Free consult & free copy of book

E-Myth – “Why most small businesses don’t work & what to do about it”

Contact Us


Most 5 star CPA Google reviews in Canada

Read Reviews

Chartered Professional Accountants E Myth

1 Fixed Monthly Fee - Planning | Accounting | Taxes | Consulting

Helping Canadian businesses beat the odds!

Business Bootcamp | Money Can Help In Hurt

Business bootcamp says that this can be a very distant difficult and tough decision in that, with a brand-new business owner, they don’t often often have a lot of money for any equipment or vehicle, much less a new vehicle or equipment.

However, for the good of the business, it might be something that you are legitimately going to have to take the plunge on.

Luckily, says business bootcamp, in Canada, there is a system called the Canada small business financing loan, where in you can get $350,000 for operating costs and startup fees in terms of equipment, and in terms of vehicles. This can save you for your startup costs in small businesses.

However, this is going to be just a none other payment in order to pay back the loan. However, this is not a bank loan, this is a government of Canada loan. The banks have washed their hands of all of the risk. Therefore, if you are in arrears, of your bank loan, it’s all the banks that you have to answer to, it is the government in and of itself. And they can be relentless. They will be calling you, emailing you, they may be able to garnish your wages, etc. So do make sure that if you do in fact take this loan, that you do have a plan with your charter professional accountant in order to get back.

Now that you have this loan potentially, business bootcamp says don’t make any rash, emotional, or conceited decisions or purchases. Don’t get go overboard on that new idea. Don’t worry about all the bells and whistles of a certain piece of equipment, or a certain vehicle. Just make sure that it is functional, reliable, and it is going to get the job done to the best of its ability. Make sure that it has longevity to it as well.

So now that you do not have your broken down, rattle down, and terrible jalopy. Make sure that you your brand-new vehicle or at least your brand-new used vehicle is looking fine, and it is instilling the ethics of your business that you are organized, clean, proper, and ready to do the work. Remember to if you have your name on your vehicle proper, it’s definitely going to want to look its best at all times.

For used Quitman, what you’re going have to do is you are not going to have as long to pay back that particular CSB FL loan. Even if you purchase price is higher, the monthly payment is definitely going to be lower which is fine and probably easier for you to manage.

It can completely switch as a matter of fact and however. In that the used multi payment, although the purchase price is cheaper, the monthly payment could actually be bigger than the same payment on the new piece of equipment. So beware of all of these options that you potentially have.

What Kind Of Business Bootcamp Are You Wanting?

Business bootcamp states the fact that optics for a small business owner are everything and are of paramount decisions for you. You have to make very choice decisions for how your customers and your clients are going to see you. Do you think that they are going to see you as a well organized and well oiled machine if you are dirty and walking around without of vehicle altogether or taken the bus?

What this means, explains business bootcamp, is it may be time to find a vehicle that you can be proud of, and that you can call your own. There are different rates and terms that you can get for a vehicle, however do make sure that if you are looking for a new vehicle, that you don’t necessarily drink what the salespeople are beating you. What that necessarily means is there can be a lot of hidden costs, and different innuendos that they might put you on so that you buy the vehicle, and it seems like a wonderful deal.

Generally, says business bootcamp, it’s a really good baseline to do to use as the CSB FL is prime +3%, that is kind of a run-of-the-mill rate, as prime is as of the time of this article 3.7%. That particular prime rate is not bound to change anytime soon in the socioeconomic state that we are in right now. This is comparable to a very good lease rate. And can offer you many opportunities. Sometimes you can better on manufacturer’s financing, or legitimately on the leasing as well. Especially with the leasing options you’re going to be more expensive there going to be a fallback position and you can get about 10 or potentially 15, or potentially 15 and 20% off. They’ll give you financing through the manufacture or through that leasing company that could potentially give you a better rate. But it’ll be far more expensive than the CSB FL at 7%. Again your not necessarily going to be in a position where you’re going to need to deal with the bigger rate.

You may also consider a voluntary disclosure agreement, where that is going to make you and help you to deal with a lot of your finance grief in terms of the brand-new startup.

The GST as well is going to be trickier in that they view GST as a trust account. It is going to be money to begin with on the default. Those penalties for example are going to be found out so you can get rid of the penalties altogether in that particular case. Ideally, what you’re going want to do is just make those particular deadlines so that you are going to be able to afford such things as new Quitman, and new individual vehicles.

Remember the Canada small business financing loan can help you, although it is alone, it is not a grant, bursary, so you are definitely going to have one more thing that you’re going to have to pay.