Newsletter — Nov 2024 Edition

RRSP Overcontribution Penalties, Articles, Success Stories and more! 🤓

November 29, 2024

Welcome!

Welcome to the November 2024 edition of the ThinkTalk Newsletter, presented by Think Accounting. Happy Black Friday and upcoming Cyber Monday to our E-Commerce clients as well as to all of us shoppers 😀

What's Inside:

  • 💡 November posts from the Think Team

  • 🌟 Quote of the Month

  • 🔍 Helpful Articles from the Web

  • 📚 Book Notes: "I Will Teach You To Be Rich"

  • 🚀 Client Success Story: Another Proud New Business Owner!

A BIG THANK YOU THIS EDITION’S SPONSORS 🙏

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FROM THE THINK TEAM

RRSP Overcontribution Penalties with a Penalty Calculator Built-in

RRSP tax savings are great, but when you overcontribute, you pay pretty hefty penalties. Read the blog post to understand the rules and use the built-in calculator to calculate your potential penalties.

Interest Deductibility on a Personal Loan used for Business

Can you deduct the interest on that personal loan used for business? If yes, how much? And how do you track interest paid on a loan used for both business and personal purposes? Read on to find out more.

GST Holiday and One-Time $250 Rebate in Canada

Yes, you are paying from your left pocket (taxes) to get this GST Holiday and Rebate into your right pocket. Let’s still find out how do get this dough into your right pocket and when will it arrive there.

GST/HST On Sale Of A Business

If you’re not careful, GST/HST on sale of a business can lead to extra costs, or even penalties, for both the buyer and the seller. Read on to find out how to avoid this costly mistake.

INSPIRATION
“If we are unduly absorbed in improving our lives, we may forget altogether to live them.”

— Alan Watts

This quote reminds us to focus on fully experiencing life instead of becoming overly preoccupied with constant self-improvement, balancing our ambitions with living in the present.

ARTICLES FROM THE WEB

1. Create compelling offers: Develop holiday-specific promotions to increase average order value.

How to make your holiday ecommerce sales successful, and tactics to help you make the most of the holiday shopping season.

Negotiation ploy again or will he follow through? More importantly, how does this impact Canadian businesses exporting and selling to US customers?

Use this handy list of tax numbers as a quick reference - RRSP, TFSA, CPP, OAS and more updates for 2025.

4. The Best One-Person Business For Smart People (2025)

Creators are the new teachers. Online courses are decentralized schooling. Individuals pursue their interests and teach those with a similar personality, creating a better learning experience.

With Bitcoin almost touching US$100K, and market cap well over $2T, who created Bitcoin and why is it important to uncover “its” identity?

BOOK NOTES

“I Will Teach You To Be Rich” by Ramit Sethi

This month, we dive into "I Will Teach You To be Rich" by Ramit Sethi, a practical guide to building wealth and creating a life you love—without cutting out lattes. The book lays out a simple six-week program, emphasizing automation, conscious spending, and financial systems that work for your unique goals.

Key Takeaways

- 🌱 Build Wealth Without Guilt: Sethi focuses on guilt-free spending, encouraging you to enjoy what you love while cutting unnecessary expenses. By automating savings and investments, you can focus on living richly without stressing over daily budgeting.

- 💡 Systems for Long-Term Success: The book introduces actionable frameworks for managing money, like setting up automated accounts for savings, investments, and bills. This hands-off approach helps you consistently grow your wealth while freeing up mental energy.

CLIENT SUCCESS STORIES ✨

Another Proud New Business Owner! 😃

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

By Think Team 🙏