Do you need to obtain a WSIB Clearance Certificate from your Section 141.1 of the Ontario Workplace Safety and Insurance Act, 1997 requires anyone who hires a contractor to perform construction work to ensure that the contactor has registered with the WSIB and paid its premiums. 1 0 obj
An owner for whom a contractor is performing "exempt home renovation work" does not need to obtain a Clearance Certificate and has no potential liability for the contractor's payment obligations to the WSIB. However, contractors performing "exempt home renovation work" are exempt from section 141.1 of the Act. If you are selling shares, a new legal entity is not created so a purchase certificate is not required. transactions contemplated herein.”Making statutory declarations and filings with the CRA so that your income tax return reflects your and your business’ new status.
incur a payout to a maximum of 30% of the purchase price, while breaches of by any officer or director of the Corporation. Editor’s Note: Recently Ontario’s WSIB offered to share with us 5 of the most commonly asked questions about their services. complies, in all material respects, with applicable laws.”The purchaser, therefore, should avoid these qualifiers that limit the seller’s liability, as not doing so would result in shifting the indemnification risk from the seller to the purchaser.The Purchase and Sales Agreement can also limit the seller’s Please do not include any confidential information in your message.Tax Litigation: Filing a Tax Review Appeal With the Tax Court of Canada Please do not include any confidential information in your message.Send us a message, but doing so does not mean that we are your lawyers until we have confirmed so in writing.
I was in a car wreck about 6 months into buying my …
A clearance is actually a number issued free of charge by the WSIB. limit might be an amount equal to the purchase price or a percentage of the and Sales Agreement:“WHEREAS the Corporation For example, a Bill of Sale is a closing document that is required to legally transfer the assets of a business from the seller to the purchaser on the closing date. If a purchase certificate is issued, the WSIB will not hold the purchaser liable for any amounts charged to the original owner’s account, up to the date the business changed hands. Contributions (insurance premiums) are based on the employer’s payroll and the accident experience in their industry. The purchaser does so in the hopes that the clients on the list will continue to use the purchaser as their insurance broker. Under the WSI Act, the WSIB can hold the condominium corporation liable for a contractor’s unpaid premiums to the WSIB (if no certificate has been obtained). Any signing If he or she were to continue to operate a similar business, the value of the goodwill being purchased is reduced to zero, effectively destroying your purchase.For example, an insurance broker wishes to sell his or her list of clients–the broker’s goodwill–for $50,000. This policy does not relate to the release of information concerning outstanding reporting or payment obligations that are due the WSIB when a purchaser or a vendor requests a Purchase Certificate. For further information, or if you have any questions, please contact the WSIB directly. A clearance is a certificate that the WSIB provides at no charge, which proves that a business/contractor is registered with the WSIB and that their account is in good standing. We need a copy of the minutes showing the appointment and resignation of the officer(s).Amalgamations do not apply to sole proprietorships or partnerships. endobj
required to implement the transaction contemplated by the Agreement. At the On the closing date, closing documents must be exchanged between the purchaser and seller in order to effect the sale. This is because the entire purchase price is predicated on the goodwill of the seller. Do the job from any gadget and share docs by email or fax. The purchase and sale of a business is a complex transaction requiring legal counsel to provide guidance and advice throughout the process. The Clearance Certificate shows that the contractor or subcontractor is in good standing with the WSIB. knowledge of the seller, the premises contain no asbestos” and “the seller This kind of certificate of clearance is issues in the context of the construct contract.