A Brand New Year: January 8, 2020

Hello Everyone,

Hope all of you are having a fantastic start to the new year!

One of my first goals for 2021 is to start sending out a weekly newsletter rather than just automated feed of my latest blog post. This will allow me to share more useful content with all of you and perhaps allow us to get to know each other better. If you would rather just receive a link to the blog posts, please let me know by replying to this email.

Latest Blog Post: Tax Deadlines 2021

It’s the time of year where we need to start paying some attention to tax deadlines so that we’re not scrambling at the last minute. I was searching for a list of year end deadlines and couldn’t find anything that was neatly summarized. Consequently, I decided to write a blog post where unincorporated business owners/sole proprietors can see all their tax deadlines in one place. I also created a one page calendar summary which you can download and print OR save it to your desktop as a handy reference.

Since deadlines for corporations depend on your year end and sales tax filing frequencies it’s a bit more difficult to write a similar post. However if you would like some guidance on corporation deadlines let me know by simply replying to this email and I will try and put something together. Also, if you have any other suggestions for blog posts please don’t hesitate to let me know.

Small Business Articles/Tips

A lesson in copywriting: This article on rewriting landing pages with a professional copywriter demonstrates the power of good copy and how a few tweaks can significantly improve conversions

CPP/QPP Contributions: Starting January 1st both CPP and QPP premiums (for those in Quebec) went up fairly significantly. If you have or are an employee, you will notice that your paycheque will be smaller. If you are self employed, premiums will increase by a few hundred dollars depending on your net earnings. This is naturally a bad time for any types of increases for most but as far as we know there are no plans to reduce this.

QBO Tip of the Week: If you are using Quickbooks Online, and update it only infrequently it is important to check at least once a month that your bank connection is working and hasn’t stopped for some reason. This is to ensure that all transactions are in fact downloading and you are not stuck in a position where you (or your accountant) has to do this manually.

Tax Tip of the Week: You can now contribute an additional $6,000 to your TFSA starting January 1st, 2021. If you have any savings at all, it is a good time to transfer up to the $6k maximum to your TFSA to take advantage of the tax free accumulation of income. While unlike an RRSP there is no immediate benefit to contributing to a TFSA, any income your earn within a TFSA is tax free for life (or until the government decides to change the rules)

Starting a Business?

I recently wrote a comprehensive guide to starting your sole proprietorship that simplifies the process, saves you time and puts you on the right track. It is fairly long with various chapters on different aspects of starting your business as well as some bonus chapters on whether you should incorporate and preparing your small business (unincorporated) taxes. Its on sale until January 15th, although if you are interested in purchasing it and send me an email, I’d be happy to send you a discount code.

I’m in the process of writing another book on starting a corporation as well as a QBO setup guide. I will keep you updated on their progress.

2020 was a year of upheaval. Many small business owners have had to pivot and/or innovate or risk losing their livelihoods. As we step gingerly into 2021, there is some hope on the horizon although we likely have to be prepared for a few more months of being homebodies.

That’s all for now. Be well and stay safe!

Ronika