There is nothing really surprising in the announcement of the budget 2010; the government believes that spending restrictions while an economics growth should erase the deficit by 2015. Finance Minister expects the deficit to be reduced by 50% by 2012…But the actual deficit of $53.8 billion and the government will “only” save $17 billion over 5 years.

Knowing that, you can easily guess that leaders are counting on a great economic recovery with a slow interest rates increase; any unexpected drop in GDP or fast interest rates increase would dig the general deficit by billion of dollars.

But still, the impact on most people appears to be very little. For further information, follow that link ‘CBC-Budget-Highlights’or contact us directly here.

Hello readers!

Remember: the RRSP deadline for tax year 2009 is coming soon! On march 1st 2010, it will be too late to contribute to your RRSP, even if you’re still under the contribution limit of $21.000.

But what about the tax refund on your contributions? Well, you can calculate it yourself doing the maths! Your marginal tax rate times your total contribution for the year, and that’s it!

If you don’t have any clue at all, feel free to contact us.

Better late than never…

After one full week of competition, Canada already won 7 medals in the Vancouver 2010 Olympic Games. 3 gold medals, including Alexandre Bilodeau in Frestyle Skiing Moguls I told you  about in my last post, 3 silver ones, counting Mike Robertson’s in Snowboard Cross,  and a bronze.

Women are doing great by the way! Out of 7 medals, 5 were won by women… Maelle Ricker and Christine Nesbitt, respectively gold medallists in Snowboard Cross and Speed Skating 1000m.

Marianne St Gelais and Kristina Groves gained silver and bronze in Speed Skating 500m and 3000m.  Jennifer Neil, finally, won the first medal for Canada finishing 2nd in the Freestyle Skiing Moguls event last Friday.

We can still believe in much more medals next week, in particular after the last Ice Hockey and Curling Games…

Canada is upside down!

This is amazing! It finally happened! Yesterday in Freestyle Skiing moguls, Alexandre Bilodeau won the gold after a great 26.75 points run.

Starting now, he will be well-known as “Alexandre the Great”, as the entire country was behind him.

Now, everybody is waiting for the first Canadian’s Ice Hockey game, tomorrow against Norway. Because we “believe”.

Ask any successful business owner, management professional, or CEO: what does it take to get my business to the next level? Invariably, these business pros will all advocate that the key factor to your business’ future growth is the ability to look forward and to plan ahead.

Planning forces the entrepreneur to adopt the following things that are essential for success:

1. Setting Sales Goals and Benchmarks for the upcoming year.
2. Taking a realistic inventory on your company’s current resources.
3. Anticipating for future events.

In essence, you must budget for what is to come in the roads ahead. In the language of accounting, budgeting involves projecting what revenues and expense figures your business will face in the upcoming year.

Having the foresight to budget for future events will allow businesses to be flexible and will allow management to seize potential opportunities and tackle challenges. In today’s fast moving economy, the ability to be flexible and be adaptive is a must.

Download our Budget-Forecasting Form here.