Tag Archives: abconiq

Essential Tax Numbers for 2021 for Canadian Residents

Use this handy list of tax numbers as a quick reference.

Wooden cubes tax with canadian dollar
Taxes 2021

This article was updated on Dec. 2, 2020, to include 2021 numbers. Source- advisor.ca

Working clients

  • Maximum RRSP contribution: The maximum contribution for 2021 is $27,830; for 2020, it’s $27,230.
  • TFSA limit: In 2021, the annual limit is $6,000, for a total of $75,500 for someone who has never contributed and has been eligible for the TFSA since its introduction in 2009. The annual limit for 2020 is also $6,000, for a total of $69,500 in room available in 2020 for someone who has been eligible since 2009.
  • Maximum pensionable earnings: For 2021, the maximum pensionable earnings amount is $61,600 ($58,700 in 2020), and the basic exemption amount remains $3,500 for 2020 and 2021.
  • Maximum EI insurable earnings: The maximum annual insurance earnings (federal) for 2021 is $56,300, up from $54,200 in 2020.
  • Lifetime capital gains exemption: The lifetime capital gains exemption is $892,218 in 2021, up from $883,384 in 2020.
  • Low-interest loans: The current family loan rate is 1%.
  • Home buyers’ amountDid your client buy a home? He or she may be able to claim up to $5,000 of the purchase cost, and get a non-refundable tax credit of up to $750.
  • Medical expenses threshold: For the 2021 tax year, the maximum is 3% of net income or $2,421, whichever is less. For 2020, the max is 3% or $2,397.
  • Basic personal amount: The basic personal amount for 2021 is $13,808 for taxpayers with net income of $151,978 or less. At income levels above $151,978, the basic personal amount is gradually clawed back until it reaches $12,421 for net income of $216,511. The basic personal amount for 2020 ranges from $12,298 to $13,229.

Older clients

  • Age amount: Clients can claim this amount if they were 65 years of age or older on December 31 of the taxation year. The maximum amount they can claim in 2021 is $7,713, up from $7,637 in 2020.
  • OAS recovery threshold: If your client’s net world income exceeds $79,845 in 2021 or $79,054 in 2020, he or she may have to repay part of or the entire OAS pension.

Clients with children, dependants

  • Canada caregiver credit: If you have a dependant under the age of 18 who’s physically or mentally impaired, you may be able to claim up to an additional $2,295 for 2021 and $2,273 for 2020 in calculating certain non-refundable tax credits. For infirm dependants 18 or older, the amount for 2021 is $7,348 and the 2020 amount is $7,276.
  • Disability amount: The amount for 2021 is $8,662 (non-refundable credit; $8,576 in 2020), with a supplement up to $5,053 for those under 18 (the amount is reduced if child care expenses are claimed; $5,003 in 2020).
  • Child disability benefit: The child disability benefit is a tax-free benefit of up to $2,915 (2021) for families who care for a child under age 18 with a severe and prolonged impairment in physical or mental functions. For 2020, the amount is $2,886.
  • Canada child benefit: In 2021, the maximum CCB benefit is $6,833 per child under age six and up to $5,765 per child aged six through 17. In 2020, those amounts are $6,765 per child under age six and up to $5,708 per child aged six through 17. Eligible recipients received $300 more per child earlier this year as part of the government’s financial support during the Covid-19 pandemic.

Marketing In Noise Brings Growth

I recently came across this write up that talks about marketing at the times of recession can be good. With Corona Virus fever catching on and advertisers and end clients considering stopping their marketing campaigns, here comes a perspective that encourages radical spends when things are getting g tough.

I recommend you to click on the document and read it for getting to know more about Share of Voice and Share of Market by deploying choicest of marketing strategies and leveraging digital media for a win against competition.

Link- Marketing In Noise / Credits-Millward Brown

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Subconscious Mind Reprogramming Technique

Steps to Reprogramming your Subconscious Mind

Step 1: Thoughts- It is combination of ‘incoming’ thoughts that are opinions from others absorbed by you from the outside and the ‘outgoing’ thoughts which are processed thoughts by you and used for step 2.  

Step 2: Emotion- You attach your thoughts to emotions. This is part of human nature. It is entourage to making your thoughts legitimate. 

Step 3: Belief- Your thought + emotion will turn into a belief. These beliefs lay down the foundation of what is going to happen next with you. 

Step 4: RAS-  Reticular Activating System (RAS) is a neurological system that gets activated on the basis of your belief. In order to bring life to your thoughts, your brain looks for confirmation biases. You actively start looking for things that ‘confirm’ what you believe in. This is automatic. You will get to this unknowingly, unintentionally, and mostly sub-consciously. 

Step 5: On reaching the confirmation or validation stage, your belief gets conviction through confirmations you seek and find with time. Convictions are strongest form of ‘beliefs’ and they form the basis of your approach towards life. 

Reprogramming: You need to disrupt at Step 1. You need to change your thoughts with correct data feed. Second, you need to attached positive emotions to those thoughts. As they grown into beliefs, you need make those beliefs stronger by consistent reinforcements. As RAS gets activate, you will be automatically programmed for confirmation and convictions. 

And this will change your life ! Cheers

Legacy stays long. Your past will haunt you.

Your #past will #haunt you !

The things that you do today will carry along in time. This way, when you look back, you will only see what you have done and that makes the base for your onward journey.

It is to do more with your #cognitive mind telling your #subconscious self that this is what you have done and that’s what you accomplished.

The ‘act of action’ is what sinks and stays with you. And this is what #resonates with people as this is what they #see.

Over the years, I have worked as an #entrepreneur running my business, #robertdowneyjr has been the #ironman, #justinbieber has been singing #whatdoyoumean, #danlok has been selling #salesartistry, #tonyrobbins has been selling #coachingforlife, so on and so forth.

The point is, what you do today, makes your #culturescape, your models of reality and your systems of living. Thanks to Vishen Lakhiani.

This is what you were, you are and you will become in time. You cannot #escape it. So choose wisely.

Your #choices matter. They make up your past, the present and #future.

#personaldevelopment #life #lessons #blogs #success #questions #learnings #abconiq #abhayababbar

Survival Impact

Incredible things happen to your mind when you survive the worse. You get programmed to boot neurons and activate chemical responses in your brain that just changes how you see the world and recaliberates your way of wordly response.

This bio hack generates incredible life force for you to screw ordinary and contribute impactfully. Release of neuro toxins such as dopamine, serotonin improves cognitive responses.

You breadth different. You behave different. You act different. People see a new found you and that may be a incredible you.

Only thing that matters thereafter is sustainability.

Going Driverless ! Entering the future.

Billions are being spent to go driverless. The best of minds from Fortune 500 companies are working on AI technology to get there. Do you think its happening?

Ofcourse ! If trains can get driver less, cars can get driver less as well. With Autobot, you will be able to talk to your AI driver as well. You may get satisfied intellectually but interacting under such a scenario…but…how you are going to hack your emotional self is a problem to solve.

Will we able to live without human interaction knowing that you talk to a machine? We have actually through messaging.

We prefer emails, sms, messaging over talking. What the future holds, we do not know but what we know is that Man is evolutionary and change is internal to our being.

Sharing a Video from the House of Volvo. They are not making cars, they are delivering mobility to customers

#ai #automation #humantouch #abconiq #abhayababbar #driverless #volvo #science #technology

Problem solving in business? I Don’t!

Majority of us these days who run businesses claim/try to solve a problem. But I don’t think that is the case always. At least, I don’t!

Your business was started as there was a perceived demand for a specific product or service. There could be those, who just went on for a cup of coffee with a friend, an idea germinated among them and boom, you think you got it right and had therefore taken the plunge.

But in most cases, there is no problem solving happening. As goes the jazz, you are being influenced to think in a certain way..the problem solving way.

Guys, let me put it straight. I do not solve any problem in my business. Business is plain economics that includes demand and supply across the value chain.

So if you run a trading business, you are just buying and selling for profit. As a manufacturer of goods, you are just producing and selling a product for which a market already exists in most cases. To the best, you are just filling the demand supply gap.

But there are exceptions. The market makers and the IT & Tech industry really solve problems. Market makers do concept selling where they disrupt or just try and sell a niche product. IT & Tech as an industry runs on solutions, customization and efficiencies. This could be a place for problem solving.

But thats about it!

I believe, problem solving is just a buzz word which is going around these days in the business community which has actually been imported from science (IT/Tech) lead industries to all others.

Till the time, you are able to sell, make bucks, do not worry about solving a problem. There will always be demand for a tooth paste, birthday cake and a BP monitor and let me remind you, there isn’t any problem solving happening here.

So don’t wonder what problem you are solving. It is not necessary to always transgress to a higher purpose or meaning. Simple meanings to business also go a long way.

#problem #problemsolving #business #entrepreneurship #buzzword #screwordinary #inspiredleadership #abconiq #leadershipinsights #simpleisin

Man Up! Meet the Eye.

“No one knows where you come from but everyone should know where you are going!” 

Guys, its your life. You are living it- day In and day Out.

You have spent time and lived through. You are where you are because of the choices you made. Your experiences live with you forever.

Something is biblical, something is grand, it is interim and a must for everyone to have it in them. And to live that, only thing that matters is the one i.e. you, should meet the eye.

An eye of your employer, the boss, customer, competitor, teacher, stranger and your parents, which sometimes is the hardest one to meet, must be met, eye to eye.

It is this confidence and self belief in you that shall take you places. Your credentials help but what really matters is the gray in you. The gray that you slog through exploration. It may take time but you need to do this homework by looking inside.

This is a much needed job because without this you will continue to sweat through your pants, get your gut growl, and get psyched by anxiety in times of need; what matters is to man up.

Until next time, Cheers ! Man Up !

#screwordinary #manup #selfbelief #personalgrowth #leadershipwisdom #entrepreneurship #younglads

The Big Change…

It is quite incredible to see how people aggressively market their certifications and achievements at workplace on LinkedIn and similar platforms. Such recognition is usually conferred by their current employers who are usually Corporate, Multi-national Cos, Global Partner Enterprises and Industry Bodies. People who get to work with these companies always have this leverage to grow within the system and get recognized. An ecosystem prevails.

On the contrary, what about those guys who are on their own such as SMB entrepreneurs?Are they doomed to live and die in oblivion? Years of hard-work may help them make some money but what about recognition, network and the flaunt?

I think employees and employers working in SMB ecosystem must get a fair chance and a platform to get recognized. Things have changed but still not many employees get credible ‘Best Employee Certificates’. This may be because these certificates do not get the leverage in eyes of the Big Ones (MNC/Corporates) in comparison to their own. Even the ‘Training Certificates’ do not stand tall. Lack of performance management and recognition system adds to misery to the fate of people working in smaller companies. Moreover, non-recognition of smaller companies/employers and entrepreneurs is painful.

Unfortunately, such companies, employers and employees operate in the same ecosystem as bigger companies but for some reasons do not reach a point that makes them worthy of an award or an accolade. And whatever they manage to get, may not impress the high flyers.

Something should be done. Everyone deserves a right to get fame, power and money.

Food for thought? Cheers.

#recognition #smebiz #selfemployed #business #selfpride #fame # power #network

The Placebo Way !

Many times I have seen in my last 10 Years of professional life that systems collapse when you move away for a while or long!

This is the harsh reality for all budding entrepreneurs who are trying to make a mark. The problem is not with the business, problem is with YOU.

At the onset, an entrepreneur or the promoter does not have the liberty to space out. If you start-on this path, believe you me, you are damned to be there. This is a never ending road, with never ending milestones, pit-points and what not. So accept it, once you are in, you are all in.

Second, it is imperative to have the right style of management. You must know, companies are formed not by leadership, but by follower-ship. What I mean is you call a company a company when it has people, processes and systems. So you got to build the team, the systems and the processes. This is the hardest task. Of course, primary reason being the resources- financial, manpower, infra, acumen and what not.

But, I think business is all about common-sense. If you do not have these, get it! After all, there is nothing greater, loftier and mightier than your dream. A dream to succeed and make it big in life.

Third, be a shadow boss. Physical presence is not always needed. Use technology to make your presence felt to your team, customers, vendors and all around. I define it the placebo way- the pill is there and it treats people to make them do better without having to have the salt or you THE BOSS.” 

So that’s about it guys. Word hard – Stay Focus- Peace ! Enjoy the Journey.. Cheers!

Being an Outlier Isn’t Bad !

I have been part of this coveted group for ages- The Outliers. I didn’t know the terminology back then but then I was unknowingly part of it. I think there is an Outlier in all of us. There are times when you think differently. There are times when you seek different. I mean how can ‘One Size Fits All’ work for everybody.

Life is insane. It is not what you want. It is not meant like that. It has its own course and you are part of this big scheme.

The thing that works in your favor is YOU. If you want, you can.

I think in order to win the world, you need to win over you. From being an Outlier, you need to graduate in becoming part of the group and later may be get to the center-stage.

But you have to earn it. You need to rise. And give your best. In whatever you do.

Friends, there are no hard and fast rules in life. There is no full proof path to success. If something works for him, it is not necessary, it will be your fate as well in case you try and copy.

All we can do is do. And to do right, you have to ‘Do You’. What I mean to say is; work on yourself.

Introspect, check out your limitations, just set things right where possible and work on your strengths. It always pays off if you know yourself well.

So be cool, be an outlier and get into the system with your strength wave. You never know when you start getting lucky. And you rise..and rise.

Signing Off, thanks for reading! Cheers !