What do I have to find out about managing my funds as a contractor?
It doesn’t matter what kind of building enterprise you launch or purchase, it’s necessary to have a bookkeeping system in place—between materials bills, insurance coverage charges, consumer funds and extra, you’ll have some huge cash going out and in every month. You’ll want a separate bank account and line of credit score for your online business, and it’s sensible to have a bank card that’s solely for skilled use.
Professional tip: Select a bank card for contractors
Scotiabank has a small-business bank card that’s nice for contractors: the Scotia® Home Hardware PRO Visa† Business Card, which can be utilized wherever Visa is accepted. Its variable rate of interest is tied to Scotiabank’s prime fee, and credit score limits of as much as $500,000 can be found (a restrict excessive sufficient for bigger, or a number of, renovations). The cardboard’s rate of interest and credit score restrict rely upon whether or not the account is secured or unsecured, topic to approval and the safety supplied. The Scotiabank Prime Charge is the prime lending fee printed on occasion by The Financial institution of Nova Scotia. (See the present Scotiabank Prime Rate.) The cardboard has no annual payment, and it has an interest-free grace interval of 21 days on new purchases.
After which there are the rewards. You’ll earn one Scene+TM point for each greenback spent on eligible enterprise purchases made at Residence {Hardware}, which has greater than 1,000 places throughout Canada, or on-line at homehardware.ca.
For each 10,000 Scene+ factors you gather, you possibly can redeem $100 at Residence {Hardware}. When you’re often shopping for building and renovation supplies, you possibly can accumulate factors rapidly—and get a number of free stuff. Factors may be redeemed for groceries, journey, present playing cards and extra. Plus, as your contractor enterprise grows, you possibly can add supplementary bank cards for gratis. These are nice perks for entrepreneurs who need to decrease spending whereas getting their dwelling renovation enterprise off the bottom.
The enterprise bank card additionally consists of insurance protection on most newly bought gadgets charged to the account. Most newly bought gadgets are lined for 90 days by Buy Safety, and these things could also be eligible for alternative, restore or reimbursement if they’re stolen, broken or destroyed by fireplace.
Cardholders even have entry to non-obligatory enterprise mortgage safety insurance coverage, Scotia Enterprise Mortgage Defend, which might help cowl enterprise mortgage funds, or present a lump sum of cash, in the event you or one other eligible key particular person can’t work for well being causes or passes away. Scotia Enterprise Mortgage Defend is underwritten by The Canada Life Assurance Firm (1-800-387-2671, www.canadalife.com) underneath a gaggle coverage issued to the Financial institution of Nova Scotia. All protection is topic to the phrases and circumstances outlined within the Certificates of Insurance coverage, which you’ll obtain upon enrollment.
You possibly can apply for the Scotia® Home Hardware PRO Visa† Business Card on-line. Plus, till Could 31, 2024, you possibly can earn as much as 15,000 bonus Scene+ factors in your first yr (that’s value as much as $150 in factors worth) by making a minimum of $1,500 in eligible purchases at collaborating Residence {Hardware}, Residence Constructing Centre, Residence {Hardware} Constructing Centre, Residence Furnishings places in Canada and on-line at homehardware.ca within the first three months after opening your account. Cardholders even have entry to on-line instruments and providers designed only for enterprise house owners. See Scotiabank’s website for full card details.
Constructing a profitable profession as a house renovation contractor
When you’ve got the talents and motivation wanted to develop into a contractor in Canada, you’ve got the potential to construct a long-lasting, rewarding profession in dwelling enchancment. Over time, you would possibly discover that the Scotia® Home Hardware PRO Visa† Business Card is simply as necessary to your contractor enterprise as another software in your belt. In spite of everything, each greenback issues to your small enterprise—so make them rely.
