Newsletter — Oct 2024 Edition

Real Estate Tax Tips, Articles, Success Stories and more! 🤓

October 31, 2024

In partnership with

Welcome!

Welcome to the October 2024 edition of the ThinkTalk Newsletter, presented by Think Accounting. Happy Halloween 🎃 and Happy Diwali 🪔 to those celebrating today!

What's Inside:

  • 💡 October posts from the Think Team

  • 🌟 Quote of the Month

  • 🔍 Helpful Articles from the Web

  • 📚 Book Notes: "The Slight Edge"

  • 🚀 Client Success Story: Proud New Business Owners

FROM THE THINK TEAM

Short Term Rental Tax Rules In Canada

Do you own or want to own a property and rent it out on a short-term basis on AirBnB, VRBO, etc.? Read on because the rules have changed (for the worse).

GST/HST New Residential Rental Property Rebate

If you purchased a new residential property and plan to rent it out, you could get a GST/HST rebate of up to $24,000. Read on to find out more.

How To Sign Up For CRA My Account

Tons of benefits, ease of use, instant access to information. So why wouldn’t you sign up for CRA’s My Account online portal. Find out how to do it.

How To Sign Up For CRA My Business Account

Same as above, except for businesses! If you do not have CRA My Business Account, do not wait any longer!

Canada Carbon Rebate for Small Businesses w/ Calculator

The recent announcement from the Government brings significant support in the form of a tax credit expected to be received by the end of 2024.

Wills For Business Owners

In this guide, we’ll walk through seven key steps to writing a Will that safeguards your business and your loved ones.

Income Splitting With Spouse Gone Wrong

JM Robillard took income as a commissioned salesperson from the company he owned 49% in, and claimed deductions on his personal taxes for payments made to his wife. That’s where the fun began…

Playbook for Controlling Your Cash on Hand

8 Steps to take control of cash flow, ensure enough liquid cash for operations, and avoid cash crunches.

INSPIRATION
“Money’s greatest intrinsic value is its ability to give you control over your time.”

— Morgan Housel

This quote reminds us of the importance of prioritizing time over money and using financial freedom to gain more control over our lives.

ARTICLES FROM THE WEB

Legislation to implement the hike to the capital gains inclusion rate has yet to be passed.

If you filled in your email address on your tax return, you are on the hook for any notices from the Canada Revenue Agency.

Help people understand you without losing important parts of your message.

Conservative Leader Pierre Poilievre says if his party forms government, it will scrap the federal sales tax on new homes sold for less than $1 million and push provinces to do the same.

Nova Scotians will see more money in their pockets beginning April 1, 2025, with a one percentage point reduction in the harmonized sales tax (HST) rate.

BOOK NOTES

“The Slight Edge” by Jeff Olson

This month, we dive into "The Slight Edge" by Jeff Olson, a powerful exploration of the small daily habits that compound to create remarkable success over time. 📈✨ The book emphasizes that consistent, incremental actions can lead to big changes, transforming your personal and professional life.

Key Takeaways

- 🌱 Success Through Daily Choices: Big achievements don’t happen overnight. They are the result of small, seemingly insignificant decisions made every day. Embracing this idea helps you recognize the power in consistent positive actions—even when they don't seem to yield immediate results.

- 🔄 Simple Actions, Repeated Daily: The Slight Edge is about choosing small disciplines over time, rather than dramatic efforts. Olson's message is that simple habits—like reading 📚 ten pages a day or taking a 20-minute walk 🚶‍♂️— add up and eventually lead to breakthroughs. It’s the persistence of these simple actions that makes the real difference. 💪

CLIENT SUCCESS STORIES ✨

Proud New Business Owners! 😃

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

By Think Team 🙏

A BIG THANK YOU THIS EDITION’S SPONSORS 🙏

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