Newsletter — July 2024 Edition

Tax Tips, Business Advice, Photos and more! 🤓

July 31, 2024

Welcome!

Welcome to the July 2024 edition of the ThinkTalk Newsletter, presented by Think Accounting! This month has been filled with some exciting developments. We recently hosted our annual Summer Team Event, which was a great success and fun.

In this edition, we bring you the latest trends in the accounting world, insightful articles, motivational quotes, and important reminders to keep you ahead in your financial planning and management.

FROM THE THINK TEAM

🌎 Non-Resident GST/HST Security Deposit Requirement 💸

Get an understanding of when the GST/HST security deposit is required and how to calculate it for your non-resident owned business in Canada.

🧘 Creating Breathing Room in Your Business 🙏

In business, breathing room is about creating space. Space to think, to plan, to grow. It's the difference between rushing and moving with purpose.

🏡Will Renting Out Your Basement Hurt Your Principal Residence Exemption?😯

Many Canadian homeowners consider renting out their basements to generate extra income, but concerns often arise about how this might affect your Principal Residence Exemption (PRE) when it comes time to sell.

Dividend-only Compensation: Not As Advantageous As You Think

As a Canadian business owner, you've likely heard that paying yourself dividends instead of a salary can lead to significant tax savings. However, the reality is far more nuanced. While dividends can indeed offer advantages in certain situations, there are several widespread misconceptions about their benefits that need to be addressed.

INSPIRATION
Quote of the Month

"Success usually comes to those who are too busy to be looking for it."

— Henry David Thoreau

This quote reminds us of the value of hard work and dedication. In the fast-paced world of business, staying focused and diligent is key to achieving success.

ARTICLES
Top 3 Picks From Around The Web

1. RESP Wiki: An Encyclopedic Entry about RESPs

Want to go super in-depth into RESPs? Here is an ultimate guide with excellent insights into how RESPs work in Canada.

A must-read for business owners, this article discusses key strategies for thriving in an increasingly competitive market, focusing on innovation, customer engagement, and lean management.

The changes that have been announced to capital gains taxes have some Canadians wondering if they should give or sell properties to their adult children now to avoid higher taxes in the future. In this video, Mark talks about the risks of selling assets to your kids at a discount. Specifically, the potential for double taxation.

KNOWLEDGE
Wisdom & Book Notes

“The Lean Startup” by Eric Ries

This month, we draw wisdom from "The Lean Startup" by Eric Ries, a must-read for anyone looking to innovate and grow their business efficiently. The book emphasizes the importance of continuous improvement and validated learning, encouraging businesses to test their hypotheses and adapt quickly.

Key Takeaways

  • Build-Measure-Learn: Implement a cycle of building products, measuring their performance, and learning from the results to drive continuous improvement. This approach helps businesses minimize waste and maximize value creation.

  • Minimum Viable Product (MVP): Launch a simplified version of your product to gather maximum learning with minimal effort. By focusing on an MVP, businesses can test their ideas in the market without significant upfront investment.

EVENTS
Photos of the Month

We had an incredible time at our Summer Team Event, filled with team-building activities and lots of fun. These moments not only strengthen our team bond but also enhance our collaborative spirit. We attended an escape room, had a team lunch, and went berry picking. Check out the highlights from our day!

Members of our team had the opportunity to attend a Networking Event hosted by Intuit. The event featured an enjoyable experience of watching the Toronto Blue Jays in action at the Rogers Centre.

Thank you for reading. See you in the next edition!

By Think Team 🙏