Disability Planning with Guy Anderson | E029
A review of programs available to disabled Canadians.
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
Full Transcript:
Producer: Welcome to the Financial Planning for Canadian Business Owners podcast. You will hear about industry insights with award-winning financial planner and entrepreneur, Jason Pereira. Through the interviews with different experts, with their stories and advice, you will learn how you can navigate the challenges of being an entrepreneur, plan for success, and make the most of your business and life. And now your host, Jason Pereira.
Jason Pereira: Welcome to Financial Planning for Canadian Business Owners. Today on the show I have my colleague Guy Anderson again. Although, this time instead of him interviewing me, I am interviewing him specifically on the topic of planning for disabilities for business owners. Now we're not going to dive too deep into disability insurance. I have someone else coming on the show to talk about that. But specifically this time, what we're going to do is talk about how business owners can plan for their family members who have disabilities, how they can plan for their employees who might become disabled. And how they can also plan for what to do if they become disabled themselves. And with that, here's my interview with Guy.
Jason Pereira: Hello Guy.
Guy Anderson: Good morning, Jason.
Jason Pereira: Thanks for taking the time again.
Guy Anderson: Anytime.
Jason Pereira: Good. So Guy, I brought you back on. You have, not that it's your full niche of dealing with people disabilities, but you've done a bunch of advocacy work and work in regards to people with disabilities. So that's why I brought you on in particular, to talk about this subject.
Jason Pereira: So I think a good place to start with all this is let's start with talking about government programs that help enable people on disability. And then we can talk about the implications of that for business owners who maybe have disabled children or family members they need to take care of, employees, and then themselves. So let's just start off by looking at, what is someone entitled to in this country when they are disabled?
Guy Anderson: Well, that's actually an interesting question because province by province there's different programs. But if you look at it from a multi jurisdictional or mandate perspective, there's all sorts of different plans that are available. So first of all, a lot of business owners would probably be fully aware that they may have to register with the WSIB. So our Workplace Safety-
Jason Pereira: Insurance Board.
Guy Anderson: Right. And generally that's the construction industry or restaurants, etc. But the website is actually really quite impressive, so if someone is not sure if they qualify or have to register with them, there's a very simple dropdown box and they can figure that out. But anyone who's starting a business should actually go there because they have to register with WSIB within 10 days. So that's one thing.
Jason Pereira: Assuming they're in an industry where that's required, right? Not every industry is required to do so.
Guy Anderson: Well, exactly. But the dropdown box, as I was alluding to, gives you a clear indication as to whether your industry is required to work with the WSIB in the first place. So it's really quite helpful. Anyone that's starting a business should, first and foremost, go there and see if they have to register, but it's pretty common sense.
Jason Pereira: So let's talk about what that covers though. So what does WSIB do for business owners and employees?
Guy Anderson: Well, it takes a lot of the risk off the business owner themselves, because if someone is injured on the job the employee first files, I believe it's a Form 6 or a Form 8 and WSIB takes care of the disability claims, etc. So WSIB is generally for those industries that have high recurrences of injuries and illnesses. So it takes a lot of the risk off the business owner themselves. Further to that looking at the federal level... Oh sorry.
Jason Pereira: Before you go I just want to touch on one thing. There's been a couple of times where I've seen people try to come to me and say, "You know what, is there an alternative this? Can I buy a separate plan and not have to pay into this?" Well, the answer first and foremost is no. If you're in an industry that has to be a part of the WSIB you absolutely have to pay into it. And secondly, WSIB does a number of things, including basically yes, disability benefits for people who become disabled. Now it's not perfect because it only covers people while they're at work. So, if an injury happens outside of work they're not covered.
Jason Pereira: However, the thing about WSIB that is different from any private plan is they will pay for workplace retraining. So, you can't do your job anymore but you can be retrained to do some other job, they'll pay for that. They'll pay for household modifications and putting in things like ramps and whatnot, whereas normal disability policies will not. So anytime someone comes to me and asked that, I say, "Well, first of all, you don't have that option. Secondly, I don't think you would want that option if you could, because the coverage that you get from the WSIB is incredibly robust."
Guy Anderson: Yeah, that's a good point to make actually, because you're absolutely right. For the cost of it, and I think it's around $1.20 per $100 of salary, you actually get quite a bit for it. And a lot of people would, they might poo poo on certain government agencies but WSIB has a place for sure.
Jason Pereira: Yeah. I think it's because it's forced on people a lot of people just don't like that concept.
Guy Anderson: Exactly. Yeah. And then moving on provincially, each province has got their own disability plan. Us, being in Ontario, I'm more familiar with the Ontario Disability Savings Program, and the qualifications, they're not that hard to qualify. At the end of the day, ODSP covers a lot of people who generally just don't have a lot of, they have a disability, you've got a caseworker and you're able to... You get about $1,000 a month depending on the program that you qualify for. And then based on your assets and your income... So there is an asset test. It used to be 5,000 bucks. It's now, correct me if I'm wrong, but it's $40,000 now. So if you have-
Jason Pereira: It used to be you couldn't have any money in your account basically. Now you can have, I think it's 40,000, thankfully.
Guy Anderson: Yeah, and that caused a lot of people to basically hide money or shift money around. And it's really, really incredibly restrictive and it caused a lot of grief, where people who honestly couldn't get by in life and then they come into a little bit of money and then all of a sudden they're cut off of ODSP. But the rules have changed and now they can have a few dollars in their bank accounts, around $40,000 and they can earn a little bit of money. But if you do qualify for the ODSP you do get about $1,000 a month. And if you have dietary restrictions, etc., you can also get a little bit more there too.
Guy Anderson: And then moving on to the one that most people, I think, would recognize is the Disability Tax Credit at the Federal level. And that's the big one because, depending on the stats you look at, roughly about a third of Canadians would have a disability. And the disability doesn't have to be physical, it can be mental and-
Jason Pereira: And actually stop there for a second. So this is one of the big things that people often push back on when it comes to looking at disability insurance and other things, is that, well, I'm in knowledge work. I'm doing whatever else, right? Everybody seems to think it's only construction workers and people in factories who basically get disabled because they always assume disability is physical. And it can be, even if it's not work-related. You could be skiing on the weekend, blow out your knee and that's a disability, right?
Jason Pereira: But the mental nervous side, depending on the claim statistics I've seen, that ranges anywhere between a third to 40% of all disability claims is a mental nervous disorder. I've even met people who worked in back office administration who developed anxiety disorders around piles of paper, who just basically, even if at home they saw more than two or three sheets of paper stacked up they'd have to spread them out because it led them to near panic.
Jason Pereira: So frankly, anxiety disorders, mental and nervous disorders can happen to anybody. So we always tell people you've got to get out of the mindset that this is about getting physically hurt. It could be mentally hurt.
Jason Pereira: And one last piece on that is that when you're talking about the statistics or the probability of becoming disabled, most of the stats I've seen pegged the number at somewhere around one in, like you said, one in three. About a third of Canadians are disabled for any point in their lives. But even if you're in knowledge work, that number drops to, at best, one in four. So we're still talking about a very significant probability.
Jason Pereira: And before going any further one other thing to say, let's not forget the most valuable asset the average person has and the average business owner has, is their ability to work. So you may think that your most valuable asset is your house or your business and you may insure those. But if you're not insuring your ability to work, you present value anyone's income over their lifetime we're talking about multiple millions of dollars even at modest incomes.
Guy Anderson: Yeah, you're absolutely right. If you look at someone that's 20 with a 40 year or 45 year work life, even at YMPE, the average industrial wage, yeah, you're absolutely right, it's going to be millions of dollars that they miss out on. Now, not everyone's going to become disabled for the entirety of that. So there's a very high percentage of those who would, when they become disabled they're disabled for at least three months. But even still, those who do become disabled they're generally out of work for a couple of years quite often.
Guy Anderson: And to your point about it doesn't have to be a physical injury, it could also be an illness. So if you had a chronic illness and you then qualified, you weren't able to fulfill the necessities of daily living, then you can definitely also qualify. So there's a lot of different reasons that someone could qualify. And absolutely, like you said, your biggest asset is your ability to earn income. And most people do insure their house and their car, etc., but unfortunately don't take enough responsibility on insuring themselves.
Jason Pereira: So there's an old saying in the insurance [inaudible 00:08:50], which is, "If you can't afford the insurance on whatever it is you're looking to cover, you can't afford what it is you're looking to cover." So you've got to look at the total cost of ownership of anything. So when you look at buying a car it's not just car payments and gas, it's also the insurance on the car. When you look at the house it's not just cost of the mortgage, it's also the property taxes, the utilities, everything else and the insurance. If you don't have that, you're not protecting your asset. And when you get push back and people say, "Well, I can't afford disability insurance." It's like, "Well, you can't afford the cost of your lifestyle," is the honest truth. Because if you can't afford to protect it, the most valuable thing you have, something's wrong.
Guy Anderson: That's right. As we're talking about disability for business owners, can you imagine what would happen to your business if you became disabled, even for a short period of time? What would happen to your business? Who would replace you? Who could step in and run the business if you weren't able to? Or what would happen to your businesses if some key employees were out of work and you had to make do without them around? So coming back, we were talking about the Disability Tax Credit.
Jason Pereira: Disability Tax Credit, yeah. Let's go back there.
Guy Anderson: And I think that's worthwhile spending a little bit of time on just because it is so important. You and I both know, and I don't know how many of your listeners would be aware, but the Disability Tax Credit, the 2201 Form, was revised just a couple of years ago. And I think you and I chatted that day because we were both excited at how much easier it was for someone to apply now. I think it's an incredible thing that they did.
Guy Anderson: But just coming back on the qualifications though, if someone has restricted vision, speaking, hearing, ability to walking, eliminating, feeding, or dressing themselves, those are the six criteria ultimately to qualify for the Disability Tax Credit. And you do have to be markedly disabled and it has to be for a prolonged period. The CRA is ultimately determining that it should be, it has to be almost life lifelong.
Guy Anderson: There is also a qualification there that if you don't meet any one of those individual criteria, you wouldn't be considered disabled on any one of those six criteria, there is also an all encompassing part now. The cumulative effect of significant restrictions. So if any one of those, or any two of those combined, significantly restrict your ability to do daily functions, then you could also qualify. And to your point about the mental functions, that's an important part. That's in there as well.
Jason Pereira: So let's talk about what that credit gets us. So what is that? So first off, before I should do that, I will say this much. While a third of Canadians could qualify for this, a far smaller percentage actually ever file for it. So as I always tell people who where there's a question if they qualify, if they have a disability and they have a need for ongoing care. I've seen kids with ADD get this, I've seen adult children with diabetes get this. I say just apply. Worst case, just apply.
Jason Pereira: Now, as for the application process, this can be bittersweet because there's some ambiguity around this. And unfortunately, I found out through someone I know Freedom of Information Act request, that the people who basically process these claims, they have a minimum failure rate they have to hit. So unfortunately, bureaucracy gets in the way of some of these things.
Jason Pereira: So I often say that if you have a legitimate disability, you get rejected the first time, do it again. And I've literally seen people who got almost identical forms once rejected and the other time approved. So unfortunately the process could be easier. It could be more user friendly. And frankly, we should not be nitpicking on people who have disabilities, but it seems like the administration bureaucracy wants to do that.
Guy Anderson: No, you're absolutely right. It could definitely be easier. The process is much better, especially since they included nurses who could fill out the form. But coming back to that, you fill out your personal information on the form and then you submit it to your medical professional, either your GP, your General Practitioner, or a specialist who will fill that out in great detail. And then you submit it to CRA. The issue there is it's generally six to eight weeks before you get a result. And the point that you identified, the fact that most people don't apply for it, the hardest part about this is that those who have a disability often are the ones that don't get the advice and don't realize that this is available.
Jason Pereira: And a lot of the places they would go for help, the community associations, whatever, don't have training in this. So unfortunately they don't really know where to turn, or they're not being told where to turn for this. Now let's talk about what the Disability Tax Credit gets you. So you qualify for this. What does that get you?
Guy Anderson: Right. So the main thing it gets you is the claim on your tax return. And that claim is a nonrefundable tax credit, roughly about $8,400 a year.
Jason Pereira: Well, that's the credit. So let's be clear on what that actually equals in terms of real dollars because these are the games they play in Canada. So you hear $8,400 tax credit, people think, "Oh, I'm going to save $8,400 in taxes." That's not how it works. We have to apply that to the lowest federal marginal tax rate which is 15%. So it's 15% of the 84, which equals roughly...
Guy Anderson: Yeah. I've seen her around 1,500 bucks a year. Is that about right? Is that what you see?
Jason Pereira: Yeah. Somewhere between 1,000 and 1,500. So it used to be 1,000, now it's definitely been increased. So yeah, so you hear 84, the reality is closer to 15. But it's still good. The other thing worth mentioning is that if you qualify retroactively because you filed this form late, I've seen people get 10 years worth of this tax credit reassessed to them and they get checks of over 10 grand just for filing this form.
Guy Anderson: Right. And this is one of the things that I think you and I both identified when they first changed the form, is that it used to be, correct me if I'm wrong, but it used to be that you filled out the form, you qualified, then you'd have to submit it to an adjustment on your tax returns. Now the form, Section Three, there's one single box that says, "Do you want the CRA to reassess your returns?" And just by ticking that box, and I can't think of a scenario where it would not be advantageous. There's no downside from it.
Jason Pereira: That box tick should not be a tick. It should be like, "Do you want to opt out of this?" And no one would ever tick the box. That's a design that does not need to exist. It just should be automatic.
Guy Anderson: You're absolutely right. But at the end of the day, and this is one of the key things I liked about this, is the fact that yeah, you tick that box. If your practitioner filled out the form and you would have qualified for the Disability Tax Credit up to 10 years ago, they will reassess your tax returns for up to 10 years. So for the average business owner, depending on how much money they've actually paid themselves a salary and how much they... I don't know the scenario there, but like you said, they could potentially get 15 grand or so back just by ticking that box.
Jason Pereira: Fantastic. So Disability Tax Credit, what else is on the table for these people?
Guy Anderson: Right. So the other thing the Disability Tax Credit is a gateway form. The T2201 form, once it's approved by CRA and you get the certificate, it also opens up the opportunity for someone to qualify for the RDSP, the Registered Disability Savings Plan. And as a planning geek I actually have a ranking of my favorite plans and the RDSP is by far my favorite government...
Jason Pereira: So it's an income tested benefit or two benefits, a grant and a bond. And if you put in a $1,000 and you're in the higher income bracket, I believe it's about a $1,000 match. If you put in 1,500 and you're in the lower bracket, I believe it's about a $3,500 match. So bottom line is, is that you're going to be in a situation where you get as much as you put in, if not more from the government to the tune of what is it, $200,000 between the both of them, max or something like that? No, it's [crosstalk 00:16:10].
Guy Anderson: No, you can contribute [crosstalk 00:16:11].
Jason Pereira: [crosstalk 00:16:11]. Yes, that's right. You can contribute 200 grand but the maximum match is 70,000 for one and 50,000 for the other, roughly?
Guy Anderson: Yeah.
Jason Pereira: Yeah. So yeah, so it's incredibly lucrative. The better solution is hopefully you're not disabled, you never have to use this. But if you do, that is a good situation to be in.
Guy Anderson: Yeah. And coming back to some of the reasons that people don't apply for the Disability Tax Credit, I've often seen that people feel there's a stigma around it. But when you see the advantages, the Disability Tax Credit itself, that credit is designed to help those with disabilities cover the cost of the expenses that they might incur because of their disability, whether it's a wheelchair or medical costs, etc. So that credit is designed for that purpose. But if someone does qualify for the Disability Tax Credit and they look at the RDSP and the advantages that it offers, there's just no better way to grow money for someone with a disability. The grants and bonds are just so attractive.
Jason Pereira: But it also provides a unique estate planning opportunity in that it's one of the few accounts that can receive RSP or RRIF money transferred into it without any taxation. Now they'll pay tax when the money comes out, but the reality is is that it's better than having up to half of it disappear if you're at the top marginal rate at death. So that's the RDSP. What else are they entitled to from the government there?
Guy Anderson: If somebody is disabled they can also qualify for the Canada Pension Plan Disability. And there's a complicated, I wouldn't say it's that complicated, but if someone qualifies and has contributed to the Canada Pension Plan and they become disabled, they can also qualify for CPP Disability. And that amount is, oh man, it's 75% of what you would qualify for plus, is it 400-
Jason Pereira: It's pretty close to the full benefit. Here's the thing though. The one thing I have to caution, the interesting thing about that though, is you qualify for that, and in order to qualify for that you have to be basically permanently disabled. That's pretty much the definition. But people can't let this lull themselves into a false sense of security, because what happens is, is that when you hit 65 that benefit then changes to the normal CPP you would qualify for. Now that could be up to full CPP if you got disabled later on in life, or could be close to nothing because maybe you got disabled in your first couple of years at work, so you're not entitled to much. So that's a challenge. So planning has to be done to basically make sure people understand that. Now you would qualify for Old Age Security at that time, but it doesn't necessarily fully offset the loss of the CPP Disability benefit.
Guy Anderson: No, absolutely not. Old Age Security is... Well, CPP is a lot more generous than Old Age Security. But you raise a good point. So once you're on CPP Disability it converts to just regular CPP at age 65. And to your point, the way that CPP is calculated your benefits could go down substantially.
Jason Pereira: So, before we get into applying this to different users like the business owners and what not, let's talk about one last thing, which is estate planning considerations for people around disability. So a lot of the programs we discussed are income tested or asset tested. And unfortunately just leaving money directly to a disabled person, assuming that they have cognitive capacity to handle it, is not the best strategy because you could actually adversely affect the benefits they're entitled to. So can you speak to what goes wrong if basically disabled people get left money directly?
Guy Anderson: Yeah. Well, that's a very powerful question because, at the end of the day, if someone receives money directly, first of all, they could be disqualified for the ODSP. The main thing that they're probably missing out on is if they do proper planning and a Henson trust is created, or what we would now call a Qualified Disability Trust is created in the estate, then the individual has the ability to have that income sheltered and taxed at the most preferential rates. It's actually the only trust account now, other than the... Well, it really is the only trust account now that has any tax benefits left to it. So if somebody-
Jason Pereira: Let's talk about what that means. So it's a trust that we specifically leave to a disabled person. It qualifies as a special type of trust under the Tax Code [Inaudible 00:20:23] to happen. But by preferential we're talking about is that it pays tax as its own taxpayer. A normal trust, as much as everyone seems to think that trusts are for planning for rich people to avoid taxes, trusts pay tax at the top marginal tax rate. Disability trusts, like Henson trusts, pay them as if they're taxpayers. So yes, there can be the ability to pay less tax within them. But let's face it, we're talking about supporting someone who's disabled. So if you're going to get your panties in a bunch over that, I don't know that I want to talk to you about it. But let's make sure we make things easy for people, I suppose, as much as possible.
Guy Anderson: Right. But the other issue is that if you have a trust, you have the control over the assets and you have a trustee who will look after the account and the person with the disability. And as we talked about before, there can be a huge range of disability. If the person has a disability and they don't have the ability to look after money for themselves, then certainly leaving a trust with someone like a trustee who's capable and cares for that individual, that is by far the best benefit. I do quite honestly believe that the tax benefits are significant as well, because I've seen Henson trusts being created outside the will. And unfortunately they're now taxed at the highest rate. So it's unfortunate that that's happened.
Jason Pereira: Yeah. We have come across some pretty poor planning when it comes to disabled people. Again, you set up one of those trusts while you're alive, they don't qualify for the preferential tax treatment. You set it up on your will and they do. So one really has to wonder what the person was doing setting it up in the first place. Maybe there's a use case that I'm not aware of, but I've yet to see one quite honestly.
Jason Pereira: Okay. So we've gone over all the key major areas. So we talked about WSIB, Canada Pension Plan, the Disability Tax Credit, the RDSP, estate planning for trusts. So let's go through the different user cases again.
Jason Pereira: So we talked about employees. So let's talk about what employees are entitled to under disability. And this is, of course, let me take a step back. This is even if there is no disability plan in place through their group benefits plan. Now we talked about group benefits and disability and the importance of that in the previous episode with Keith Foote, when we looked at group benefits plans. So if you want more information on that go back. But even if the employer does not have a group benefits plan in place, what is the employee entitled to-
Guy Anderson: We might as well mention-
Jason Pereira: ... of everything we just discussed?
Guy Anderson: Right. So outside the WSIB, unless they have a personal plan or the Canada Pension Plan, they really aren't entitled to a whole lot.
Jason Pereira: Yeah. So WSIB, Canada Pension Plan. They would qualify for the tax credit and they would qualify for the use of a, what's it called, of any kind of trust and the RDSP. But yeah, that may sound like a bunch of stuff but when you really put that together that's not necessarily going to cover any meaningful amount of your income necessarily. No one's going to be in too good a position for having that situation be the case.
Guy Anderson: Right. So the fact you qualify to open an RDSP doesn't mean that you have the income or the assets to contribute to it. Now that's actually, that raises a good point, actually, because the RDSP, if you do qualify for the RDSP, you don't have to make a contribution. In fact-
Jason Pereira: Yes, that's right. People don't realize that.
Guy Anderson: Yeah, so it makes sense to open an RDSP account whether you have the income to contribute to it or not because the government will... There are some bonds that you can qualify for. I believe it's five-
Jason Pereira: Yeah. So that bond is basically income tested, not contribution tested, so therefore if you just open it you will automatically get "free money." So that's the employee. Let's talk about the employer. How does that differ? Are employers covered under WSIB?
Guy Anderson: They are not. No.
Jason Pereira: Yeah. So that's the first thing. The other thing to be aware of, and this is something that comes up a lot. And we talked about this in tax planning conversations, is there's a lot of business owners who take dividends instead of income. How does that affect the other benefits they're entitled to?
Guy Anderson: So that's a very good point because oftentimes there's a balance between how much do you pay yourself as a dividend? Do you really want to pay yourself a salary so you qualify for CPP? But when you start talking about the Disability Tax Credit and all the other features, and then it starts to make a lot more sense to actually pay yourself a salary, because you pay yourself a salary, you get Disability Tax Credit as well. You're going to pay very low rates of tax anyway, plus you have all the other RSP room and everything else that you build up.
Guy Anderson: So the fact that a lot of business owners want to just focus on dividend payment, they may be missing out on some of the other features and benefits that they would otherwise qualify for. So I would suggest that on a case by case basis you would look at that, but I would lean towards paying a salary that is optimal.
Jason Pereira: Yeah. Agreed. Yeah. Especially people who've been paying dividends for years and not paying into CPP for God knows how long, what are you going to qualify for? It's substantially lower, unfortunately. So we talked about the employees, employers. Let's talk about employers' family members. What can we do, what can employers do to plan around the disabilities of the family members?
Guy Anderson: So from a regular planning standpoint, if they're not employees and you're just planning for family members, then you should look at individual disability plans. Because at the end of the day, if someone in your family is disabled, quite often the situation arises that you're going to be spending a lot of time with them, and you're going to pulled away from your company. So it's going to be, I don't want to use the word distraction, but it certainly does impact the company. So you do want to have a certain amount of coverage for them so you can get some care and that the disruption to the businesses is minimized.
Jason Pereira: So that was a pretty good introduction and coverage of the different programs that exist. The good news is several programs exist. The bad news is you can't just rely on the government. As usual with all these things, you have to plan for yourself and seek out proper advice on how to basically not only accommodate the disability needs of yourself as a business owner, but also your employees and family members.
Jason Pereira: Guy, thank you very much for taking the time for walking everybody through this. I very much appreciate it.
Guy Anderson: It's been a pleasure.
Jason Pereira: And just where can people find you?
Guy Anderson: They can find me at, my dealership's Aligned Capital. My business is Parkview Financial. So they can find me on my website there.
Jason Pereira: Excellent. So again, thanks. Thank you for taking the time.
Guy Anderson: Absolutely, Jason. Take care.
Jason Pereira: So that was this week's episode of Financial Planning for Canadian Business Owners. I hope you enjoyed that and I hope you found it informative. We did not get into the very specific final, down to the absolute number details of some of these programs, because quite honestly, they change every year. So be aware that this is something that gets updated frequently, but at least we made you aware of the different things that you and your employees are entitled to. As always, if you enjoyed this podcast place a review on iTunes, Stitcher, or wherever you get your podcasts. Until next time, take care.
Producer: This podcast was brought to you by Woodgate Financial, an award winning financial planning firm catering to high net worth individuals, business owners, and their families. To learn more, go to woodgate.com. You can subscribe to this podcast on Apple podcast, Stitcher, Google Play, and Spotify, or find more episodes at jasonferrera.ca. You can even ask Siri, Alexa or Google Home to subscribe for you.