End of Year Retrospective
Hello All,
As we rapidly approach the new year, with all it's possibilities and uncertainties, it can be gratifying (and revealing) to appraise the current year. We can do this through various lenses. We can examine our accomplishments and failures. We can determine how much we have changed - are we more cynical or more hopeful than we were last year? We can review our goals from the beginning of the year and assess if we were able to achieve all or at least part of them.
Of course it is difficult to measure these things. We could have a notional report card and give ourselves a grade, perhaps in the key areas of health, wealth and relationships. Or we could simply examine our overall sense of wellbeing or disquiet. Regardless of how you do it, it is important to remember that your journey is completely unique and the best comparisons are to previous versions of yourself rather than in relation to others.
From a financial standpoint (coming back to what this newsletter is about), it is a great time to examine your finances and determine what you can do better. If you are an individual on a fixed income or salary, this is fairly simple. You need to ensure that you are earning more than you are spending and have some left over for savings (that can be invested in an RRSP or TFSA). If you are a small business owner, it can be a little more challenging as often earnings are unpredictable. In this case I advise you to estimate based on the information that you have available. Budgets makes this task quite easy and the internet has a plethora of templates and software to suit the style that you want. I will be doing a detailed blog post about this early next year so stay tuned.
Finally, I thought I would share this quote from Neil Gaiman which I find oddly motivating:
“I hope that in this year to come, you make mistakes.
Because if you are making mistakes, then you are making new things, trying new things, learning, living, pushing yourself, changing yourself, changing your world. You're doing things you've never done before, and more importantly, you're Doing Something.
So that's my wish for you, and all of us, and my wish for myself. Make New Mistakes. Make glorious, amazing mistakes. Make mistakes nobody's ever made before. Don't freeze, don't stop, don't worry that it isn't good enough, or it isn't perfect, whatever it is: art, or love, or work or family or life.
Whatever it is you're scared of doing, Do it.”
I wish all of you the happiest of new year’s and I look forward to connecting with all of you in 2024!
Blog Post
Tax deadlines for individuals and unincorporated business owners that everyone should know for 2024. Plus a new tax deadline calendar that you can download.
Know Your Small Business Tax Deadlines For 2024
As we approach the new year, it will be time soon to start working on everyone’s favourite activity i.e. getting your tax stuff in order :) . Below are the deadlines that all small businesses need to
Small Business Stuff:
Our Montreal CBC Interview: I was recently interviewed on a CBC show called Our Montreal where I discuss how to improve your financial health in the new year. You can watch the interview here (starting at the 24 minute mark)
2023 Most Memorable News Stories: A poll by Pollara shows the news stories that Canadians paid the most attention to and include the war in Ukraine, wildfires, ongoing war in Israel and Gaza and interest rate hikes by the Bank of Canada.
Tax Stuff:
Increased CPP (and QPP) Contributions in 2024: CPP2, as they are calling it, adds another tier to CPP contributions. The existing maximum salary on which CPP applies is $68,500 for 2024. Starting in 2024, salaries from $68,500 to $73,200 will taxed at a higher rate.
Increases to personal tax credits: Each year, certain personal income tax and benefit amounts are indexed to inflation using the Consumer Price Index data as reported by Statistics Canada. This table shows you the increases in the various tax credits.
New YouTube Channel: QuickBooks Tutorials
I recently started a new YouTube channel. It 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.
The channel can be found here https://www.youtube.com/@montrealfinancial
A couple of requests:
If you think it is useful and relevant to you, please subscribe to the channel.
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
Books and Resources:
SALE: Use discount code “2023” to get 30% of any or all books until December 31st at 11:59pm.
Small Business Tax Facts(Sole Proprietorships/Registered Businesses/Self Employed Workers)
This book helps you take control of your finances by giving you a better understanding of tax (brackets, tax rates, deductions etc), how it applies to your unincorporated small businesses and how to do your own tax return (or at least understand what your accountant does). It also includes a comprehensive breakdown of deductible expenses, by category with special sections on more complex deductions such as home office, vehicle and capital cost allowance.
FastStart Your Corporation(Corporations)
A step by step guide to starting your small business corporation, including what you need to know about incorporation, setting up your accounting and tax considerations.
QuickStart your QuickBooks(Sole Proprietorships and Corporations)
A comprehensive guide that takes you through the many features of QBO and gives you step by step instructions on how to setup and work with QBO day to day. It is ideal for beginners who have never used QBO before and also for those who are currently using it, but have questions or need guidance.
FastStart Your Business (Sole Proprietorships)
A step by step guide for anyone who is planning to start a Canadian business or become self employed (and does not want to incorporate) and wants to know what they need to do or simply has questions.
Small Business and Your Dividends (Corporations)
For incorporated small business owners who want to know more about small business dividends, the differences between salary vs dividends and which is better and step by step instructions on how to file your own dividend declarations (T5s).
Coming Soon! Small Business and Your Payroll: I apologize for the delay on this. I am continuing to work on this and still intend to get this done in time for tax season along with some other resources that might be useful.
If there are any questions that you have about payroll that you want included in the book, please send me an email at ronika@montrealfinancial.ca.
Please note that all books on my website are in PDF format.
If you prefer a print version, all books are also available at Amazon . Note that print versions purchased on Amazon include a complimentary PDF - you just need to email me and include proof of purchase.
Free Resources
Business 2024 Tax Deadline Calendar (NEW)
Starting A Corporation Checklist
Start Your Business Checklist
Dividend Declarations Checklist
Small Business Tax Return Checklist
QBO Set Up Checklist.
Small Business Calculators
Previous newsletters
Consultations
I also provide consultation services where I can answer your specific questions relating to your small business and/or finances, provide clarity and give you guidance. Additional details can be found here and here. 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.
For anyone who has purchased my books through Amazon or directly and found them useful, I would be very grateful for a review on Amazon (to leave a review you only need to have an account with Amazon even if you did not purchase the book from there).
Finally, if you think anyone would benefit from this newsletter, you can send them to my subscribe link.
Wishing everyone a very happy new year and a fulfilling year to come!
Ronika