• Wealth Inequality in Canada - WE NOW LIVE IN A WOLRD OF HAVES AND HAVE NOTS Canada is in the bottom quartile of peer countries in terms of wealth disparity.   WE ARE ENTERING A NEW ERA OF MASSIVE INEQUALITY Wealth inequality in Canada has increased over the past 20 years. Each year the Canadian middle-class loses its’ share of […]
  • Give your Children an Edge with German - “You don’t have real diversity when you have a group of people that look different but think alike.” – Peter Thiel, Billionaire on Multi-culturism We all face an extremely competitive landscape in which our customers have a multitude of options.  A truly unique resource in Canada to give your child a competitive edge is to […]
  • Business Travel Expenses - You may claim an annual shareholders meeting as long as its reasonable (ie. Banff, Las Vegas for those us in Alberta or 2500km from your corporate home base). In addition to this, you are allowed to fully deduct all expenses related to attending 2 conventions per year. Other trips can be partially written off (prorated for […]
  • Dividends vs. Bonuses - Reading a bunch of articles on the internet, an uninformed person may make the conclusion that dividends trump wages every single time. Although accountants would have you believe they have the magic sauce to navigate their world, their world is governed by the same laws that govern the rest of the universe: math and its […]
  • 4 Focuses to make $200+/hour after-tax - Even without fast food or a salon, you can still make $200+/hour AFTER-TAX as a middleman. What do you sell? You either sell software (including SaaS), equipment (industrial/medical/data center), houses, vehicles, or something scalable online. After processing over $2.8 billion in transactions over 10 years, four definitive conclusions is that you need to focus 1) […]
  • Quickbooks Online vs. THUT Accounting - As Certified QuickBooks Proadvisors we have met many clients who have intended to do their books on a daily basis, but life gets in the way, and depending on how many transactions occur on your synced accounts, even failing to match the transactions after a couple days can lead to a mess. And if you […]
  • 3 reasons why I started a business in Edmonton - I run an Accounting Sofware-as-a-Service business based in Edmonton. Accountants are all about cost-cutting, but the truth is that it’s all worthless compared to the big 3: taxes, housing, and payroll. Our mission is to reduce costs by 15-25% for businesses with recurring revenue. Please reach out to us at help@christianthut.com 1. Taxes Combined, the […]
  • How much taxes should I expect to pay? - Remit the net of the GST you collect on your invoices less the GST you pay on purchases every quarter (or if you are eligible and it works out for you remit 3.6% of your total invoices every quarter in accordance to the quick method accounting. Prepare to pay 12% corporate tax on your net […]
  • Claiming a Company Vehicle - Do you use the vehicle for at least 90% of the time for business? If not, then please have your corporation write you a cheque for a tax-free mileage reimbursement for the use of your personally owned vehicle.   In this case, do not pay for any vehicle-related expenses through your corporation. Pay for all vehicle-related expenses […]
  • Do Canadians Pay Their “Fair Share”? - The top 20% of income earners in Canada pays 56% of the country’s taxes.  The top 1% of income earners in Canada pays nearly 18% of the federal and provincial income taxes, while the bottom 50% will pay less than 9%.  These are examples of Pareto’s principle. The current administration in Canada views wealth as […]
  • Part 2: Get Big, Stay Lean: A How-To Guide For Clean Bulkers - Before looking to grow you need to get lean first.  Once you have downsized until the marginal costs of outsourcing exceed the cost of doing it internally, you are ready to get big. Contrary to popular belief, you can get big without becoming inefficient. Here’s how to get the best results from your bulking plan! Spend more! Most people focus […]
  • Part 1: Get Lean before Bulking - What happened to THUT? At its height, we employed 6. Today, with more and larger customers, there is only 1 employee.  In order to grow, older companies (4+ years) need to get lean first: downsize until the marginal costs of outsourcing exceed the cost of doing it internally. Staying lean is key to operational efficiency.  For […]
  • Scale, Derivatives & the Most Important Ratios - Since we have agreed that math is the key to escape the middle class, we must go further to how to apply math in your business. Everything operates on first and second derivatives, marginal effects, and ratios. Algorithms are the key to scale: Find a problem that you can address that will bring value to customers. Re-frame […]
  • Math to Escape the Middle Class - Being part of a certain profession, or earning a certain amount of money does not ensure your exit from the middle-class.  Most people are stuck there because of math. We focus on the only 3 sources of negative cash flow that matter: taxes, housing and in the case of a scalable business – payroll.  Even […]
  • “Mua khi máu chảy trong các đường phố.” “Ngay cả khi máu là của chính mình” - “Mua khi máu chảy trong các đường phố.” “Ngay cả khi máu là của chính mình” – Freiherr von Rothschild 2018 mang lại thời kỳ kinh tế bất ổn. Nhưng đối với những người đang chuẩn bị nó có thể mang lại một cơ hội một lần-trong-một-đời để đẩy nhanh tiến độ giàu có của bạn. […]
  • Investing Philosophy Updated for 2018 - For the past 10 years, I was a strong proponent of dollar cost averaging. But our bull market will come to an end in this 4th turning. As of this writing,  Bank of Canada rate is only 1.25%. In 7 months we expect it to be at 1.75%.  With historically low-interest rates housing prices have […]
  • Man’s best friend: Dog Not Wolf (Employees vs contractors) - “If one holds his state based on mercenaries, he will be neither secure nor peaceful; for they are divided, disloyal, ambitious and without discipline… they have neither fear of God nor are loyal to fellow men.” – Niccolò Machiavelli Substitute state with company and mercenaries with contractors as you see that there is a misalignment of […]
  • Các Bước để Thanh Toán PD7A Online - Bạn phải thanh toán báo cáo PD7A của mình vào ngày 15 của tháng tiếp theo. Ví dụ: báo cáo PD7A cho tháng 2 phải được thanh toán trước ngày 15 tháng 3. Chúng tôi khuyên bạn nên thanh toán PD7A ngay sau khi bạn nhận được nó từ văn phòng của chúng tôi, do […]
  • Cách Ngăn Audit! - Có quá nhiều sự lựa chọn và tất cả chúng ta đều phải chịu sự mệt mỏi của quyết định. Sự khởi đầu của năm là thời điểm tốt để lập kế hoạch cho phần còn lại của năm. Cuộc sống quá ngắn ngủi để dành thời gian mua sắm – mua sắm càng ít […]
  • ChatBots for Mass Market Businesses - Keeping true to our focus on minimizing payroll costs, Blockchain-enabled AI Bots are more cost-efficient than employees, available 24/7, have a quicker response time and will result in more sales. By using blockchain technology there will be a ledger of each customer’s conversation with the ChatBot in the event there is a problem. Online product sales: Chatbots should […]
  • Customer is King - The most important things in valuing a business are detailed financial records, well-documented operations (SOPs) and customer metrics: the long-term value of the customer, the cost of acquiring customers, revenue, and lost customers. Last week a dozen of our customers were listed as 2018 Golden Fork winners so we will start with the fast food group: […]
  • Alberta versus BC - Many clients tell us they plan to move BC because of the warmer weather but there are some things that they should keep in mind. Although Alberta and BC have equal small business corporate tax rates of 12%,  Alberta is still the rational choice for your headquarters. Alberta’s differences over BC: Higher GDP with an economy […]
  • Math Hacks for Your Business - Location Due to mathematical clustering and conformity, the closer you are to your highest-grossing competitor, the more likely it is you will get half their customers upon opening. If you follow the rest of the advice in this blog and have multiple sources of income, to begin with, you ride out the zero-sum game until you […]
  • Canadian Sales Tax - You are required to collect 5% of the sales of the goods and services you sell in Canda on behalf of the Canada Revenue Agency.   For provinces participating in the harmonized sales tax HST, it is 13-15%: Ontario  — 13%; Nova Scotia, Newfoundland, New Brunswick, Prince Edward Island  — 15% You must remit this money to the Canada […]
  • Running a Nail Salon - What are the three most important performance metrics? The lifetime value of a customer is king, and the three things that drive it at salons are client retention technician retention and retail sales per client. Client retention. Repeat customers generate a higher return on every dollar spent getting them in the door. Having a client […]
  • THUT: Terms of Service - Preface: The following document embodies a series of priorities that outline the tenets and beliefs of the THUT community. This article has been written with brevity and ease of reading in mind, links relevant to the further discussion are given for each topic where available. The information herein is by no means exhaustive. We are at war. It’s not about east or […]
  • Lifestyle design for 2018 and beyond - There is too much choice and we all suffer decision fatigue. The start of the year is a good time to plan out the rest of the year. Life is too short to spend time shopping – shop as little as possible and have your necessities automatically delivered to you in a biweekly shipment. Likewise, […]
  • How Does Your Income Stack Up? - Do you know how well you’re doing income-wise? Many of us have no accurate idea because we don’t know how much our peers earn. While constantly comparing yourself to others may lead to unhappiness, you should know where you stand because it dictates your strategy going forward. If you don’t know where you are today, […]
  • Top 2 Profitable Purchases of 2017 - 2017 isn’t over yet but I guarantee that nothing else I buy in the next 3 months could surpass these 2 products. Read on if you want to: save time for what’s REALLY important save energy maximize your productivity and efficiency BACKGROUND I have two kids, a 3 year old and 5 year old, which […]
  • Downloading Bank Transactions to CSV - Please remember to choose the correct dates based on your year end! Instructions links are below to view step by step instructions on how to download your bank transactions from your corporate bank account for us to complete your year end. CIBC  RBC  (must be done every 3 months) TD: Downloading to a Spreadsheet* (CSV) You’ll need to […]
  • How many hours should you work? - Age 40 and up: 10 hours/day: If you want to increase your net-worth by 14% each year worked. 7 hours/day: If you want to increase your net-worth by 11% each year worked. 5 hours/day: If you only want to increase your net-worth by 7% each year worked. Age 30-39: 10 hours/day: If you want to increase your net-worth by 10% each […]
  • Best Ways of Thinking Differently - There was an excellent comment in our highly popular post on Choosing Your Market & Pricing. Thank-you “dicky dee” for creating this idea and everything in quotes are his words. Most people think “follow your passion” is sound advice. Successful people often attribute their success to doing what they are passionate about- it’s just an […]
  • 9 Things You Didn’t Know About Christian Thut - He hasn’t owned a cell phone in 12 years. He makes an effort not to consume popular culture. He considers this one of his “keys to success”. He is an expert martial artist. He got his black belt in Tae Kwon Do as a kid and trained Yan Yaw (Dance of Death) kickboxing in Asia. […]
  • Don’t Swallow Fluoride to Reap its Benefits - Many of us don’t know much about fluoride except that it is supposed to be good for your teeth and reduce cavities but there is so much I didn’t know.  As quoted from Nassim Taleb’s Anti-Fragile (Chapter 21. Medicine, Convexity, and Opacity) “The non-natural needs to prove its benefits, not the natural—according to the statistical […]
  • Using Facebook For Your Nail Salon - For our Vietnamese blog post, click here The average person spends MORE THAN HALF their waking life on electronic devices.  It does not matter how good your salon is, if potential customer’s phone searches take them to your competitors, you lose out!  You can also use the following steps to effectively get new staff.  Step […]
  • Sử dụng Facebook cho tiệm Salon của bạn - For our English blog post, click here Người trung bình dành hơn một nửa cuộc sống thức dậy của họ trên các thiết bị điện tử. Bất kể salon của bạn tốt như thế nào, nếu khách hàng không thể tìm thấy doanh nghiệp của bạn trên điện thoại, bạn sẽ mất khách hàng! (Bạn […]
  • Choosing Your Market & Pricing - There are only two markets you need to know: The top 20% (controls 70% of Alberta’s wealth) Average women Where is the average men? They simply don’t count in Alberta– their women control their money -so unless you are targetting the high-end market direct your efforts directly to women! How do you pick your market? […]
  • Ghế Xe Car Seat cho trẻ em -Xoay ghế về phía sau càng lâu càng tốt - ENGLISH HERE Christian cao 6’1 ft và em 5’5. Không dễ dàng tìm chỗ ngồi cho trẻ em để chúng tôi có thể sắp xếp chúng trong xe của chúng tôi mà không làm phiền ghế lái xe. Sau khi nghiên cứu, chúng tôi quyết định mua hai chiếc ghế trẻ em Clek Fllo. Thông […]
  • Best Cold Prevention You’ve NEVER Heard Of! - Everybody knows that Christian is sick for 90%   80%   75 % of the year. Not kidding. So we had to research about why he got sick so easily and why I hardly got sick. (Christian says my immune system is stronger than his because I was dirty as a kid) There had to be something […]
  • Child Car Seats & Why Rear-face as long as possible - Christian is 6’1 ft tall and I am 5’5. It is not easy finding child car seats so we can arrange them in our car without it bothering the driver seat.  After EXTENSIVE research we decided upon purchasing two Clek Fllo child car seats in Noire . Details of our research are listed below for the […]
  • Actionable Self-Improvement Books - Antifragile: Things that Gain from Disorder – by Nassim Nicholas Taleb How an Economy Grows and Crashes – by Peter D. Schiff A Guide to Good Life: The Ancient Art of Stoic Joy – by William B Irvine A Guide To Rational Living Books for Parenting Your Competent Child: Toward a New Paradigm in Parenting […]
  • CRA Requirements for Tips & Gratuities (Vietnamese) - Bạn phải chọn một trong hai cách để trả tiền tip. (English Version here) Employees phải báo cáo / thu nhập tiền Tip của họ trên thuế cá nhân của họ. Hãy nhớ ghi lại thu nhập của bạn và tiền Tip trả cho nhân viên của bạn trong hồ sơ thu nhập của bạn (English […]
  • CRA Requirements for Tips & Gratuities (English) - You have to choose 1 of 2 ways to pay out tips as per the Canada Revenue Agency. (Vietnamese version here) Employees are expected to report their tip/gratuity income on their personal tax returns if the tips are Direct Tips. Remember to keep track of the tips paid out to your employees in your income […]
  • CDIC: Best Way to Protect Your Cash in Canada (Vietnamese) - Tiền của bạn có được bảo vệ vởi CDIC không? Hãy đọc để tìm hiểu làm thế nào để gởi tiền của bạn cho an toàn. English posting here. CDIC đảm bảo tiền gửi đủ điều kiện trong các ngân hàng, trust companies và loan companies với mất mát trong trường hợp thất bại, NHƯNG chỉ đến […]
  • CDIC: Best Way to Protect Your Cash in Canada (English) - Is your money protected by the CDIC? Keep reading below to find out how to keep your hard earned money safe. Tiền của bạn có được bảo vệ vởi CDIC không? Hãy đọc để tìm hiểu làm thế nào để gởi tiền của bạn cho an toàn. Vietnamese posting here. The CDIC insures eligible deposits in banks, trust […]
  • WCB Coverage in Alberta - WCB insurance provides your employees with benefits and services after an injury happens. You may have to sign up for WCB coverage for your employees. Please contact WCB Alberta to find out if WCB coverage is mandatory for your corporation. If so, you must open an account within 15 days of hiring your first worker. […]
  • Steps to Starting your Canadian Corporation - Once you have decided to get incorporated there are a few steps you must take: Get incorporated by a lawyer or registry office with these steps listed here Forward us the documents you receive from your lawyer or registry office so we can apply for a business number for your corporation or apply for your […]
  • Why Do More Edmonton-area Nail Salons Choose THUT Accounting Than Anyone Else? - Có nhân viên kiểm tra thuế (auditor) làm ở cơ quan thuế Canada Revenue Agency (CRA) báo cho văn phòng mình biết là: CRA có nguyên một đội ngủ chuyên kiểm tra lại thuế tất cả các tiệm nail trong vòng 2 năm Trong đội ngủ này CRA có nhân viên biết tiếng Việt Nam […]
  • Recommended Products -   ATTENTION: THIS POST WILL NOT BE UPDATED ANYMORE. PLEASE VISIT HERE FOR THE MOST RECENTLY UPDATED APPROVED PRODUCTS Purchases that we really recommend listed in 3 different categories with reviews of the product item is listed after the product name (if applicable): Disclosure: this post contains affiliate links.  Health products Household products Children’s products […]
  • Income Records - For the Vietnamese version of this blog post please click here As per the CRA website: Keep track of the gross income your business earns.  Gross income is your total income before you deduct the any expenses, including those associated with the goods sold. Your income records should show all the following information concerning your income: the amount […]
  • Income Records – Vietnamese - For the English version please click here Kiểm tra tổng thu nhập của  doanh nghiệp bạn. Tổng thu nhập là tổng số thu nhập của bạn trước khi bạn khấu trừ bất kỳ khoản chi phí nào. Hồ sơ thu nhập của bạn cần ghi chép rõ ràng các thông tin như sau số tiền […]
  • 5 Rules To Keep Your House From Being A Bad Investment - If the housing market has a positive outlook you can consider a home less than 2.5x your gross annual household income if you make a 20% down payment.  If you can make a down payment of at least 30% you could consider a home that costs up to 4x your gross annual household income. Consider […]
  • Double Your Money - If you put $C ($500,000) into investments that pays r% (3%) each period, then after n (24 years) periods the amount of money will be P ($1,016,397). (Example is italicized) P = C (1 + r/n) nt where     P = future value     C = initial deposit     r = interest rate (expressed as a fraction: […]
  • How do I apply for a business number (BN)? -  A business number (BN) is a common identifier for businesses in their dealings with the government. Each business, whether it is a sole proprietor, partnership, corporation, trust or other organization, requires one BN for it’s legal entity. Whenever you deal with the government you must provide your BN to identify the legal entity you are […]
  • How do you want me to organize my paper work? - (Tiếng Việt dưới đây) “How do you want me to organize my paper work? Is it okay to stuff everything into an envelope/box?” It would definitely be a lot more helpful and organized for both us and you if you could: Remember to use your corporate debit card/credit card to pay for business expenses and then separate […]
  • Paying Canada Revenue Agency (CRA) / Receiver General - For safety reasons, we recommend you to pay online through your online banking system or through CRA’s My Payment system. You may also pay at the bank if you have the original payment form mailed to you from the CRA. (Instructions for CIBC online banking below) You can use  CRA’s My Payment system if you have an online banking account at the following financial institutions that currently participate in Interac […]
  • CRA’s My Payment System - Yes we know it looks complicated but it doesn’t have to be! Below we list step by step instructions to use CRA’s My Payment System for paying your payroll remittances, GST, corporate income tax and individual income tax. CRA My Payment System To pay your Payroll Source Deductions (PD7A) Click the link above Click “START […]
  • Filing Alberta Annual Returns - Annual returns must be filed yearly at the registry office. Each year you will receive a form in the mail around the anniversary of your corporation (see image above). If you do not file two years in a row your corporation will be automatically dissolved. To continue using your corporation you must pay $420.00 to […]
  • Getting Incorporated – Easy as 1-2-3! - Who has time to drive to a registry office and wait in line? We sure don’t! That is why we have everything sent to a registry office electronically and they just email us back. Step by step instructions are listed below for a NAMED Corporation or NUMBERED Corporation. Getting incorporated is easy. To get incorporated please email us […]
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