The following information comes courtesy of Dan White, President, Tax Audit Solutions. This company has decades of experience in all areas of tax problems. They are Tax Representatives. Solving Tax Problems is their main focus. If you are in trouble trying to resolve a big tax debt problem with CRA, Tax Audit Solutions can help.
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As we enter the new normal, some things are returning to the old normal, but not all things.
Even CRA is changing, and are now getting back to work on their existing files, that have been in hibernation for months. They are learning to work in our new world. They will be forced to move off paper, as right now it is paper that is standing in the way of progress. They need to forget that faxes ever existed and get with the program of 100% electronic communication.
Collections is now awakening and looking for money. They will check bank accounts looking for a reason to get a cheque of their own. So, I guess we can say that CRA collecting money is the old – renewed.
The Tax Court is back in business doing on-line cases. That may be a good reason for everyone to bone up on their on line meeting skills for Zoom etc.
All this has a profound trickle effect, and our economic picture is anyone’s guess. The following is how I see this new normal unfolding:
Regardless of Covid 19, or political scandals, the sleeping Giant is awakening and will be hungrier than a mamma bear with 2 cubs and just out of hibernation. The word of the woods is; “don’t get in the birds eye view of a mamma bear” or you just may become dinner.
Now is the time to downsize, get lean and mean, pivot and also invest in your old, now-new business. Those who wait will find themselves having a hard time catching up. Good wisdom says invest when the economy slows, if you have a sound plan now is a great time to focus on your business instead of just working in your business.
Those who don’t adapt will find themselves in financial peril. Restructure now to avoid that. Bankruptcies are down 50%, but that won’t last.
Look for an avalanche of insolvencies to start around the end of 2021. Those who heavily borrowed money to get through C-19 will likely be doing proposals, in order to get the length of time they need to pay off the debt. Proposals are done under the BIA (Bankruptcy and Insolvency Act).
Anyone who sees the insolvency writing on the wall, should start getting ready now, before the shoes fall. They need to make sure they find an Insolvency Representative who will be a best friend to guide them throughout the process.
Most of us will survive and thrive after this fall and into the winter. 2022 will be an exciting year of untold opportunities.
The Travel industry is forever changed. We can now drive to downtown Toronto in far less time than usual. Because traffic is flowing on the 401, the 407 will have to reduce their rates to something more reasonable to entice us to use that highway. We have and will continue to have, fewer cars on the road than pre-C19, as more people work from home.
The Toronto International Airport will not run out of space nearly as soon as projected, due to reduced demand on travel. More business will be conducted online than ever before. That will give some time for the Pickering Airport to get the approval signature from the Feds and begin bringing greater prosperity to GTA East.
Anyone who does not think the Pickering Airport will benefit them, should read the studies. The airport is ready to take flight as soon as there is the Federal Government will to make it happen.
Trains Boats and Planes has changed as to how we see travel. For me, until planes in particular, put in proper air purification systems in their planes, you won’t find me trapped in a metal capsule breathing recycled air with everyone’s cumulative breath blowing down on my face. I can’t think of an easier way to get sick…even get just the flu. I won’t be getting on a cruise trip where I could get trapped for weeks with a sick crew endangering the lives of the passengers.
Tourism is changing because it needs to; Canadian Tourists will likely be touring more of Canada, which is an awesome country with wonderful people.
Interestingly large parts of our economy are blossoming but things will never go back to the old normal. Cocooning will continue with home office renos leading the surge. Back yards are morphing into extended outdoor offices. The pet industry is raining cats and dogs (pun intended)
With the pet prices going ballistic, expect to pay $500 for a mutt puppy and even thousands for even a cross breed. Hobby and micro farming is a new boom industry for tools and garden supplies. Takeout food industry is taking off and home cooking is hot with many of us.
There are always silver linings in everything. It all depends on how we see and do things. Did this C-19 scourge kick our business in the teeth?
The answer is yes it did and likely it is the best thing that ever happened to us, as it forced us to pivot and restructure in a much better way. When we make the best of a bad thing, it can turn out to be a blessing.
But I really miss all the hugs!
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