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When you leave home you shouldn't have to worry about anything. Atlas Travel has a variety of plans to cover everything from emergency hospital & medical insurance, trip cancelation, single and multi-trip plans, and student coverage when traveling outside of Canada.

You will feel secure knowing your financially protected during your travels.

Best Doctors Elite Diagnostic Imaging Service - for companies 10 employees and up. We all know the kind of wait times we experience today for medical services. If you require Diagnostic Imaging to help diagnose a serious medical condition, you can be facing a 2 to 3 month wait, or even longer. Of course, this adds additional anxiety to the stress of worrying what the results of the test will be. Best Doctors Elite Diagnostic Imaging Service provides rapid access to diagnostic facilities and medical consulting.
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May 2010 Bulletin

News from The Benefit Specialists Corp.

From: The Benefit Specialists Corp. <sean.murray@telus.net>
Subject: News from The Benefit Specialists Corp.
Reply: sean.murray@telus.net


  May 2010
The Benefit Specialists Corp. Newsletter
In This Issue
What Does Dollar Parity Mean for Canadian Snowbirds?
BeneCo Reminder
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Contact the Benefit Specialists Corporation to find out how being a CFIB member can help you with your Employee Benefits program. 
Just a reminder....
As independent brokers we have the ability to go to any insurance company to get insurance quotes.  If you are looking at your group benefit plan (or know of another company who is) and are wondering if you are using your dollars in the most efficient way possible please contact us and we will be happy to discuss this with you.
 TBSC TIDBIT
Mandatory Participation: What it Means and Why it is Important to Know About
By Jennifer Creighton, BA
The Benefit Specialists Corp.

When a group plan is designed, among the benefit choices and amounts, it is decided whether the group benefits are mandatory for all staff members or not.  However, the choice is determined by the insurance carrier and many stipulate that small-size companies have mandatory participation clauses in the group contract.  This should be discussed at the time of implementation.  Whatever the outcome, it is one of the most important things a Human Resources representative or Plan Administrator should know. 

Mandatory participation in a benefit plan means that at group plan inception all current employees are enrolled.  From this point on, all future employees must be enrolled.  Employees can only opt out of health and dental benefits, and this can only be done when proof of other coverage is provided.  The Life, Accidental Death and Dismemberment, and Disability benefits are mandatory.  Because all new employees must be enrolled, the Plan Administrator or Human Resources representative is responsible for their enrolment within the waiting period set up in the contract.  Forgetting to do so will cause the employee to be considered a late applicant, forcing them and their family to submit medical evidence, possibly running the risk of being declined altogether.  Furthermore, if an employee is completely missed, there is the danger of a serious medical condition or event befalling only to find out they are not covered for all benefits.

Though it can be considered tedious, having clear and up-to-date documentation comprised of employee enrolments, family changes, salary changes and terminations will save money, time and will protect you and your company.  Having an enrolment completed by the employee, even before the end of their probation or waiting period can safeguard against tardy submission. Sending an email to your carrier, informing them of an employee termination is another great way of keeping everything straight between the employees and the carrier. 

If you work for a large company, and have a non-mandatory or 85% participation clause, we still believe it is the best policy to enrol employees for coverage.  Illness and injury are unexpected facts of life and it is always better for your employees to be safe than sorry.  Having said that, if an employee is absolutely adamant that they do not want coverage we suggest that you have the employee sign and date a document that indicates that they have been offered benefits and have chosen to decline.  The Plan Administrator or Human Resources representative would also sign and date as witness.  If you need a template of this document, please contact TBSC.  This situation would only apply if the contract is set up with a non-mandatory or 85% participation clause. 

Please contact The Benefit Specialists if you are unsure of your current contract.  Knowing what type of participation your group contract states, whether new or in-force for a long time, will help to avoid potential conflicts with employees concerning their group benefits.

What Does Dollar Parity Mean for Canadian Snowbirds?
By Chris Stephan
CEO, Shared Homes International

When the Canadian Dollar hit parity in 2007 it lasted only a few months before it retracted back in July of 2008. During that time, Canadians flocked to the U.S. to purchase automobiles, electronics, and other consumer goods. This time around, in the midst of a housing collapse unlike anything ever seen on this continent, Canadians will be going south looking for bigger ticket items, including vacation and investment real estate.

What Canadians Need to Know...
For Canadians, buying real estate in the U.S. can seem like a straightforward process. If you are a cash buyer, you can simply find and purchase the house or condo you desire. In most cases, transactions will close with the assistance of your real estate agent and a title company; however, unlike Canada, in the U.S. you normally won't receive any legal advice pertaining to your real estate purchase. Without proper planning, you can soon find yourself in trouble with both the IRS and the CRA.  Below are a few of things that you need to consider when purchasing a U.S. property:

1.      FIRPTA (Foreign Investment in Real Property Tax Act)
FIRPTA was enacted in 1980 and authorizes the United States to tax foreign persons on the disposition of real property. Specifically, persons that purchase real property interests from foreign persons are required to withhold 10 percent of the amount realized, subject to certain exceptions.
 
2.      Estate Taxes
Canadians that die owning U.S. real property may be subject to U.S. estate tax and, depending on the State in which the property is owned, State estate tax. Estate tax calculations look at a person's U.S. held assets in relation to their worldwide assets upon death. In 2009, the maximum federal rate for estate tax was 45 percent with an exclusion amount of $3.5 million.

3.      Joint Tenancy v. Tenants in Common
In Canada, most people purchasing property with a spouse will use a joint tenancy structure with rights in survivorship. However, in the United States, using this type of ownership structure can create double estate taxation. It is generally recommended that Canadians should hold U.S property as tenants in common in conjunction with proper will planning.

4.      Other Withholdings and Reporting Obligations
Owning U.S. property strictly for personal use is less complicated than owning it for investment purposes. If purchased property is leased, tenants are required to withhold 30 percent of the rental amount from a Canadian property owner, unless a withholding certificate is obtained from the IRS. In addition, Canadians holding U.S. property are required to report any gains from rental, or upon disposition of the property, with both the IRS and the CRA.

Shared Homes International:
Shared Homes International provides services and support for Canadians looking to purchase vacation and investment property in the United States and abroad. Our services include; foreign property acquisition consulting, legal due diligence for international real estate purchasers, and currency exchange services. For a free initial consultation or to schedule a media interview, please contact Christopher Stephan at the email address and phone number provided below.

cstephan@shintl.com
1-888-847-0344
BeneCo Reminder
The onset of spring reminds us of new beginnings, and spring cleaning.   Ensure that all pertinent employee paperwork has been completed and sent in to TBSC.  Clear communication with BeneCo ensures that claims are not being paid or declined in error.
Sean Murray
The Benefit Specialists Corp.
sean.murray@beneco.ca
(403) 547-5236

The information contained in this bulletin is for general information purposes only. The articles published in this bulletin have been collected by The Benefit Specialists Corp. (TBSC) and we make no representations or warranties of any kind, express or implied, about the completeness, accuracy, reliability or availability with respect to the information, products, services, or related graphics contained.  Any reliance you place on such information is therefore strictly at your own risk.  In no event will we be liable for any loss or damage including without limitation, indirect or consequential loss or damage, or any loss or damage whatsoever arising from loss of data or profits out of, or in connection with, the use of the information contained in this bulletin.  Through this bulletin you are able to link to other websites which are not under the control of TBSC.  We have no control over the nature, content and availability of those sites. The inclusion of any links does not necessarily imply a recommendation or endorse the views expressed within them.
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