ca – Website for Kind Wealth
● wsib.ca – Website for WSIB
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