2018 Started With New Employment Standards…Were You Prepared?

January 8, 2018 bitledgerca

In June 2017, the Government of Alberta passed Bill 17 which came into effect last week . Bill 17 includes various changes that effect business, HR professionals and employees alike. The majority of the changes center around “Job Protected Leaves of Absence” but the bill also includes changes and additions to holiday pay, overtime, terminations, rest periods and payroll deductions. As a business, you need to be aware of these changes to ensure you are in compliance.

PROTECTED LEAVES OF ABSENCE

Note that all employees, including temporary, term and seasonal, are eligible for ALL leaves after a probationary period of 90 days.

Parental Leave: While maternity leave has been around for a long time, the Alberta government has decided to match the terms set by the Federal government. The Federal government has increased the amount of time for a maternity leave from 12 to 18 months. This does not increase the amount of pay the employee will receive from unemployment maternity, but extends the allowable time. Your employee can now access this time in Alberta too.
Compassionate Care Leave: Changes include employed for 90 days (instead of 52 weeks), the employee no longer has to be the primary caregiver and the leave has been extended from 8 to 27 weeks
NEW Protected Leaves:
- Personal and Family Leave: 5 days per year. Are intended to deal with situation involving family, sickness, mental health etc. These are unpaid days but are protected.
- Long Term Illness and Injury Leave: Can be up to 16 weeks in duration and medical documentation is required to access this leave. (Short and long term disability will take precedence over legislation when appropriate).
- Bereavement Leave: 3 days per year are allowed for the death of an immediate family member
- Domestic Violence Leave: An employee is allowed under the legislation to accessed up to 10 days (unpaid) per year due to domestic violence. These days can be used if an employee, their dependent child or protected adult residing with the employee are subject to almost any form of domestic violence. There are some limitations to access this unpaid leave. This leave is intended for medical intervention, counselling, relocation, or legal matters.
- Critical Illness of a Child: 36 weeks in duration is allowed for parents of a child who is critically injured or ill.
- Death or Disappearance of a Child: In the event of a child disappearance, a parent can access up to 52 weeks of unpaid leave and double that in the event of a death. Either of these instances would be if a crime were committed.
- Citizenship Ceremony Leave: An employee can access a half day to attend a citizenship ceremony for themselves.

General Holidays and General Holiday Pay: An employee is now immediately eligible for holiday pay instead of having to be an employee for 30 days. In addition, employees will now be paid for a holidays regardless if it’s not a regular work day for them. There is a calculation to determine the amount of pay required. Please check with https://www.alberta.ca/employment-standards.aspx for more information
Overtime Banking: In the past, employers have been able to bank overtime on an hour to hour basis. Under the new guidelines, banked overtime must be calculated at 1.5 hours per hour worked. Banked overtime can now be paid out over 6 months rather than 3.
Terminations: Changes to termination are around layoff notices, definitions to “temporary lay-offs”, and termination pay. Please see the employment standards website for more information.
Rest Periods: In the past, employers were required to ensure that employees were granted a 30 min rest period for a shift in excess of 5 hours. The wording under Bill 17 now states that an employee is to have the same 30 min rest period but within every 5 hours. The difference is subtle but important. Breaks can be broken into two 15 minute periods.
Deductions in Pay: Employers are no longer permitted to deduct monies for faulty work or cash shortages. More information is coming as to the actual wording so keep an eye out for more information.

Employees and employers count on each other everyday to ensure their livelihoods. Having a good working relationship with your employees will not only ensure government compliance but also result in lower turnover and increase employee morale so spend a little time to understand the new policies and develop effective internal policies to make things clear for EVERYONE.

Information gathered with the help of Sherry Shephard.

Insurance 101: The Basics On Securing Your Business

September 28, 2017 bitledgerca

Is Your Business Adequately Covered?

The insurance world can be a foreign place to navigate through. Without the right professional advice, you may be opening yourself and your business to unnecessary exposure and liability. In today’s litigious world, proper insurance coverage is a necessity.

But what does YOUR business NEED?

Well, always talk to a professional that you trust to start. Work through where your liabilities are and what you can do to cover the gap.

The following is a breakdown of different types of business insurance and what they do.

PROPERTY:

Property insurance breaks down into two categories: BUILDING and CONTENTS. Ensuring to full replacement value is imperative.

LIABILITY:

Commercial liability insurance covers you and your business against the following:
Personal injury while on the premises
Medical payments
Tenant’s legal liability (For rental/lease).
Liability coverage protect your business from lawsuits caused by injuries caused within your business and issues unknowingly caused by you or your employees.

BUSINESS INTERUPTION:

Business interruption insurance kicks in usually after a disaster and during the rebuilding phase. It can cover:
Profits
Fixed costs
Temporary location costs
Some additional expenses

ERRORS AND OMISSION INSURANCE:

This is professional liability coverage required by some industries including service and advice providing individuals or companies (Think investments, insurance etc). It covers against the brunt of the costs associated with a claim won by a client regarding negligence, or as the policy is worded, Errors & Omissions. This does not cover against criminal prosecution but rather only civil suits.

CRIME and CYBER COVERAGE

These policies are to protect your money. They cover against fraud, employee theft, cyber crimes/fraud, robberies and more.

ABUSE COVERAGE

This type of policy is helpful in certain industries where your company is exposed to a vulnerable sector. It covers the agency and it’s employees.

WCB

As an employer, you are required to ensure that your employees are taken care of while at work.
The policy covers their wages if injury occurs while at work or as a result of. Documents are needed to be filled out immediately to ensure proper coverage.
There are a few exceptions where it’s not necessary but make sure to check with WCB before bringing employees onboard.

GROUP COVERAGE

Group coverage is your basic coverage for prescriptions, other medical needs, dental, sometimes optical and other hospital benefits.
It can cover (usually) full time employees, management and owners alike.
There are many different tiers and levels of packages available depending on the size of your business.
Group benefits are a great way to attract the right people to employ and help with staff retention.
This is a glossary of different types of insurance that businesses may come across or need at some point. Find a broker or other professional that can teach you exactly where your exposures are, what type of policies are available to cover that need, and where to get started.

Thank you to Kathy Anders from Foster Park Brokers Inc. in Edmonton, AB for information related to this article. If you have any questions on insurance products, she can be reached at Kathy.Anders@fpb.ca

Business Foundations: How to make your business official

September 8, 2017 bitledgerca

So you have your business name and your plan and now you’re ready to run. Only a couple of things left on your “list of things to do” and you’re on your way so let’s get this done so you can share your vision with the world!

One of the next first steps is to get your business registered on the federal and local levels. This is not automatically completed when you pay the registrations office to register your name, that is only part of the process. At the Federal and municipal level, there are different processes that must be completed whether you are incorporating your business or whether you have a Sole Proprietorship/Partnership.

To Register a Sole Proprietorship/Partnership:

Your business is most likely going to need a federal business number. If you do not live in BC, Manitoba, Nova Scotia, Ontario or Saskatchewan, you will not receive this automatically with your provincial registration papers. In this case you will need to register for one.

A Federal Business Number is a 9-digit number that is used across municipal, provincial and federal levels of government.

This number is used to open:

GST/HST Accounts
Payroll deduction accounts
Corporate income tax accounts
Import/Export accounts

*There are additional requirements for Quebec.

Keep in mind that when you’re running a sole proprietorship, you may not need all of the above accounts. Taxes are paid on your income personally when you run a sole proprietorship and GST accounts are not always mandatory but do become so when you hit certain revenue thresholds. Make sure you’re in compliance by visiting the CRA websites or check with a business professional.

For municipal regulators, there are things that must be done as well including acquiring your local business license. Check with your local municipality for details on this including rates.

To Register a Corporation:

To register a corporation, the above must be completed, but there is still a little more to do. Once your NUANS name search is completed, and you have your name registered, you must also:

Complete Articles of Incorporation

Your articles of incorporation detail how your business corporation is structured. It also lays out where you will conduct business, any share structures, directors information, restrictions and any other provisions required. Once these articles are completed, you can submit them online

Your business is almost ready to go, so get things done right the first time, check with professionals or agencies and start your business with a STRONG FOUNDATION!

Below are links you may find helpful

Click for turnaround time and costs.

Link to forms

Find List Of Provisions

Articles of Incorporation

Business Foundations: How to name and register your business

August 18, 2017 bitledgerca

What’s in a name?

Setting up your business properly, whether small or large, is imperative to success. Having a strong foundation will set you up for growth while minimizing your setbacks. Let’s continue our discussion with the naming and registration process. This can be one of the more interesting “set up steps” in the process so have some fun with it!

Please note: For simplicity sake, we are using the processes for ALBERTA, Canada. Please check your local municipalities for your business needs.

STEP ONE: What’s in a name? The answer is A LOT.

There’s a few thoughts on naming your company.

Abstract names without necessarily any meaning can be a blank slate with endless options for branding and logos
Informative names tell consumers exactly what your business is about and it very clear.
A made up word or name can give some clarity while being memorable.

Which ever you choose remember that any type of naming process can be effectual when executed properly with a strong marketing plan.

12 TIPS FOR CHOOSING YOUR BUSINESS NAME

-Choose a name that helps attract your potential customers interests.
-Don’t pick something too confusing
-Get creative and have some fun with it!
-Don’t use Inc. or Ltd. In your name unless it is actually Incorporated or registered as an Ltd. Corporation.
-Simple can be good
-Don’t get too personal
-Think long term (Maybe using your city name isn’t the best idea if you have future expansion plans)
-Is the domain available? You want the .com or .ca readily purchasable.
-Odd spellings, acronyms and puns while can be fun, it will need a very strong marketing plan executed behind it so keep it simpler whenever possible.
-Keep your name short. It’s easier for customers to remember
-Research the name as much as possible to ensure it’s not already in use.
-ASK! Ask your friends, family, potential customers, and social following what their thoughts are.

STEP TWO: Get a business name report

Making sure your name isn’t being used is a no brainer. You want your name to not only stand out but also be unique. A NUANS name search will search all business names not only for exact matches but also ones that are similar.

STEP THREE: Forms

-Forms you need to fill out will depend on how your business will be structured. Will your company be set up as a Limited Partnership (LP), Limited liability partnership (LLP), Trade name, Registered numbered company, or Incorporated?

-Do some research and know the difference between each to determine what will be the best for your company

STEP FOUR: Get the name registered.

A registered Corporate registry will do the filing for you. Be prepared with your NUANS search, business name, Valid ID and your payment.

Well you’re not done yet but you’re one step closer to being a business owner with a solid business foundation!

Please note: There are a number of online resources available to you through Service Alberta

Service Alberta can help guide you through the process of business names and registration processes.

The boring stuff: You may want to also seek outside guidance to walk through the different types of business set ups and what may be best for you considering short and longer term needs. BitLedger is offering business advice, NOT ledgal advice. Please consult your legal representative for clarification on your business needs.

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Building Business Foundations

August 9, 2017 bitledgerca

So you have an amazing business idea and are wanting

to build a name for yourself but now what?

Business Foundations are the key to any business success. Without a strong base, businesses lose fast. The to-do list is long and lengthy and even with the best business idea, without completing it, it’s likely to never get off the ground let alone be successful.

Business plans, registration, licensing, government regulations, financing, HR processes, insurance, record keeping and marketing plans are all on the list and need to be worked through, some before you even get going!

DO YOU HAVE EVERYTHING IN PLACE TO BUILD A GREAT BUSINESS FOUNDATION?

Let’s get started with a Business Plan. (We will work together through the other steps in future posts)

Do you really need a business plan?

A business plan helps you understand your target market, research competition, build budgets, and outline your plan for success, whatever that looks like for you. It also keeps you on track, identify targets, and manage cash flow.

There are also a number of instances where a business plan is vitally necessary (pitching investors, bringing in partners, and securing bank financing) but even if you don’t fall into one of those scenarios, it’s just good business sense to have one. It can be detailed or simple but should cover the following information:

Company Description with Vision, Mission and Objectives.

Get detailed here; it will help paint the picture you have in your mind on what you want your business to be and where you intend it to go.
Basic company information including size, mission, vision and what you want to accomplish.

Executive and Management Summary

Who’s running the company, their qualifications and experience.
Management structure

Offerings

What product or service are you offering?
What need are you filling for potential customers?

Market Research

This section will detail your industry, competitors, market size, and where your business offering fits into the mix.

Marketing Plan

This will outline how you intend to market your brand, information on your pricing model, and how you will ultimately sell your product/service.
Outline traditional marketing methods as well as a social presence.

Financial Summary

Spend some time on this one. It’s where a lot of businesses underestimate their costs causing them to stall or even close their businesses completely.
Detail your finances now, expected growth, start up operating expenses, and future needs.

Action Plan

Identify the steps you will take going forward, how you will measure success and identify some realistic goals.
Whether you opt to go with a detailed traditional business plan or a simpler one page document, going through and documenting these items and going through this process will give you some insight as to what will all be involved, give you a roadmap and help build a solid foundation that you can build your future successes on.

Want more information?

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