View this email in your browser

Oct 2023 Edition

Happy Halloween Team 👹

Keeping on point with the theme, let’s begin with a scary tax story!

A Scary Tax Story: The Phantom of Forgotten Business Taxes 👻

In a bustling Vancouver startup hub, Jack, a tech entrepreneur, found himself in a spine-chilling situation. His company was growing, but when it came to accounting and taxes, he was in the dark. 🌑

Jack used Excel to manage his finances. "It's free and easy," he thought, blinded by the greed of saving a few bucks. But as the business scaled, so did its tax complexities—GST, payroll, and corporate taxes. Excel was no match. 📊❌

The clock struck midnight on June 30th, the deadline for filing corporate taxes. Jack missed it. "No big deal, I'll sort it later," he thought, procrastination taking over. 🕛😴

Weeks turned into months. A "Notice of Assessment" arrived with late-filing penalties. Interest started piling up. Fear crept in, but Jack pushed it aside. "I'll fix it soon," he told himself, guilt gnawing at him. 📬💔

October arrived, and with it, a letter that sent shivers down Jack's spine—an audit notice from the CRA. 😱 Panicked, he scrambled to piece together his Excel sheets, only to find them riddled with errors. The CRA slapped additional penalties for "gross negligence." 🚨💸

Desperate, Jack sought professional help. The experts at Think Accounting filed a Taxpayer Relief Form, but the damage was done. Penalties and interest had snowballed into a horrifying sum, and now it was hoping against hope. 😰💰

Jack's tale is a cautionary one. His emotions—fear, guilt, greed, and procrastination—led him down a path of financial ruin. This Halloween, don't let the phantom of forgotten business taxes haunt you. 🎃👻

🌱 FROM THINK TEAM

💡 From Burden to Relief: Unraveling the CRA Taxpayer Relief Process

• Does the CRA provide avenues for relief from penalties and interest?

• Who is eligible to apply for CRA penalty and interest relief?

• Under what circumstances does the CRA grant relief?

• What are some real-world scenarios where relief was granted?

To get answers to these questions, click the link below to read our blog post:

Click Here

🌎 TOP 5 PICKS FROM AROUND THE WEB

• Why AI Won't Cause Unemployment. (Link)

• The four-hour work day. (Link)

• Are you an ‘insecure overachiever’? (Link)

• How To Setup a Shop On TikTok To Sell Your Products. (Link)

• Selling on Amazon Canada: The Complete Guide. (Link)

📚 BOOK NOTES

"NonViolent Communication" by Marshall Rosenberg

🔐 Key Takeaways:

1. Expressive Empathy 🗣️

   1. Effective communication begins with understanding and expressing your own needs clearly and respectfully.

   2. Adopt a non-judgmental tone and focus on honest expression.

2. Receptive Empathy 🎧

   1. Be open to understanding others' feelings and needs. Listen actively and without interruption.Create a safe space for dialogue and ensure others feel heard.

3. Observations Over Evaluations 🕵️

   1. Avoid blame and judgment. Describe observations factually without attaching evaluations.

   2. This helps in minimizing defensive responses and promoting open dialogue.

4. Feelings Over Thoughts 💭

   1. Express how you feel instead of what you think about a particular situation.

   2. This nurtures a deeper understanding and connection between individuals.

5. Request Over Demand 🤲

   1. Frame your desires as requests rather than demands.

   2. This promotes a cooperative atmosphere and respects individual autonomy.

6. Practice Gratitude 🙏

   1. Appreciate others and express gratitude genuinely.

   2. Foster a culture of acknowledgment and positivity in your interactions.

🤓 QUOTE OF THE MONTH

Subscribe

Copyright (C) " target="_blank">unsubscribe