13 Jul

Productivity via technology for entrepreneurs and small businesses


Posted by: Garth Chapman

I have had a couple of conversations with one of the business owners who I do some business coaching for on productivity and on how teams can share information and schedules to be more effective. So since then I have done some research, and this piece is one of the best I found. In fact I already use a some of what the author Paul Minors writes about, and I am going to take a good look at incorporating the pieces I am not already using.

So in hopes this might be of interest to you here it is How to be productive an in-depth guide

Part of the technology Paul uses is something called Asana, which looks interesting as it can help manage projects and it will integrate with your calendars (something I think is very important). Find it here https://asana.com

19 Jul

It’s taxes versus a mortgage for the self-employed

Income Tax

Posted by: Garth Chapman

Canada’s government as been acting since 2009 to tighten mortgage lending requirements in their ongoing efforts to ensure Canadians do not face the ruinous housing collapse endured by Americans and many Europeans since the collapse of 2008.  As a signatory to the Basil Accords along with the USA and all the Euro nations Canada’s government is obligated to comply its banks to adhere to much stricter underwriting guidelines and due diligence.  And this has made it tougher for all Canadians to obtain mortgage financing.  Since Guideline B-20 came into effect in 2012 those of us (myself included) who are self-employed (BFS or Business For Self in industry parlance) have been heavily impacted.

Most self-employed Canadians will, usually following the advice of their Tax Advisers, will focus on lowering their taxable income via the use of various expenses to their business.  This is effected easily both with incorporated businesses and for those operating as proprietorships.  This results in lower line 150 income on the personal tax return, sometimes by significant amounts.

Prior to B-20 guidelines being in effect, such borrowers could qualify by simply ‘declaring’ their income, in effect adding back those deductions, and along with proving their self employed status and often backing up the numbers with bank statements showing the scope of cash flowing through those accounts.

There is an excellent piece on the tougher hurdles Canada’s self-employed now face in getting a mortgage, and what they can do to improve their prospects here in the Globe and Mail’s article It’s taxes versus a mortgage for the self-employed