Wishful Thinking

Have you ever seen the Scotia Bank Commercial where the husband and wife are at the bank to discuss their retirement? In this commercial the husband refuses to make any type of eye contact with the statement, until the banker tells him that he may be able to retire early.

Well I don't know about you, but it doesn't matter how much wishful thinking you do -- unless you take action with your money, things pretty much stay status quo or they decline fairly quickly.
In business or in your personal life, DON'T BE A WISHFUL THINKER! If you become accountable for your actions you can turn any bad or UNCOMFORTABLE situation into an EARLY RETIREMENT situation.

One part of Accountess is that we handle Debt Counseling and most often than not we deal with couples who stop communicating together regarding their money situation, and sometimes even they stop communicating about their aspirations. This is the DEAD ZONE -- because without each person accepting the responsibility their money ends up in this Dead Zone.

Who wants to be working their butts off just to have their money end up in a Dead Zone?

What is the answer? Open up the lines of communication, and know that money can not hurt you, and YOU CAN MAKE THIS INTO A GOOD SITUATION!

If you can relate to this, and need the extra help to change your journey, give our office a call -- we are here to help you!

To Your Success,

The Accountess

Chart your Course

In order to know where you are going in business you should be charting your course.  There are a few basic steps that you should follow:

1.  Who Are you?  Make sure you have established your business name should you choose to have one. In order to establish you should make sure you have completed a NUANS search. This can be done for both a Proprietorship or a Corporation. You should also have decided if you will be handled in just one province or all of Canada.
2.  What Are you?  Decide if you will be a Proprietor, Partnership, or a Corporation. Each of them requiring different annual filing and with different fiscal year ends. A Proprietor is very basic and the annual tax return can be handled through a T1.  The fiscal year end is December 31, 2009. For a Corporation the annual tax return can be handled through a T2, and it has different ways of paying the shareholders. The fiscal year end for the first year in business can be 12 months or less. This is where you can be strategic in your year ends.
3.  Where Are you?  This is a good time to decide where you will be conducting business. Will it be home-based or will you be leasing space? There are different insurances that you should be aware of, and you should also be registering your business with the city. 
4.  Why Are you?  Make sure you are very clear on the type of services you will be providing. Upgrading or developing different revenue streams is okay, as long as it is not continuous. This will not only confuse your customers, but also your Accountant (which means more work for them). Always remember why you started your business -- this will keep you focused!

If you are not sure just send me an email and I would be happy to explain these steps in greater detail!