Hour 1 of Ottawa Now for Thurs. November 16th, 2023 interview with Moe Tabesh

Numetrica Cloud Accounting

https://www.numetricacity.ca/

40:34

We’ve turned intuition into a buzzword—flattened it into a slogan, a gut feeling, or a vague whisper we don’t always know how to hear. But what if intuition is so much more? What if it's one of the most powerful tools we have—and we’ve just forgotten how to use it? In this episode, I’m joined by Hrund Gunnsteinsdóttir , Icelandic thought leader, filmmaker, and author of InnSæi: Icelandic Wisdom for Turbulent Times . Hrund has spent over 20 years studying and teaching the science and art of intuition through her TED Talk, Netflix documentary (InnSæi: The Power of Intuition), and global work on leadership, innovation, and inner knowing. Together, we explore what intuition really is (hint: not woo-woo), how to cultivate it in a culture obsessed with logic and overthinking, and why your ability to listen to yourself might be the most essential skill you can develop. In This Episode, We Cover: ✅ Why we’ve misunderstood intuition—and how to reclaim it ✅ Practical ways to strengthen your intuitive muscle ✅ What Icelandic wisdom teaches us about inner knowing ✅ How to use intuition during uncertainty and decision-making ✅ Why trusting yourself is an act of rebellion (and power) Intuition isn’t magic—it’s a deep, internal guidance system that already exists inside you. The question is: are you listening? Connect with Hrund: Website: www.hrundgunnsteinsdottir.com TedTalk: https://www.ted.com/talks/hrund_gunnsteinsdottir_listen_to_your_intuition_it_can_help_you_navigate_the_future?utm_campaign=tedspread&utm_medium=referral&utm_source=tedcomshare Newsletter: https://hrundgunnsteinsdottir.com/blog/ LI: www.linkedin.com/in/hrundgunnsteinsdottir IG: https://www.instagram.com/hrundgunnsteinsdottir/ Book: InnSæi: Icelandic Wisdom for Turbulent Times Related Podcast Episodes: How To Breathe: Breathwork, Intuition and Flow State with Francesca Sipma | 267 VI4P - Know Who You Are (Chapter 4) Gentleness: Cultivating Compassion for Yourself and Others with Courtney Carver | 282 Share the Love: If you found this episode insightful, please share it with a friend, tag us on social media, and leave a review on your favorite podcast platform! 🔗 Subscribe & Review: Apple Podcasts | Spotify | Amazon Music Learn more about your ad choices. Visit megaphone.fm/adchoices…

2 years ago 33:15

M4A•Episode home

Here is my interview with Kristy Cameron about the CEBA LOAN on CFRA.

Consequences of businesses getting closed if they don't pay the CEBA loan.

Ottawa-based accountant Moe Tabesh has started an online petition that is quickly gaining traction. With over 13,000 signatures already, he is calling on the feds to consider forgiveness for unpaid CEBA loans. At the very least, Moe wants the Trudeau government to entertain a negotiating process with Canadian businesses who are struggling to find the money. He joins Kristy Cameron to explain further https://chng.it/rYSRm8JbQ7

39 episodes

#Business #Numetrica City

Hour 1 of Ottawa Now for Thurs. November 16th, 2023 interview with Moe Tabesh

Numetrica Cloud Accounting

published 2 years ago

M4A•Episode home

Here is my interview with Kristy Cameron about the CEBA LOAN on CFRA.

Consequences of businesses getting closed if they don't pay the CEBA loan.

https://www.numetricacity.ca/

39 episodes

#Business #Numetrica City

All episodes

Numetrica Cloud Accounting

1
Start up accounting 2:51

1 year ago2:51

2:51

Startups face numerous challenges, particularly in the realm of accounting. Accounting lays the groundwork for all other business operations and can be complex, but mastering it is crucial for success. Here's a condensed guide on how startups can manage their accounting needs: **1. Importance of Accounting** - Accounting is vital for understanding financial standing, managing expenses, sharing data with stakeholders, analyzing competitors, and identifying investment opportunities. **2. Basic Financial Records** - Essential financial records include bills, receipts, invoices, bank statements, credit card statements, financial statements, and tax forms. **3. Basics of Accounting for Startups** - Analyze Business Transactions: Track all transactions and categorize them for clarity. - Keep All Invoices: Maintain a record of all invoices issued and received. - Reconcile Bank Statements: Compare bank and cash balances to catch any discrepancies. - Write Journal Entries: Use a journal to record daily purchases and sales. - Post to Ledger Accounts: Classify entries under appropriate ledger accounts. - Close Temporary Accounts: Zero out temporary accounts at the end of accounting cycles. - Track Taxes: Consistently monitor taxes throughout the year. **4. Develop a Bookkeeping System** - DIY: Manage accounting yourself with software or Excel. - Outsource: Hire a part-time or freelance accountant. - Hire an Accountant: Employ a full-time accountant or team for a large operation. **5. Startup Accounting Software** - Accounting software like FreshBooks, QuickBooks Online, and Xero can streamline processes and facilitate analysis. **6. Identify Your Accounting Method** - Choose between Cash and Accrual methods depending on your preference. Accounting is a cornerstone of business operations and should not be neglected. By carefully managing accounting needs from the outset, startups can set themselves up for future success. For more information numetricacity.ca…

Numetrica Cloud Accounting

1
How to Avoid Capital Gains Tax When Moving To A Rental Property 2:44

1 year ago2:44

2:44

Converting Your Personal Residence into an Income-Generating Property: A Step-by-Step Guide with Subsection 45(2) of the Income Tax Act (ITA) Converting your personal residence into an income-generating property can be a strategic move for financial stability or for maximizing the value of your assets. However, this transition comes with significant tax implications, especially in Canada. In this blog, we will explore the process of converting a personal residence into an income-producing property while emphasizing the importance of Subsection 45(2) of the Income Tax Act (ITA). Understanding Subsection 45(2) of the ITA Subsection 45(2) of the ITA is a critical provision for those considering converting their personal residence into an income-producing property. It addresses the capital gains tax that arises from such a conversion. Capital gains tax is usually incurred when a property's use changes from personal to income-producing. Review the Applicable Tax Laws Understanding the relevant tax laws, including Subsection 45(2) of the ITA, is crucial before proceeding with the conversion. Given the complexity of tax laws, consulting with a tax professional or lawyer is recommended. Notify the Canada Revenue Agency (CRA) Inform the CRA about the change in use of your property. This can usually be done by reporting the conversion on your annual income tax return. Accurate reporting is essential to ensure compliance with tax laws. Report Income Any income generated by the property, such as rental income, must be reported on your tax return. Failure to report this income could result in penalties and interest. Calculate the Capital Gain When converting your personal residence to an income property, a capital gain may be triggered for tax purposes. This gain is calculated as the difference between the fair market value of the property at the time of conversion and the adjusted cost base (ACB) of the property. Determine Eligibility for Principal Residence Exemption (PRE) If the property was your principal residence before the conversion, you may be eligible to claim the principal residence exemption (PRE). This exemption can help reduce or eliminate the capital gain for tax purposes. Consider Subsection 45(2) Election If you don't qualify for the PRE or choose not to claim it, you can elect under Subsection 45(2) of the ITA to defer the capital gain. This means you postpone paying tax on the gain until you sell the property. Maintain Detailed Records It is crucial to keep accurate records of all transactions related to the property. This includes purchase documents, receipts for improvements and repairs, rental agreements, and any correspondence with the CRA. These records will be essential for calculating tax liability and in case of an audit. Seek Professional Advice Given the complexity of tax laws, it's wise to consult with a tax professional or lawyer. They can ensure that you understand the tax implications of converting your property and help you remain compliant with tax laws. Converting your personal residence into an income-producing property is a significant decision that requires careful consideration of various factors, including tax implications. By understanding Subsection 45(2) of the ITA, reporting income accurately, calculating capital gains, and seeking professional advice when needed, you can navigate this transition successfully while ensuring compliance with tax laws. For more info contact https://www.numetricacity.ca/…

Numetrica Cloud Accounting

1
How To Implement The Profit First System for Dentists 2:13

1 year ago2:13

2:13

Profit First is a financial management system designed to help business owners, including dentists, prioritize profit by making it a priority and not an afterthought in their operations. In contrast to traditional accounting where profit is typically calculated after expenses, Profit First suggests setting aside profit first and then managing expenses with what's left. To implement Profit First, you need to: Read the Book: The first step is to read "Profit First" by Mike Michalowicz to understand the concept and the system. Determine Percentages: After understanding the system, determine your target allocation percentages (TAPS) for your business. These percentages will depend on factors like your business size, profitability, and industry benchmarks. Open Bank Accounts: You need to open several bank accounts for different purposes (income, profit, owner's pay, taxes, and operating expenses). The idea is to allocate money into these accounts according to your predetermined percentages. Track Your Finances: Use a spreadsheet or accounting software to track your finances regularly. This helps you understand where your money is going and whether you're meeting your profit goals. Adjust the System to Your Needs: The Profit First system is adaptable. You can adjust it to fit your business needs and preferences. Implementing Profit First can help you run a more financially stable and profitable business by making profit a priority. It ensures that you're not only covering expenses but also setting aside money for yourself and your business's future growth.…

Numetrica Cloud Accounting

1
How to master cash flow management 2:25

1 year ago2:25

2:25

Cash flow management is crucial for small business success. Tips include: Optimize cash flow by setting up interest-bearing accounts for your business. Utilize accounting software to track your cash flow and make informed decisions. Stagger bill payments to avoid depleting your cash reserves and maximize interest earned. Avoid customer payment delays by using online invoicing tools and clear payment terms. Schedule payments to occur as close to the due date as possible to retain cash for longer. Consider cash flow reduction strategies, such as buying used equipment or bartering for goods and services. Streamline payroll management by using separate accounts and adjusting pay schedules to save on administrative costs.…

Numetrica Cloud Accounting

1
Business Transformation 1:34

1 year ago1:34

1:34

Business transformation encompasses a range of objectives, from boosting efficiency and profitability to enhancing financial management and team productivity. It's about envisioning a more successful and effective business model, one that potentially saves money and optimizes costs. Creating a system to grow and manage your business is key to realizing your vision of business transformation. This involves systemizing functions to streamline operations and free up manpower for business growth. Having a clear picture of your business goals is vital, whether that's acquiring more clients, improving reporting, or simply being more in control of your business. While financial gains may be a primary motivator, larger factors like providing for your family, contributing to your community, or achieving personal well-being can also drive your transformation journey. Automation tools and strategies can be invaluable in this process. Some notable tools include Quickbooks Online, Wagepoint, Tsheets, Receipt Bank, Helm, and Invoice Sherpa. Routine analysis of reports generated by these tools is crucial for tracking progress and identifying areas for improvement. While it may initially feel daunting, persistence in implementing tools and strategies will yield results over time. Each step forward, no matter how small, is a success in the journey toward business mastery. Every business has the potential to positively impact its owners' lives, whether professionally or personally. As Tony Robbins aptly puts it, "If you do what you've always done, you'll get what you've always gotten." By committing to a personal growth plan and making changes, one can achieve the desired results and transform their business for the better. Numetricacity.ca…

Numetrica Cloud Accounting

1
If cash is the king, how do you manage the cashflow? 3:11

1 year ago3:11

3:11

Cash flow management is an essential aspect of business that often requires a well-thought-out strategy to ensure a company remains in the black, rather than incurring debts that could lead to its downfall. Businesses can fail when they overlook this concept, with 80% of such cases being attributed to this oversight. It's crucial that sales exceed expenses and that clients are chosen wisely to guarantee collectibility. Professionals like lawyers may request retainers to ensure timely payments. Advancements in technology have facilitated cash flow management, and implementing certain strategies can help keep a business profitable: 1. **Track Time and Value:** Measure the time spent on client work against its value, identifying economically fruitful projects and delegating less profitable tasks. For example, tasks like sending emails can be delegated to staff members at a lower cost. 2. **Automate Invoicing:** Utilize software like Quickbooks Online or Invoice Sherpa for invoicing to streamline the process. 3. **Prioritize Payment Collection:** If feasible, collect credit card information in advance and keep it on file for faster payments. 4. **Use Cash Flow Applications:** Applications like Helm can be used to monitor cash flow in real-time. 5. **Budgeting Tools:** Applications such as Budgeto can provide insight into cash needs and help with forecasting. 6. **Offer Additional Services:** Provide complementary services to increase revenue. By leveraging technology and adopting these strategies, a business can enhance its cash flow management and maintain a healthy financial standing. Numetricacity.ca…

Numetrica Cloud Accounting

1
What is Cloud Accounting? 2:39

1 year ago2:39

2:39

Cloud accounting software works exactly just like the traditional accounting software, only the cloud accounting software just like QuickBooks online is hosted on remote servers of QBO Transaction data is sent into “the cloud,” where it is processed and returned to the user. All application functions are performed off-site, not on the user’s desktop. Which enables you to use the platform from any devise as long as you can log in to QBO. In cloud accounting, users access software applications remotely through the Internet or other network via a cloud application service provider. Using cloud accounting software frees the business from having to install, maintain and upgrade software on individual desktop computers. Cloud accounting solutions also allow employees in other departments, remote or branch offices to access the same data and the same version of the software. Numetricacity.ca…

Numetrica Cloud Accounting

1
How is Business, Really How is The Business? 4:06

1 year ago4:06

4:06

How is Business, Really How is The Business? Maybe it was an idea that struck you out of nowhere, or perhaps your small business’ inspiration was an idea and plan that was years in the making. Whichever it was, your small business is your baby, and running it successfully is something that is of paramount importance to you. With that being said, there are so many aspects to successfully running your small business that it can make even an experienced entrepreneur’s head spin. It is vital that a business owner has an intimate knowledge and relationship of the inner workings of their company, from local and global supply and demand to marketing strategies, and perhaps most importantly, the financial blueprint for their small business. Today, we want to share with you some focus areas that will ensure that you are leading your business to growth and success. By honing in on these tips and growing your knowledge in these areas, as well as knowing when to reach outside your office walls for assistance, you will be well on your way to small business achievement. Numetricacity.ca…

Numetrica Cloud Accounting

1
How to Master your business 2:19

1 year ago2:19

2:19

Numetrica Cloud Accounting

1
Five Apps That Put Your Business on Your Fingertips 2:35

1 year ago2:35

2:35

Accounting industry has benefited so much from the technology boom. Accounting and running a small business now adays have improved exponentially. It wasn’t long ago that some colleges and university were talking about “general Ledgers” “Books” and so on. Basically, accounting hadn’t changed in a long time. Now, I am pleasantly surprised when I see new apps are emerging that changing accounting and making it so much more efficient and effective to run a business. Business on your fingertips – literally Number one app spot belongs to QuickBooks Online. QuickBooks Online (QBO) This app will empower you to run your business even better, save time, your money, and your business. According to Intuit, over 98% of customers agree that QuickBooks helps them run their business more easily. QBO acts like a hub which other apps can be attached to it and making it and your business so much more powerful. This app enables you to also connect it to your bank and credit card. Once this is done data will flow through it instantly. Once this is done, reports can be produced so you can see how your business is doing. Speaking of reports, they can also be customized, you can choose a favorite report, perform analysis and much more. You can make decisions and see trends right away. One of the features that I like is running comparisons either year-by-year or quarter by quarter. I don’t think that you have to be a geek to appreciate this. If you are serious entrepreneur, you will know how valuable this is. I don’t think even the Chief Financial Officer (CFO) of Coca Cola or IBM had this instant data10 years ago. Benefits 1. Instant backup 2. Access to data from anywhere any time 3. Instant score card and reports 4. Collaborate with partners 5. Improve cashflow 6. Receipt Management 7. Up-to-date Software Number 2 App, Dext This app saves a ton of bookkeeping time and indirectly makes you the best record keeper. As you take pictures of your receipts or email them to your unique Dext email. The built in OCT technology, reads the data such as supplier name, invoice number, invoice data, costs, taxes, methods of payment and submit them if connected to QBO. One of our Numetrica clients submitted over 1,300 receipts to Dext by having his kid scanning them in a few minutes. This saved him hours of time. Our staff configured his Dext account and in a matter of minutes all of the receipts were uploaded (published) in to QBO, saving even more time and money. Better yet, Dext saves the electronic receipts for 10 years. In case CRA is asking for any of those receipts we can identify them again in minutes. This again saves time. Time saved is money earned – tax free. Benefits to business 1. Save time 2. Improve accuracy of uploading receipts 3. Audit Trail 4. Connects with QBO 5. Record keeping 6. Cloud Storage Number 3 App is Dropbox This is one of my favorites, all our client’s data are saved on this app. We can easily go to any client’s folders and find any documents that was previously saved. For instance, one of our clients in Number 4 App is Slack Another favourite app that we use everyday. I have nothing against email however, if you have 100s of clients and send numerous emails, good luck finding a specific information in those emails. Through slack, channels are created, this could be clients name and communication about that clients are conducted in that channel. You can easily see what actions needs to be taken, what has been accomplished and so on. It is so great in case an employee has left, the new employee in charge of the file can see the whole documented history. Numetricacity.ca…

Numetrica Cloud Accounting

1
11 Tax Deductions that Start ups can not afford to miss. 3:08

1 year ago3:08

3:08

Journey from Inception to Success It is extremely important for start-ups, entrepreneurs and even business pros to keep track of their business expenses. These expenses will reduce your taxes when it comes to file your personal tax returns (t1) or corporate tax returns *T2). When tax season starts the deductions will help and forms your strategic plans to perform tax planning, maximize tax deductions and minimize tax owing. So here are some categories that already exist. All you have to do is take advantage of any or all of the following expenses that apply to your business. Startup costs Startup costs are the initial costs that you have made. Which includes: · Incorporation fees, · Franchise fees and purchase of an existing business or assets, · Opening your business location, · Market research and analysis, · Business plans write ups, · Marketing and advertising, · Employee training, · Professional fees, such as lawyers, accountants, · Initial travel expenses · Website development · Assets roll-overs to the business · Goodwill · Home office expenses Numetricacity.ca…

Numetrica Cloud Accounting

1
5 deciding factors to choose the best tax professional 3:09

1 year ago3:09

3:09

5 deciding features in selecting a professional to prepare your personal tax return (T1) Consider these factors when you are looking for a tax professional, please get a professional to help you if your taxes are complicated. 1. Education and training There are different levels of professionals who prepare tax returns. Some are CPAs meaning they are university graduates who have passed the rigorous CPA exams. None designated accountants who have graduated from college or university but have taxation knowledge. Lastly, there are individuals who have some basic training in preparing a tax return or have learnt to use taxation software to prepare returns. More education and training definitely means more competencies. 2. Experience. In any professional fields, experience is extremely important. Generally, a professional with 20 years of experience can help you more in comparison with less experienced professional. In my experience, when I’m asked with a tax question, I can provide the answer right away and don’t need to research it, meaning less time spent on clients file. Time is money. Experience is also provides the preparer with a high level view on the preparation of the tax returns, meaning strategies can be built. 3. Complexity of the tax return Some tax returns are more complex than other. There may be interest income, stock trades, rental properties, foreign income, disabilities, tax splitting, employment expenses, Use of home, use of auto, or self-employments, ensure to ask about a tax professional’s experience and knowledge related to your particular tax situation to ensure they will be able to handle your return. We prepare all the above and also prepare corporate taxes (T2) and SRED (scientific Research and Experimental tax return) and also trust returns (T3). 4. Relationship Trust and relationship makes a big difference. Find a CPA to prepare your taxes and try to stay with them during the year and especially if you are self-employed so you can keep asking then on an ongoing basis. Most of our client’s text, email, phone us with questions concerning their business activities. Establishing that relationship with a CPA can help make the process easier year after year. Read the testimonials on our website (www.TBCO.ca and www.Numetrica.city ) and judge for yourself. We have cemented a strong relationship with our clients in Ottawa and pride ourselves as one of the best tax preparation service provider in Ottawa. 5. Fees There is a big cost difference between hiring a tax preparer. Also remember that is there are mistakes you are paying the interest and penalties and not them. Additionally more experienced professional can also save you more in taxes. Remember you are paying for the quality. Definitely put us to test for the features mentioned above and see how we stack up when it comes to tax preparation services in Ottawa. In fact, mention this article and we review your prior year tax return totally on the house to see if something was missed or overlooked. For more information call us at 613 266 7013…

Numetrica Cloud Accounting

1
Tax Matters for Dentists 2:17

1 year ago2:17

2:17

As a dentist running your own practice in Canada, tax planning is an important part of managing your finances. Your choices about business structure, deductions, income smoothing, and retirement savings accounts can significantly impact how much you pay in taxes each year. An optimized tax strategy can lead to substantial savings over your career. Before delving into key options around your taxes, consult with both a tax professional and a financial advisor to ensure coordination. Tax rules can differ by province, so be sure to understand both federal and provincial regulations that apply to your practice. Let’s take a closer look at some of the top dentist tax planning realities in Canada – and how you should approach them to maximize your savings. Dentists in Canada have two main options for how they structure their practice, and this choice significantly impacts how they file their taxes: If you operate as a sole proprietor, your dental practice's income and expenses are reported directly on your personal income tax return (Form T1) . This means your business income is combined with your other personal income sources and taxed at your personal income tax rate. As a sole proprietor, you can deduct eligible dental expenses like equipment, instruments, professional development costs, accounting fees, RRSP/TFSA contributions , and more. However, you need to meet certain criteria to qualify for some write-offs. Consult a tax professional to maximize savings. If you set up your dental practice as a corporation, it becomes a separate legal entity. You file a corporate tax return (Form T2) for the business income and expenses. The after-tax profits can then be paid out to you as dividends, which are taxed at a lower personal rate. Incorporating also opens up additional tax deferral strategies. As an employee of your corporation, you receive a taxed salary on your T1 return. You can optimize your salary to minimize combined corporate and personal taxes. Speak to an accountant to model out your best option. As a dental hygienist in Canada, you can deduct a wide range of dental expenses related to your profession on your tax return. This is a great way to help you save on your tax bill. Some common expenses that can be claimed include: Dental instruments and equipment - You can deduct costs associated with dental tools, machinery, and protective gear required for your work. This includes items like scaler tips, face masks, gloves, sterilization equipment, etc. Professional development - Fees for conferences, courses, textbooks, travel, and other costs related to expanding your dental hygiene knowledge can be written off. However, be aware of CRA rules around taxable benefits. Accounting services - The fees you pay for accounting help, tax planning services, financial advisory, and filing your tax return can also be deducted. Using professionals ensures accuracy and optimisation. Contributions to RRSP & TFSA - Any contributions to your Registered Retirement Savings Plan or Tax-Free Savings Account can be subtracted from your annual taxable income. This is a great way to save and prepare for the future. When claiming deductions, be sure to keep detailed receipts and records to support your claims. Consult the CRA guidelines and connect with a tax professional to ensure you maximize savings opportunities and file appropriately based on your self-employed status. Self-employed dentists are taxed at their personal marginal tax rates, which are progressive based on income level. Canadian personal tax rates range from 15% on the first $50,197 of taxable income up to 33% on income over $221,708. Incorporating your dental practice opens up tax planning opportunities, as the first $500,000 of active business income is taxed at a flat 9% small business corporate tax rate. Income splitting with family members and tax deferral strategies may lower your overall tax burden.…

Numetrica Cloud Accounting

1
F Dividends 1:16

1 year ago1:16

1:16

Forget dividends, it is a trap! John is a lawyer and asked me to review his financial statements. While I was reviewing the income statements, I noticed that the total salary for the 12-month period was 45K. I looked in more detail on his corporation QuickBooks Online (QBO) file and notice his salary was at 22K. I looked at John and said, you made less than your receptionist?! His response was Moe I’m growing the company. I said totally wrong but explain your rational. He said, I don’t take high salary so I keep more money in the corporation and then I can use the money to grow my company. We looked at QBO again this time on the balance sheet. Total cash in the company was $5K. So I said your rational makes sense but wrong since you haven’t saved any money. I told him, look, you are a great lawyer, and your salary would have been close to $200K if you worked an employee for any law offices. He further explained that his true rational was to offer his services cheaper so that he can expand his client base and eventually be more profitable. I said so how about your own income? With $22K can you live? He said oh that is easy, I’ll take dividends. I said that is BS, there is no income, cash or retained earnings. I also told him he is better off closing the corporation and work for a lawyer. This way he can make 10 times the salary. So true by closing the corporation his salary would be $200K and we would have 10X his income. I would have lost a client, but it is ok, I love to help people increase their fortune. The focus is on them and not me. I actually told him, and he was shocked, and he said he loves his practice and totally understand the issue now. He said he will follow my advice. Unfortunately, this is a trend with other small businesses, even I had this rational when I started. We all assume that offering cheaper services would get us more leads. Being cheap would give us the advantage. Basically, becoming cheap, becomes our marketing strategy. So, I said John, being cheap and cheapest will makes you go bankrupt since that is how people will judge your service and you may win the race of becoming the lowest price lawyer and eventually go out of business. My advice to my clients is to keep a few things in mind. Find your company’s hourly charges. You play 2 roles in your business; one is the owner and the other one is the worker/operator. The worker/operator should be payroll and get paid for the hours that he is doing the work which is at par with industry or even higher if you think you are an experienced person. For example, for John at $200K per year salary, his hourly rate should be $200,000 divided by 12 months = ~ 16,666 per month. $16,666 divided by 150 hours per month $111 So John the business owner, let’s call him John Inc. should charge his clients enough hourly rate that John the employee will receive $111 per hour. John the employee MUST be paid salary regardless of John Inc. strategies. This is the key. Then the next part is we want John Inc to be profitable, we want him to have at least 25% net income. So we reverse engineer this part. We need to calculate admin and office expenses and come up with a ratio. I this case, let’s say the magic ratio is 40% So we know that he needs to pay $111 per hour to the employee and has also 40% other costs. So revenues – 40% of revenues - $111 = 25% of revenues .35% Revenue = $111 this means the hourly rate to charge a client should be at least $111/.35=$317 In our case, John was probably charging clients at $150 per hour, hence after paying the office and himself he had almost nothing left. Fast forward our case, by the way John is not an actual name, but this is a true case only the name is changed to protect the innocent. we put John on payroll , we use Wagepoint for payroll. Wagepoint , pays the employee through direct deposit and pays CRA the source deductions on time, files ROE and prepared T4s and records the journal entries in QBO…

Numetrica Cloud Accounting

1
Hour 1 of Ottawa Now for Thurs. November 16th, 2023 interview with Moe Tabesh 33:15

2 years ago33:15

33:15

Here is my interview with Kristy Cameron about the CEBA LOAN on CFRA. Consequences of businesses getting closed if they don't pay the CEBA loan. Ottawa-based accountant Moe Tabesh has started an online petition that is quickly gaining traction. With over 13,000 signatures already, he is calling on the feds to consider forgiveness for unpaid CEBA loans. At the very least, Moe wants the Trudeau government to entertain a negotiating process with Canadian businesses who are struggling to find the money. He joins Kristy Cameron to explain further https://chng.it/rYSRm8JbQ7 https://www.numetricacity.ca/…

Numetrica Cloud Accounting

1
CEBA Loan and what we can do about it. 11:25

2 years ago11:25

11:25

As a business consultant, I have witnessed firsthand the struggles of my clients who have borrowed funds through the Canada Emergency Business Account (CEBA) to keep their businesses afloat amidst the economic turmoil caused by the pandemic. These are hardworking individuals who contribute significantly to our economy, yet they find themselves unable to repay these loans due to continued financial hardship. The CEBA was designed as a lifeline for small businesses during an unprecedented crisis. However, with over 800,000 approved applications and nearly $35 billion disbursed as of January 2021 according to data from Export Development Canada (EDC), it has become clear that many businesses are still struggling and may not be able to repay these loans. We must remember that behind every business there is a person or family whose livelihood depends on its success. The inability to repay these loans can lead not only to financial ruin but also immense personal stress and anxiety. Nearly 900,000 businesses were approved for the program, which distributed just over $49 billion in loans. About a fifth had paid their loans in full by the end of June. According to a recent survey, 16 per cent of CFIB member businesses said they would be seeking an additional loan from their financial institution to meet the forgiveness deadline. Another 9 per cent said they were considering using home equity to help pay off CEBA on time. Therefore, we call upon our government representatives and relevant authorities for compassion and understanding in this matter. We urge them to consider loan forgiveness for CEBA borrowers who continue facing financial difficulties despite their best efforts. By doing so, we can help ensure that our local economies remain vibrant while supporting those entrepreneurs who have been hit hardest by this crisis. https://chng.it/VJ82wKQW2m https://www.numetricacity.ca…

Numetrica Cloud Accounting

1
Salary, Dividends, Due to/from shareholder, Draw - What form of income should I take out? 13:47

3 years ago13:47

13:47

Salary, Dividends, Due to/from shareholder, Draw - What form of income should I take out? Which is which? Which is better? One thing for sure, don't go for dividends unless you know what is going on. Most business owners debate about taking salary, dividends, draw and so on. In this episode, we talk about how much money to draw at a minimum in a form of salary What to watch our for making draws from the company and section 15 of Income Tax Act (ITA) Also what is your plan, do you plan to count on Canada Pension Plan? Numetrica .…

Numetrica Cloud Accounting

1
11 Tax Deductions Every Startup Should Know About Specially The Initial Investments 19:10

3 years ago19:10

19:10

Eleven Tax Deductions Every Startup Should Know About Specially The Initial Investments It is extremely important for start-ups, entrepreneurs and even business pros to keep track of their business expenses. These expenses will reduce your taxes when it comes to file your personal tax returns (t1) or corporate tax returns (T2). When tax season starts the deductions will help and forms your strategic plans to perform tax planning, maximize tax deductions and minimize tax owing. So here are some categories that already exist. All you must do is take advantage of any or all of the following expenses that apply to your business. Startup Costs Startup costs are the initial costs that you have made. Which includes: Incorporation fees, Franchise fees and purchase of an existing business or assets, Opening your business location, Market research and analysis, Business plans write ups, Marketing and advertising, Employee training, Professional fees, such as lawyers, accountants, Initial travel expenses Website development Assets roll-overs to the business Goodwill Home office expenses SRED (read as SHRED) or SR&ED Scientific Research and Experimental Development Tax Credit Accelerated CCA Calculations Professional Fees Home Office Home office expenses include almost any of the physical costs of running an office, such as interest mortgage, property taxes, lease costs, utilities, office supplies, cleaning services and internet fees, home phone. However, there are specific rules for you home space to qualify as a legitimate home office. A home office must be a principal place for doing business and a site that you use on a regular basis. To calculate the costs, for some it is very straight forward, for example if WIFI is used for the business significantly then it is 100% expensed however for others, what you need to do is measure the total area of your home and your office. Obtain the percentage for home office, ie, 20% then 20% of your home costs can be expensed. One more note, create a habit of calculating these costs on a monthly basis and sending an expense report to your company/corporation and get reimbursed. To make this easy for our clients, we have created an excel template which includes a lot of possible items that could potentially be used in the business. When they had the data, the spreadsheeted gives them the total and calculates the HST. This practice also creates a great audit trail in case CRA is asking for details of home office expense. Sub-contractor Costs Software Subscription Fees Any software subscription fees that you are using in your business can be written off. For instance, Microsoft, antivirus, QBO fees, Receipt bank fees, google G Suits, … I suggest that you go through your credit card statements and flag fees that you are uncertain and tell us what the fees are for. We will have a look and can tell you if you can claim them or not. Holiday Parties Travel Travels in relation to running, managing, and growing your business is considered tax deductible. I.e., driving to see your accountant, lawyers, marketing expert, going to the bank, post office, network parties, trade shows, seminars … you can also claim the miles you drive to meet clients and for other business purposes. Marketing and Advertising Banking and Interest Expenses Numetrica…

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HST a comprehensive Overview 32:07

3 years ago32:07

32:07

HST is a topic that many entrepreneurs are interested in learning more about, and it's confusing for them. Our host will talk about HST in this new episode of the Numetrica Accounting and Business Podcast. What is HST? HST is a service tax that we charge for our services and products. The number one thing you need to know is there's a threshold. If you ever go over $30,000 in your invoices or product sales, you have to charge HST. Whenever you're registered, you have no choice. Even if you make no sales, you have to report your HST. If you were a startup, you probably paid for some services that you needed to operate your business or open your business. You paid professionals like lawyers, accountants, and you bought equipment. You will get those HST back. The HST that you have paid out is the ITC portion. If you had sent an invoice for $1000, there was $130 of HST. Before your sales were $1,000, your sales were $1130 because that 130 you are not eligible to either pay or collect becomes income—same with your expenses. You paid someone $1,000 for their service, and there was an HST on that. So before, your expense was $1000, but because you were not allowed to pay, your HST becomes $1130. It's extremely important in your business to pay attention to your HST, your payroll, and your business numbers. Examination What they need from you is your ten highest invoices, which you would send to them, your GL listing, that's the list of every HST that you've collected or paid. You get this from your accounting software, and when they review this, hopefully, everything is good, everything matches, everything ties in, they're all legit, so you get your refund. Cash Flows One of the things that I advise clients to set up a savings account. Most banks notice and call it a trust account because you want to park their money there. And the way CRA looks at HST, they would say this is not your money, and this is the money you're collecting on behalf of us. Many people look at that HST as I sent the bill for $1000 and I got $130 HST so my income is $1130. No, your income is $1000. That HST belongs to the federal government or provinces because HST means Harmonized Sales Tax. So the mixed GST and HST portions are provincial, and a portion of it is federal. Register for HST Whenever you register for HST, you get letters from CRA. They’ll say thank you for the registry, this is your HST, this is your filing period, and these are your codes. They give you four-digit codes, you put in the four-digit code, and you can file it. HST could be “I just want to make a payment.” The other one is, I'm going to file my HST and I'd make a payment, or one of them would say, I want to make airier payments. The other one is GST payment only, and this basically means this is current, or you could even sit as installments. The other one is HST Return Payment. With this one, you can file and make payments. You probably get three pages of options because there are so many things that corporations can pay to CRA. “Am I supposed to charge HST on this or not?” You can call number 1-800-959-8287. An experienced CRA HST staff answers this, and they're very knowledgeable. You ask them a question; they give you the answer right away because they're the experts in HST. Two methods for HST There's the quick method of HST and the standard or accounting method of HST. Some companies should file on quick method, mostly IT consultants. On the quick method, it says, "I have a few small expenses, but I'm not going to calculate all of this HST." So the CRA will tell you that whatever HST you have is no longer eligible for an ITC. We get 88 percent of the HSC that you collect. You can only claim an ITC if you purchase a capital asset. https://www.numetricacity.ca/…

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How to set up and file your HST and Payroll Source Deduction Via Bank 7:02

3 years ago7:02

7:02

How to set up and file your HST and Payroll Source Deduction Via Bank https://www.numetricacity.ca/

Numetrica Cloud Accounting

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HST Questions - US State Sales Tax From Canada 6:21

3 years ago6:21

6:21

HST Questions HST for services provided to the US. US State Sales Tax From Canada US State Sales Tax from your Canadian Shopify, Amazon, ... https://www.numetricacity.ca/

Numetrica Cloud Accounting

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HST Help 4:44

3 years ago4:44

4:44

Where to call to get help with HST beside Numetrica HST Quick Vs Regular method

Numetrica Cloud Accounting

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HST Management 4:31

3 years ago4:31

4:31

How to treat HST. You are collecting HST in trust, so set up a separate bank account, save it there, and do not use it as part of your operating expense. https://www.numetricacity.ca/

Numetrica Cloud Accounting

1
HST 9:59

3 years ago9:59

9:59

This podcast provides an overview of (Harmonized Sales Tax) HST. What is it? When to register HST Account ? Setting up HST Period, yearly, quarterly, monthly HST Threshold What is ITC Filing HST on line Activating HST Account Can you back date your HST Account Period. What is needed to back date your HST account What happens to your HST collected and paid that falls in the period that you were not registered for HST. HST and Cashflow treatment HST Examinations by CRA.…

Numetrica Cloud Accounting

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How and Why to Delegate your tasks 25:20

4 years ago25:20

25:20

How and Why to Delegate We all have heard, work on your business not in it. What does it mean? or Delegate. But how and why and which tasks. I'm the only one in the business. In this episode we look at a few philosophy from a few business titans: Peter Drucker William Edwards Deming Wilfried Fritz Pareto Cyril Parkinson Tony Robbins and a bonus Titan - Click the link after :) These business gurus explained the science behind delegation, which is the key to be more successful. If you have any questions send me an email or visit our website www.numetricacity.ca…

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Year-end checklist Corporate tax return checklist 9:33

4 years ago9:33

9:33

Year-end checklist Corporate tax return checklist What is involved in year-end. What is involved in preparing corporate tax return. For more info www.numetricacity.ca

Numetrica Cloud Accounting

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How to Master Your Business 21:07

4 years ago21:07

21:07

Running a small business is no easy feat by any means. It requires daily effort, vision, and drive, among many other things. But one area where the mastery of small business finds most owners caught between a rock and a hard place is in the financial management of their operations. This area can affect every other facet of their business and make any normal person mad. There are so many things to think about, let alone to manage. Do I hire an accounting services firm to help? Which cloud accounting software is the best for the needs of my business? And that’s not all you need to be thinking of with your business. Getting a handle on your business’ financial structure and management early on in the life of it has a direct impact on how it fairs in the future. Businesses that start healthy financial management early create far more opportunities for growth and innovation than businesses that fall quickly into financial mismanagement. Keeping your business in a state of thriving and growth is a direct correlation to how you’re handling the financial health. Today, we want to dive into some tips and ways you can start mastering your small business by focusing on the financial management of your business . What are your expenses? Knowing where your business’ expenses are being allocated is one thing. Knowing where they’re actually being spent and in what financial capacity is something more entirely. If you’re finding that your monthly budget for your small business is getting tighter every month, or not reconciling consistently, in most cases you need to examine your expenses. Most businesses, especially now, have too much property for what they need. Whether it’s the fact that you have way too much warehouse space versus the amount of product you’re actually storing, or that you have empty offices with no intention to fill them anytime soon; you have too much real estate. This is a highly common area where most businesses are wasting money. Cutting your expenses is crucial. There are always areas within your budget that can be cut down, and one of the easiest ways to see through the numbers on these areas is by hiring an accounting services firm to help manage and guide you on what expenses are necessary and what ones can go. Don’t underprice your products or services If you compete and offer low prices, you may win and lose your business. Too much capital with too little return. Always keep track of the return on your investment. Are you using the best accounting software? Automate and prosper. try varieties of apps that can automate your process. https://www.numetricacity.ca…

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Profit 1st concept 14:01

4 years ago14:01

14:01

Learn how to earmark funds from your sales and deposit so that you can actually see where the profit goes, save money for taxes and payroll and pay your expenses. https://www.numetricacity.ca

Numetrica Cloud Accounting

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Discussion on personal tax returns in Canada 47:27

4 years ago47:27

47:27

Here is a discussion with Kaitlin Kirk See it on YouTube for more information visit us at www.numetricacity.ca

Numetrica Cloud Accounting

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You Must Use Cloud Accounting, I Tell You Why 13:25

4 years ago13:25