What do I want to find out about managing my funds as a contractor?
No matter what kind of construction business you begin or buy, it is important to have an accounting system in place – between material costs, insurance fees, customer payments, and more, a variety of money will are available and out every month. You’ll need a separate checking account and line of credit for your enterprise, and it is sensible to have a bank card that is strictly for work use.
Pro Tip: Choose a contractor bank card
Scotiabank has a small business bank card that is great for contractors: the Scotland® Home Hardware PRO Visa† Business card, which could be used anywhere Visa is accepted. The variable rate of interest is tied to the Scotiabank prime rate and loan limits of as much as $500,000 can be found (a limit high enough for major or multiple renovations). The rate of interest and credit limit of the cardboard depend upon whether the account is secured or unsecured, subject to approval and security provided. The Scotiabank Prime Rate is the prime rate published every now and then by the Bank of Nova Scotia. (See the present one Scotiabank’s key rate of interest.) There isn’t any annual fee for the cardboard and it has an interest-free grace period of 21 days for brand new purchases.
And then there are the rewards. You will earn one Scene+TM Point for each dollar spent on eligible business purchases made at Home Hardware, which has greater than 1,000 locations across Canada, or online at homehardware.ca.
For every 10,000 Scene+ points earned, you’ll be able to redeem $100 at Home Hardware. If you recurrently purchase constructing and renovation materials, you’ll be able to quickly accumulate points – and get a number of free items. Points could be redeemed for groceries, travel, gift cards and more. Plus, as your contractor business grows, you’ll be able to add additional bank cards without cost. These are great perks for business owners who want to reduce their expenses while getting their home renovation business off the bottom.
The business bank card also includes Insurance coverage on most newly purchased items that can be charged to the account. Most newly purchased items are covered by Purchase Security for 90 days and will be eligible for alternative, repair or refund if stolen, damaged or destroyed by fire.
Cardholders even have access to optional Scotia Business Loan Protect business credit insurance, which might help cover business loan payments or provide a lump sum if you happen to or one other eligible key person is unable to work or dies because of health reasons. Scotia Business Loan Protect is provided by Canada Life Assurance Company (1-800-387-2671, www.canadalife.com) under a gaggle policy from the Bank of Nova Scotia. All insurance coverage is subject to the conditions set out within the certificate of insurance you receive upon registration.
You can Apply for the Scotia® Home Hardware PRO Visa† Business card on-line. Additionally, through May 31, 2024, you’ll be able to earn as much as 15,000 bonus Scene+ points (comparable to some extent value of as much as $150) in your first 12 months by making a minimum of $1,500 in eligible purchases at participating Home Hardware , Home Building Centre, Home Hardware Building Centre, Home Furniture locations in Canada and online at homehardware.ca throughout the first three months of opening your account. Cardholders even have access to online tools and services designed specifically for business owners. See Full card details could be found on the Scotiabank website.
Building a successful profession as a house renovation contractor
If you will have the talents and motivation needed to change into a house improvement contractor in Canada, you will have the potential to construct an enduring, rewarding profession in home improvement. Over time it’s possible you’ll find that Scotland® Home Hardware PRO Visa† Business card is as necessary to your contractor business as another tool in your belt. After all, every dollar counts in your small business – so make it count.
