FREQUENTLY ASKED QUESTIONS

I have completed my registration package and paid my fee on Trade Trackers. Now what?

Once your completed registration package has been submitted to us you will receive an automatic email reply confirming that it has been submitted.

If any information is missing or more information is required, one of our client representatives will be in contact with you (via your preferred method of communication) to help complete your application.

If the registration form is complete and no further information is needed you will receive an email within 2-5 business days with your completed business package. This package will list all of your important business numbers, contacts and important information links you will need to ensure a successful business.

In addition to the business package you will receive a complementary e-book to help you start, brand and grow your successful business in the trades.

Does my Trade Trackers package include the cost of all insurances?

No. The fee you pay for the chosen package covers our services as well as all government fees and taxes.

Additional ongoing payments will arrise from workSafeBC., personal option protection insurance, liability insurance and/or bond insurance (if applicable).

Trade Trackers makes it easy by setting you up with all required/optional insurances. Once we have obtained your competatvie quote you can either:

1) have us pay for your insurance for the year via your credit card

or

2) get connected with your broker to set you up on a monthly payment plan.

Do I have to register my business name with B.C. Registry services?

If you choose to carry on a business under a name other than your own personal name you must register with the bc registry services within three months of your business start date.

WorkSafeBC.- who should register?

Virtually all employers in British Columbia are required to register with WorkSafeBC. – workers’ compensation board of b.C. As soon as they hire workers. Individuals who are not automatically covered by WorkSafeBC (a partner in a business, a proprietor, or the spouse of a proprietor) can apply for optional coverage through personal optional protection.

The benefit of completing a WorkSafeBC registration is that as an employer, you cannot be sued for the costs of a work-related injury or disease. If a worker is injured while on the job during the course of employment, WorkSafeBC pays for the worker’s entire medical and wage-loss costs.

What is personal optional protection and is it mandatory?

Personal optional protection (pop) is optional workplace disability insurance for individuals not automatically covered under the workers compensation act. Pop will cover your lost salary and medical expenses if you are injured on the job or if you contract a disease as a result of your work.

Your pop coverage may be your only source of income if you are unable to work due to a work-related injury or disease. Be sure you apply for enough pop to cover your gross monthly earnings.

Why do I need business insurance?

Your business is likely your livelihood and therefore it’s important that you protect your assets and liabilities accordingly. Insurance is one way to manage risk in your business and help protect the financial security of your business, your family and your employees.

What happens if i have an insurance claim?

Once you have completed your online registration you will be provided with a business information package with all of your business numbers, insurance numbers etc…. If something happens that you think is a claim or might be a claim, please contact your designated insurance broker. Contact information will be provided to you in your business package. They will answer your questions and transfer you to your insurance company to report the claim.

Do I require a GST/HST account?

If you sell or provide goods and services in Canada and your annual, world-wide GST/HST taxable sales, including those of any associates, are more than $30,000.00 you will need to register for a goods and services tax / harmonized sales tax (GST/HST) account with the Canada revenue agency.

Do I need a payroll deductions account?

If you are an employer and pay salary, wages, bonuses, vacation pay or tips to your employees; or you provide a benefit, such as board and lodging, to your employees you do need to register for a payroll deductions account with the canada revenue agency.

What are construction bonds?

Construction bonds are a legal agreement where the surety guarantees that a contractor or principal will perform the obligations according to the established plans and specifications of the contract. Construction bonds provide security to the obligee that, should the contractor fail to perform their obligation under the contract, the surety will assume the responsibilities of the contract as per the terms of the contract and subject to the conditions on the bond. The surety may:

1) complete the contract involving the original contractor by providing any required financial, management or technical support.

2) re-tender to a new low bid and pay for the cost of completion in excess of the contract price.

3) pay the bond penalty.

When a contractor is the successful bidder on a tender, a construction bond is often required to be submitted along with various documents prior to starting work. Construction bonds are most often requested on public projects but can be requested by private owners as well. Construction bonds are available for general contractors, sub-contractors along with many niche industries including suppliers, manufactures and engineering companies.

Other questions, concerns or comments?

Email us anytime at contactus@tradetrackers.ca