Adopt Habits / Achieve Goals : January 12, 2024
Hello All,
Anyone who has glanced a non fiction bestseller list over the past few years has likely noticed a book called “Atomic Habits” . The thesis of the book is that small incremental changes to our habits (i.e. atomic units) can lead to significant changes in our lives, over time. He explains the behaviour that drives habits, provides strategies for forming good habits and helps to break bad ones.
I mention this as I was thinking about my goals recently (as one does in a new year) and realized that I had some work to do on defining and refining them. My starting point was an internet search on “how to set goals” which lead me to James Clear’s (author of “Atomic Habits” ) website and this post. He provides some great insight on how to set, attain and measure goals. However, the most interesting insight to me was that the systems (i.e. habits) are more important than the goals:
The goal in any sport is to finish with the best score, but it would be ridiculous to spend the whole game staring at the scoreboard. The only way to actually win is to get better each day. In the words of three-time Super Bowl winner Bill Walsh, “The score takes care of itself.” The same is true for other areas of life. If you want better results, then forget about setting goals. Focus on your system instead.
This greatly simplifies the pressure that we put on ourselves to achieve the goals that we set and also gives us a tangible way to achieve them. Break down what you want to achieve and incorporate those habits into your life. Your goal could be as simple as wanting to drink more water every day. To do this, you would (according to Clear) need to set up a system. You could set an alarm at specific times and then ensure that you get up and drink a glass of water at that time. I imagine within a couple of weeks, you would no longer need the alarm. You would rewire your brain, in a sense, and it would simply be something that you begin to do automatically.
So, since it is a new year and many of us are in self improvement mode, now might be the time that we are motivated to implement one or two new habits into our daily routines. You could start tracking your personal income and expenses once a week or start posting on your business social media platform of choice regularly or start a task management system that you update daily. The options are numerous and simply require examination of areas in your life that you want to improve but currently lack structure. According to James Clear “If you get one percent better each day for one year, you’ll end up thirty-seven times better by the time you’re done.”
And if you’d like to share your achievement, don’t hesitate to email me at ronika@montrealfinancial.ca.
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Blog Articles
Since it is the beginning of the year and some of you might have decided to incorporate or switch to QuickBooks Online. My articles below give you some guidance:
What You Should Know After You Have Incorporated
Deciding whether to incorporate can be challenging for many small business owners. There is a lot of conflicting information and it can be hard to determine, in the absence of experience, what facts
10 Tips for Setting up Your QBO File for the first time
The idea of using an accounting software can be a bit intimidating for some new business owners. Others are put off by the cost when a simple spreadsheet is both free and easy. In some cases a spreads
Small Business Stuff:
CBC “All in a Weekend” Interview: It’s tax season which means CBC contacts me more frequently for interviews. This one is a radio interview where I provide slightly more specific guidance than the last tv interview on reviewing your personal finances and tips for improving your financial health.
CEBA Repayment Deadline is Imminent: Unfortunately there does not seem to be signs of a reprieve. If you are required to repay and do not have the funds, you should at least apply for refinancing with your issuing bank to extend the repayment period to March 28th.
TFSA and RRSPs Limits for 2024: The 2024 TFSA contribution amount is $7k (up from $6.5k in 2023) while max RRSP contributions are $31,560. My advice is to contribute as much as possible. If you can’t do it all at once, you can also set up a monthly automatic withdrawal.
Tax Stuff:
Canada Dental Care Plan T4 Reporting: This article explains how when filing the 2023 T4, employers must indicate whether the employee or any of their family members were eligible for dental care insurance or dental services coverage of any kind on December 31, 2023.
Home office expenses for Employee: For the 2023 tax year, CRA (Revenue Canada) is no longer allowing the temporary flat rate method where you could claim $2 per day. All employees must now revert back to original home office claim method which is to have the form T2200 completed by their employers.
Top Tax Changes for Business: Including the enhanced CPP contributions, mandatory filing of GST/HST returns and the Canada Dental Care Plan mentioned above
QuickBooks Tutorials: Guidance on Setting Up Your QBO File Correctly
In my latest YouTube Video I take you through the process of setting your QBO file correctly by reviewing the options available in Advanced Settings and what they mean.
My YouTube channel is still very much a work in progress as I improve my teaching and editing skills and determine how to provide the most value. For now, all my videos relate to QuickBooks and how to use specific features.
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If you have any questions about QuickBooks/Xero/Excel or finance in general for which you would like to see a video, please either leave them in the comments section of any of the videos (I see them all) OR email me directly at ronika@montrealfinancial.ca
Other QBO videos can be found at my channel here
Free Tools and Resources
Small Business Books
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The Essentials For Starting Your Small Business Corporation
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A Comprehensive Guide to Working with QuickBooks Online
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A Straightforward Tax Guide For Canadian Small Business Owners
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Everything Canadian Business Owners Need to Know about Dividends and How to Pay Themselves
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Everything You Need to Know About Starting Your Sole Proprietorship
CA$14.99
Consultation Services
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Note that I no longer provide ongoing accounting or tax preparation services.
Reviews/Feedback
I would love to hear your comments on my current blog posts, topic ideas for new blogs, book feedback or anything else that you want to talk to me about. You can use my feedback form or email me directly at ronika@montrealfinancial.ca.
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Hope everyone is having an excellent start to the new year!
Ronika