BIT#2 Weekly News Round Up and What to know

Preventing Your Business To Give In To Recession

You know, hitting that 2% inflation target set by the Federal Reserve doesn't sound all that tricky.

What's fascinating is that the major drivers behind this are services and shelter costs, while a bunch of other inflation components seem to be showing some noticeable signs of slowing down. So, if we're talking about tackling just these two areas, it doesn't seem like an overwhelming task when you compare it to the wild ride we had in the summer of 2022 when it felt like, well, pretty much everything was skyrocketing, right?

However, it's easier said than done! There is no denying the fact that the world is undergoing a recession and the growth is very slow. These effects are visible in Canada as well. With less growth and low demand, the global economy has seemed to encounter a slump. But, what if we tell you, that you can still minimize the damage by these economic trends for your small businesses in Canada?

All you need is an experienced CPA who understands the Canadian market. With proper planning and accounting, achieving stability in this type of economy will not be a major hurdle. To be prepared for such uncertainties, you would be required to hire a business coach or a certified CPA with vast knowledge of the Canadian industries. You book us now and leave your Accounting to us for a growing future.

Introducing Our Newsletter

In our second edition, we explain why BIT.

Bit refers to data and we live in an information age.

BIT also refers to tiny BITs of info. Our rate of consumption is so high that our attention span is low. We aim to provide you with BITs of info to tickle those thinking cells and focus your attention to what you need in your business.

BIT is also an acronym for Business In Transit. Why? Because ALL businesses are ALWAYS in transit until:

• You go public
• You sell
• You retire comfortably and transfer to other generation
• You go Kaboom (Bankrupt)

So, our intention is to get businesses to avoid the last one and maximise their return in the first 3.

Keep reading and improving.

News Digest & Trends

Immigration to Canada declined for the third consecutive month

Canada's immigration rate continued to decline in August, with the country welcoming 14.1% fewer new permanent residents than in July, according to the latest data from Immigration, Refugees and Citizenship Canada (IRCC). Canada is expected to welcome a record-breaking number of new permanent residents in 2023, despite a decline in immigration in August. The country has already welcomed 338,905 new permanent residents this year and is on track to reach a total of 508,357 by the end of the year, assuming the current pace of immigration continues. Do you think this projection will benefit Canada?.

Business Trends

In this section, we will talk about the latest trends and developments in Canada & Global finance and business sector.

• Amid tensions with India, Canada has shut down its consulates in 3 Indian cities temporarily. This will also affect the VISA processing time of Indians. We sure hope everything is back on track!
• Stock futures slip as 10-year Treasury yield crosses 5% for the first time since 2007.
• Middle East Conflict Threatens Global Growth - Oil prices are soaring amid clashes between Israel & Gaza.
• Coinbase is confident that a U.S. bitcoin exchange-traded fund will be approved by the Securities and Exchange Commission.

Business Blog Bytes

There are many entrepreneurs in Canada who have just started out in business or need some guidance while exploring the market. We regularly post updates on our website. You can check out these blogs for a better understanding:

1. The Benefits of the Voluntary Disclosure Program

If you're feeling anxious about late taxes, the Canada Revenue Agency's (CRA) Voluntary Disclosure Program (VDP) can help. The VDP allows taxpayers to voluntarily correct errors or omissions in their tax filings before the CRA discovers them, which can minimize penalties and avoid prosecution. If you need to know more about VDP, click on the link above and do give it a read. We are sure, you’ll gather some useful insights!

2. Why is entrepreneurship the real MVP?

Let go of the traditional belief that insists on obtaining a degree, clocking in a 9-to-5 job, and only then allowing yourself to dream. Nope, entrepreneurship offers you the opportunity to dream and act now, to create a substantial impact – whether it means achieving financial success or making a positive change in the world. Want to how you can become an entrepreneur with the right mindset, read our blog!

That’s all for this edition of our newsletter!

Hope you have gathered some insights on business incorporation tips. For any financial and accounting services, income tax - personal and corporate, compilation engagement report, etc.,