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Please check out the comment section for additional thoughts will be posted there. (FYI check out all our blog posting comment sections as that is where you will find additional information on the topic, reason, it's a quick place for me to post info as i find it, click, done, plus it typically makes a nice picture that many articles come with) 

 I also encourage you to register yourself and enjoy your own daily reminder direct from  NH , click here https://www.naphill.org/tftd-signup/

** Napoleon Hill's Thought for the Day:

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** Act on your own initiative, be prepared to assume full responsibility for your acts.

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One of the primary differences between those who achieve great things in their lives and those who manage only to "get by" is that successful people learned early in life that they were responsible for their own actions. No other person can make you successful or keep you from achieving your goals.

Taking the initiative means assuming a leadership role, a position that singles you out for praise – and for criticism. The good leader is one who shares the credit for success with others and assumes full responsibility for failures or temporary setbacks. When you accept responsibility for your actions, you gain the respect of others and are well on the way to creating your own future.

https://naphill.us2.list-manage.com/track/click?u=4c4529ce36ccec0645d107769&id=0a378ae3c3&e=687c10efc5

Success is doing ordinary things extraordinarily well.

** Napoleon Hill's Thought for the Day: ------------------------------------------------------------ ** Sound character begins with keen ------------------------------------------------------------ ** self-respect. ------------------------------------------------------------ No one really knows for sure how we develop self-respect, but the experts believe it begins at a very early age. Parents who show their children that they love them unconditionally—just because they are who they are—build a foundation of health self-respect that will sustain the children for the rest of their lives. From this foundation comes the moral and ethical structure known as character. Healthy self-respect should not be confused with egotism. An egotist loves himself for the most superficial of reasons, while a self-respecting person takes pride in qualities of character that he or she has worked hard to develop. man running on sidewalk early morning Trust the process. Male sitting at desk with L.C. Smith typewriter ** From the Napoleon Hill Foundation® Archives

"Along with the new filing requirements, the CBCA updates increased the maximum fine for corporations for non-compliance to $100,000 from $5,000. In addition, individual officers, directors or shareholders could be liable for fines of up to $1 million and a maximum prison sentence of five years if they are convicted of an offence related to compliance failures."

We must read on , more disclosures for private companies, that is pretty every incorporated business that is not listed on the stock exchange. 

Looks on the surface the intent is to bludgen small business owners and create some more work for lawyers and burecarts. 

https://www.investmentexecutive.com/news/industry-news/corporate-transparency-legislation-now-in-force/

A great link to start off 2024 with some health conciousnes 

Check out Ramona Braganza she has a wealth of knowledge and experience in this area of life !

https://www.linkedin.com/posts/ramona-braganza-701a8a8_this-summer-i-suggested-to-thefitexpo-that-activity-7152731719383633920-ZszY?utm_source=share&utm_medium=member_desktop

https://www.advisor.ca/tax/tax-news/more-employees-will-be-asking-companies-for-home-office-expense-tax-forms-this-year/

" Employers will be extra busy this tax-filing season providing eligible employees with completed tax forms they’ll need to deduct home office expenses on their 2023 returns.  

The temporary “flat rate” method, which allowed Canadians working from home due to Covid to claim up to $400 in employment expenses in 2020 and up to $500 in 2021 and 2022, is not available for 2023. That method did not require the employee to get a form from their employer. 

Employees who worked from home in 2023 and who are eligible to claim home office expenses will have only one option — the “detailed” method, which will require a completed Form T2200: Declaration of Conditions of Employment from their employer. 

Form T2200: Declaration of Conditions of Employment

https://www.canada.ca/en/revenue-agency/services/tax/individuals/topics/about-your-tax-return/tax-return/completing-a-tax-return/deductions-credits-expenses/line-22900-other-employment-expenses/work-space-home-expenses/frequently-asked-questions.html

https://www.canada.ca/content/dam/cra-arc/formspubs/pbg/t2200s/t2200s-fill-22e.pdf

Year 2023 form to be available near end of January 2024

Received this article on farm online resources, looks like some good and interesting links. 

https://www.canadiancattlemen.ca/comment/online-resources-on-everything-from-working-with-family-to-animal-health/

Let's start with tax breaks 

https://financialpost.com/personal-finance/taxes/buying-first-home-top-3-tax-strategies-use

HBP

FHSA

First Home Buyers Credit 

Building, Major Renovation- HST rebate

Reno, for Disabled and Elderly 

Afordability

Mortgages

https://ivari.ca/maple/conquering-blue-monday-tips-to-brighten-your-mood-on-the-years-gloomiest-day/?utm_source=newsletter&utm_medium=email&utm_campaign=ivari_info_jan_8

This morning I received a lovely email and one of the articles was about the Monday Blues. I forgot about this, I guess it happens to many people.

"Mondays typically aren’t fun for most people. The weekend is over, it’s the start of the work week with many emails to catch up on, and there are five days to go until you have two glorious days off again."

1st Tip 

For 2023 tax reporting

These are typical reporting / mailing expectations for most items. 

2023 Tax Slip Target Mailing Date Deadlines

T4's by Feb 29, 2024

T5's  by Feb 29, 2024

2023 RRSP Remainder of Year (ROY) Contribution Slips (March to December 2023) , by January 29, 2024

1st 60-Days RRSP Contribution Receipts for trades placed January 1 to March 1, 2024 = by March 25, 2024

T4RSP, T4RIF, T4A, T5 and matching Releve’s (R2 & R3)  by February 5, 2024

T4A and Releve1 for advisors and distributors by February 5, 2024

NR4 (registered and non-registered) by  March 27, 2024

T3 (R16) for Segregated funds by March 27, 2024

RRSP first 60 days of 2024 contribution key dates:

January 1, 2024 to February 29, 2024 Contributions are accepted until end of day March 1, 2024, contributions after the cutoff date will not be accepted for the first 60 days.

https://www.canada.ca/en/revenue-agency/services/tax/businesses/topics/payroll/completing-filing-information-returns/t4-information-employers/t4-slip.html

Beverage Business- Diversity 

Mountain Dew and Frito Lay

https://finance.yahoo.com/news/pepsico-known-sodas-pepsi-mountain-165723426.html

https://youtu.be/N-JQX4aeRfQ?si=zzL-upJZR6X9cP9j

I started eating Turmeric in my morning smoothie, it's a bit spicy , as I learn about it's benefits I am glad I have added this to my diet. Along the journery I am learning how to grow this interesting plant. So turns out we are eating the right stuff, our package is organic, so it should be able to sprout, it's from Peru, I understand the original would be from India. Check in the comments for more updates and research. 

Cheers !

TLR

https://homesteadandchill.com/how-to-grow-turmeric/

How Does Turmeric Grow?

Turmeric (Curcuma longa) is a perennial herb, closely related to ginger. That said, most all of these growing tips apply to ginger as well! Though ginger can be a little more finicky. Turmeric doesn’t have typical tiny “seeds” that you imagine for most plants. Instead, pieces of the root system called rhizomes are planted, which in turn produce above-ground foliage as well as more, larger rhizomes in the soil below. Those precious rhizomes are the very thing we after when growing turmeric! Each seed rhizome is often referred to as a “finger” – because when fresh turmeric is harvested, the cluster of rhizomes around a center node resembles a hand!

As a "New Dad" I like these strategies!

https://advisorstream.com/read/i-am-a-parent-and-an-entrepreneur-here-are-11-strategies-i-use-to-get-things-done-and-outsmart-guilt/?c=eyJhbGciOiJIUzI1NiIsInR5cCI6IkpXVCJ9.eyJub2RlX2lkIjo2OTI0NCwicHJldmlldyI6dHJ1ZSwiY29tbV9pZCI6OTAzMzU2NCwiZGVzdF9pZCI6bnVsbCwicmVhZGVyX2lkIjpudWxsLCJwZXJzb25hX3ByZXZpZXciOmZhbHNlfQ.a6yTdv95PL2AJrdFJTfMxlCYqFGg2bAG-YYPxOHjyeI

As a "New Dad" I like these !

1. Identify your priorities clearly.
To start, you need to identify your priorities. Obviously, when everything is a priority , this is easier said than done.

To get started, follow these steps:

Organize your tasks into a list.
Put each task in a ranking order.
Realistically determine how much time each task will require.
Plan your day's priorities using a schedule.
In short, making decisions based on your priorities is much easier once you know what they are.

.......

Final words of advice.

No one is perfect, including me. There are times when I don't get it right as well. Despite that, I'm committed to finding a balance that works for both my family and me. It's possible for you too.

Let's start this one off with some cold remedy recommendations. 

https://www.theepochtimes.com/health/honey-unleashed-powerful-methods-for-cough-relief-and-16-ancient-therapeutic-ways-to-boost-your-health-5544866

my 2nd application is a cup of honey water, the 1st was the tablespoon of honey, that was soothing 

“For unto us a Child is born,
Unto us a Son is given;
And the government will be upon His shoulder.
And His name will be called
Wonderful, Counselor, Mighty God,
Everlasting Father, Prince of Peace.”
Isaiah 9:6

Merry Christmas!

More Red Tape for business to comply with because the government does not trust families with kids that apply for dental benefits.

If you do not comply you will face financial penalties. 

A new box on employer-offered dental benefits has been added to the T4 and T4A slips. Employers must declare annually the dental care insurance they offer to their employees.

Learn more: https://ow.ly/4j9e50Qe5IF

https://www.canada.ca/en/revenue-agency/news/newsroom/tax-tips/tax-tips-2023/employers-pension-plan-administrators-changes-coming-t4-t4a-reporting.html

XXX XXX XXX

https://www.canada.ca/en/revenue-agency/services/child-family-benefits/dental-benefit.html

The interim Canada Dental Benefit is intended to help lower dental costs for eligible families earning less than $90,000 per year. Parents and guardians may be eligible if they pay for dental care for a child under 12 years old who does not have access to a private dental insurance plan.

Dental costs fully paid by other programs
If an eligible child's dental costs are fully paid for by another government program with no direct cost to you, those services do not qualify for this benefit. Check your child's eligibility for other programs before you apply.

Depending on your adjusted family net income, a tax-free payment of $260, $390, or $650 is available for each eligible child. You can apply for a maximum of 2 payments per child.

Applications are open until June 30, 2024 for:

dental care received between July 1, 2023 and June 30, 2024
one additional payment if you meet the criteria
Benefit payments are administered by the Canada Revenue Agency (CRA).

Not to be confused with a $50,000 tax refund 

Multigenerational Home Renovation Tax Credit

https://members.videotax.com/technical-interpretations/2023-0965171E5-mghrtc-newly-constructed-housing-unit

https://www.canada.ca/en/revenue-agency/programs/about-canada-revenue-agency-cra/federal-government-budgets/budget-2022-plan-grow-economy-make-life-more-affordable/multigenerational-home-renovation-tax-credit.html

This Multigenerational Home Renovation Tax Credit came up in my feeds this afternoon.

Case A. 

Let's say we have a retired couple who just turned 65 and older, and they moved into their daughters and son-in laws house which they plan to renovate or receently renovated to accoumadate the newly minted "Granny Suite"  

Case B.  You have a son or daughter of another family member who has a disbaility and they are under 65,  they  may be eligible for Disability Tax Credit ( DTC) , if eligible, Dad  would be able to claim this credit should he do a reno to accomadte the son in their home. He also may be eligible to claim him even if the renovation is not undertaken yet and may in fact be eligible for prior yrs. We often recover taxes going back 10 yrs in such cases. Your grandson may also be eligible for a RDSP investment plan, there is excellent grants and bonds possible with this.

First step would be for dad or mom to get in touch with our office and speak with our Disability Tax Specialist to make a determination regarding DTC eligibility. For this service we currently charge a 25% recovery fee on what we get them back, if nothing, there is no charge. Hopefully we get you back 10 to 20 M. Our experts can go over those details when they talk.

Thanks
Tim

Tax Tax Tax 

X X X 

Tax reflections and planning and implementation are always evolving and some of the basics stay pretty well the same.

It has been suggested by my friend Mark that I start a Tik Tok channel on T A X. , he sugested  lots of XXX in the titles apparently that gets more viewers attentions. Will see, we don't want our eyes poked out. 

In the meantime, let's start with this list 

https://www.advisor.ca/tax/tax-news/essential-tax-numbers-updated-for-2024/

Hot Hot Hot off the internet advisors site. 

Will add some more content and commentary  going forward. 

Tim's Tax Tips 

PS, maybe we should add some Traps  , lots of T's

T T T & T

Came across this check list from a recent newsletter that I subscribe to at Carters Law

https://www.carters.ca/pub/checklst/Charity-Checklist.pdf

It's packed with a great list, if your involved with a charity or non profit, it would be a wise investment of your time to check it out and share with your board. 

For non profits

Legal Risk Managmeent Checklist for Ontario-Baed Not-for-Profits - Nov 2023 (carters.ca)

https://www.carters.ca/pub/checklst/NFP-Checklist.pdf