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Key Benefits of Bonds Insurance
Our Bonds Insurance offers crucial advantages for your business, ensuring you are protected and compliant with all necessary regulations.
Financial Protection
Our Bonds Insurance protects your business from financial loss due to non-performance, ensuring that you can operate without the fear of unexpected setbacks.
Compliance Assurance
We ensure compliance with legal and contractual obligations, giving you the confidence to engage in business without legal worries.
Peace of Mind
With our Bonds Insurance, you can enjoy peace of mind knowing that your clients and stakeholders are protected, fostering trust and reliability in your business relationships.
Surety & Bonding
From Performance Bonds, Bid Bonds, License and Permit bonds, Customs and Excise bonds, Release Prior to Payment (RPP) Bonds, Carnet bonds, Fiduciary bonds to Lost instrument bonds…big or small CMS Insurance Brokers Inc. has bonds to help with all! Surety and bonding solutions are critical for many companies to operate so working with specialists is key. Click Get A Quote today to get the bond(s) needed or to discuss the process for your specific surety or bonding needs.
Performance Bond Insurance
It can be a little confusing to understand what a performance bond is and how it can help you, especially when there are so many types of bonds. Certainly, we often see performance bond insurance issued for businesses in industries such as construction and real estate development.
A performance bond is a financial instrument that helps ensure that companies can complete large projects. It is effectively a promise that the contractor will undertake its responsibilities and obligations as agreed upon in the signed contracts.
The bonds act as a guarantee against the issuing party’s failure to meet their obligations under the contract or deliver on the level of performance specific in their agreement. Banks and/or insurance companies typically create performance bond insurance.
Bid Bond Insurance
A bid bond is a guarantee that the bidder provides to the project owner, to effectively demonstrate they have the financial means to successfully complete the job. If a contractor does not complete a project, the property owner can trigger the actual bond to ensure the work is completed.
By requiring a bid bond, the owner can be better assured that the bidder has the financial means to complete the job. This ultimately helps the project owner feel more comfortable, as a bid bond helps to confirm that the contractors are financially capable of completing the project.
This kind of bond is beneficial to the industry and property owners because it reduces the number of frivolous bids. With bid bonds, contractors are less likely to exaggerate their capabilities or financial abilities. They will also be less likely to drop out or change their minds.
Canadian Customs & Excise Bonds Broker
Canadian customs and excise bonds are mandatory requirements set forth by federal and provincial governments. These bonds serve as a guarantee that businesses will pay any applicable taxes or duties when invoiced by the relevant government entity or agency.
In addition to ensuring financial compliance, Canadian customs and excise bonds help businesses adhere to all legal and regulatory obligations related to their operations. The enforcement of rules and regulations surrounding customs and excise bonds is primarily overseen by the Canada Border Services Agency (CBSA).
We’ve made the insurance buying process simple and straightforward so that you can get the bond you need, when you need it most.
Commercial Surety Bonds
Commercial surety bonds are a type of surety bond that guarantees the fulfillment of contractual obligations, compliance with laws, or the performance of specific duties by businesses and individuals. These bonds are typically required by government agencies, licensing boards, or other entities to ensure that the bonded party will adhere to regulations and standards in areas such as construction, licensing, or service provision. In the event of a default or failure to comply, the surety company that issued the bond is responsible for compensating the affected party, thereby providing a financial safety net and promoting trust in commercial transactions.
GST Bonds
Goods imported into Canada are subject to the Goods and Service Tax (GST) or the Harmonized Sales Tax (HST). The GST was implemented in Canada on January 1, 1991. The GST/HST is a tax on final consumption, however, unlike a retail sales tax, the GST/HST has a multistage collection process.
GST is applied at the border to all imported Commercial goods destined or supplied to all provinces within Canada. In turn, you will also collect the GST from your Canadian customers by billing them GST Sales Tax on your invoice to them. All Firms with (Canadian) annual sales exceeding $30,000 must register and must post a GST Bond.
CRA Excise Tax Distillery Bond
The CRA (Canada Revenue Agency) Excise Tax Distillery Bond is a financial guarantee required from distillers in Canada to ensure compliance with federal regulations regarding the production and taxation of alcoholic beverages. This bond serves as a security measure that ensures the payment of excise taxes on spirits produced and removed from the distillery premises. By obtaining this bond, distillers commit to adhering to the necessary legal and tax obligations, which helps the government collect taxes effectively while allowing distilleries to operate within the regulatory framework. The bond amount is determined based on the expected production volume and potential tax liability, providing a financial safety net for the CRA.
Canadian Lost Instrument Bonds
Canadian Lost Instrument Bonds are financial instruments used to protect against the risk of loss or theft of certain securities, such as bonds or other investment certificates. When a bondholder loses their physical certificate or it is stolen, they can apply for a Lost Instrument Bond, which acts as a form of insurance. This bond guarantees that the issuing institution, typically a financial institution or government entity, will compensate the bondholder for the loss, allowing them to recover their investment. The process involves a formal application, a fee, and often a waiting period during which the institution verifies the loss and takes necessary precautions against potential fraud.
