We’ve just passed the mid-year mark which makes it the perfect time to review where we are in terms of our budget, taxes, and business in general.
You may be underpaying your tax installments, overspending your budget, or not exactly sure where you stand with your business targets for this year.
Many things can change in 6 months, so why not prepare for a great second half of 2021!
Learn more in our video and if you prefer reading, you can find the transcription below the video.
mid year review
Good afternoon everyone. It’s Irfanali with RMI Professional Corporation once
again. I hope everyone’s had a fantastic week.
As we’re coming close to the end of July here I thought today about a mid-year review.
Many companies have December year ends. We’ve just passed the year-end or mid-year mark of June 30th. A lot of people should have their books up to date by the end of June.
And so the big question is what should be looking for at this time of year?
Well if you’re halfway through the year, there are a few things that you really need to pay attention to.
One, have you been paying your installments to CRA? If you end up owing more than $3,000 a year on your taxes or your GST payments, you need to be making installment payments throughout the year.
So, it’s a good time to just take a look at where your profit levels are, what income have you earned year to date, and have you done your installments and kept up to date on that end.
adjust your budget and business goals
Another big thing to take a look at is how are you doing compared to budgets, compared to your actual projections.
How’s the year been going? And is it time to actually make any adjustments for the rest of the year? I know we’re slowly coming out of the pandemic now so it’s still being the very fun time of year when we’re looking at our numbers.
But it’s really important especially these times when economic uncertainty exists that you really pay closer attention to your numbers. You really need to be staying on top of it.
Review your profit and loss. See how the year has been going and actually start to do some planning for the rest of the year.