June 19th, 2009 | 
Author: How is disablity insurance affected if I have an Incorporated Company?
Will it be more difficult to collect disability insurance when the claims are based on personal income, and a large majority of my income is invested in my corporation?
The answer is no. The Edge has a disability plan specifically designed for the self-employed person making it the most flexible benefit plan that you can get. The Edge disability plan allows you the option of using your gross revenue to calculate benefits available. An ASR membership is an important factor to you in the event of a claim due to the fact that your membership fees include your monthly bookkeeping, quarterly statements, personal and corporate tax returns.
Allied Self-Employed Resources Inc. Calgary, Alberta
Your Own Business, Your Future Success, Your One Resource
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Hello. i have been self employed in the siding industry for over 30 years. last year my boss would not give me any work unless i got a company name and got incorporated.He refused to pay wcb for me . i did so to get work.(as yet i do not have a wcb account on my own). i make less then 80,000 a year (my wife works with me).is it a waste of money for me to stay incorporated? I only had 1 job last year that i sold on my own.i live in edmonton .thnak you for any help.roland
Getting incorporated makes good sense if you are making $60 – $70,000.00 per year. There are many expenses that can be written off as expenses through your corporation. Make sure that a portion of your home expenses are being expensed as office expense. Keep all of your receipts from gas / vehicle, office related expenses etc. Also you allowed to expense two trips per year as business retreats. This is a cost through your business before taxes. That’s right, you can go on a holiday two times a year on pre tax dollars.
Your deal with your prime contractor may not be adequate. If he is transferring the costs for WCB onto you and not paying you extra it is not a good deal. Most likely he was paying a very high rate and could no longer afford it. You should be getting compensated for covering this additional expense. Good contractors that I have helped in the past have paid an additional $200/mo on contract to cover the WCB expenses. This has made up for the additional expenses. Remember, it is not how much you make, it’s how much you keep after taxes.
Edwin Rattai