Inspiration for the New Year
Hello All,
As my final newsletter for 2024, I wanted to leave you with a handful of ideas and aphorisms that resonated with me this year.
The 80/20 Rule
Also known as the Pareto Principle, the idea is simple: 80% of your results often come from just 20% of your efforts. Figuring out what these are usually requires some analysis—it could apply to your best clients, top-performing products or services, or the marketing efforts that get the most engagement. This might mean spending less time designing the perfect thumbnail or product image in Canva and leaving it at good enough. :)
Without Data, You’re Just Another Person with an Opinion.
Closely related to the Pareto Principle is the importance of defining the metrics that matter in your business and creating a system to measure and track them. While the thought of this might seem a bit intimidating, there are plenty of tools (including AI) to help you refine what matters. You just need to carve out some time—and the end of the year is a great time to don your analysis hat. Once you’ve set up a system, the improvements to your productivity and bottom line can be significant.
Build an Audience, Not a Crowd
I heard this recently on a podcast, and it really stuck with me. Anyone can put out a controversial piece of content that garners a ton of followers, subscribers, likes, or shares, but these aren’t necessarily the people you want to attract. Instead, focus on defining your ideal client and tailoring your messaging to them. While your numbers might seem smaller at first, the impact will be greater because these are the people most likely to engage meaningfully with your brand.
The Best Time to Start Was 10 Years Ago. The Second Best Is Today.
This variation on a proverb about planting trees reminds us how easy it is to put things off because the timing doesn’t feel right—or because it’s already been done. But just starting, even imperfectly, is better than not starting at all. (There are dozens of quotes about this, perhaps the most famous being, “You miss 100% of the shots you don’t take.”) If you’re sitting on the fence worried it isn’t the right time, my advice is to just start and see where it takes you.
Never Try to Teach a Pig to Sing. It Wastes Your Time and Annoys the Pig.
This was one of my favorite aphorisms growing up (it was on a poster on my wall!). It’s a reminder that no matter how hard we try, we can’t always change someone or something. Once we’ve taken the time to reflect on why we were trying so hard in the first place, letting go can be incredibly freeing—and it creates space for the things that truly matter.
I’d love to hear how you’ve been inspired by something you heard, read, or saw this year. Simply hit reply to this email and let me know.
And a big thank you to everyone who reads (and responds) to my newsletters. I really appreciate you.
Wishing everyone the happiest of new years!
Ronika
Announcements
GST/HST Made Simple Course
I’m thrilled to announce that my new (and first) course, GST/HST Made Simple, is now live and available for sale!
This course is designed to help small business owners, administrators, and solopreneurs:
Understand when and how to register for GST/HST (and QST).
Confidently calculate, claim, and file your taxes.
Save time with templates, guides, and quick tips.
Avoid costly mistakes and maximize your tax savings.
With self-paced lessons and ongoing access, you’ll have everything you need to navigate GST/HST with ease and confidence.
Special Launch Pricing
The course is on sale until January 15th, 2025!
Original Price: $127
Sale Price: $97
If you joined the waiting list or participated in the GST/HST Made Simple webinar, you’ll receive a coupon code for additional savings —please check your email for details.
Free Small Business Tax Tips 2025 Webinar
I’m also hosting a free live webinar on January 7th to share start-of-year tips for preparing your taxes and to answer your questions.
From the Blog
Know Your Small Business Tax Deadlines In 2025
As we approach the new year, it is time to start thinking about a subject near and dear to everyone’s heart i.e. taxes (insert appropriate emoji).
Note that the annual calendar of deadlines will be available for download in my next newsletter.
https://www.montrealfinancial.ca/blog/small-business-tax-deadlines-for-2025
Video Tutorials
An Explainer About Marginal Tax Rates and How Tax Brackets.
I explain how Canadian tax brackets and marginal tax rates work using buckets as an analogy.
Check out my channel for other QBO, accounting and tax tutorials
If you would have a request for a video please leave a comment directly in the video or reply to this email.
Articles of Interest
Status of new capital gains proposals: Given the tenuous situation of the government and that the new capital gains are not yet legislation, Kim Moody in the National Post believes that there is a good chance that the proposal will die. However, even though it isn't technically law, taxpayers still have to follow the proposed rules until officially withdrawn.
Do you have to report profits on ticket resales? Using "resale" of Taylor Swift tickets as an example, Jamie Golombek discusses whether the profits should be reported on your tax return.
Summary of the Fall Economic Statement (FES): Kerfuffle around the FES aside, this article summarizes the key highlights from the update including significantly higher deficits than anticipated, extension of the AII program for purchase of fixed assets, expansion of the SRED incentive and the impact of the GST/HST holiday.
Canadian dollar to continue downward trend:
Given the outperformance of the US and a widening gap in monetary policy (the bank of Canada is reducing interest faster than in the US), there will likely be downward pressure on the Canadian dollar especially relative to the US.
A list of AI side hustles : This article from Shopify presents a list of 10 different ways in which AI can directly help you earn more income (although, in my experience I have found it to be more effective as a tool rather than a human replacement)
How I Help
My goal is to simplify finance, accounting and tax for small business owners, minimize the stress that comes from uncertainty and help improve confidence through financial literacy.
Free Resources
Small Business Books
All books are also available on Amazon
Consulting Services
For those of you who would like personalized guidance about your situation, I provide one one one consultations. For more details, and to book a consultation, check out my services page.
Note that I no longer provide ongoing accounting or tax preparation services.
Reviews/Feedback
For anyone who has purchased my books through Amazon, a review would be greatly appreciated.
I would love to hear your comments on my current blog posts, topic ideas for new blogs, book feedback or anything else that you want to talk to me about. You can use my feedback form or email me directly at ronika@montrealfinancial.ca.
Finally, if you think anyone would benefit from this newsletter, you can send them to my subscribe link.
