Before You Even Start Your Business You Need to Ask These 4 Questions

By Randall Orser | Small Business

business strategy on a wall and running businessman TNIn light of the past economic recession, when companies all over the country are downsizing and finding a good job is next to impossible, millions of people have taken to starting their own businesses and are hoping to earn a considerable income through their own efforts. While many individuals have succeeded as small business owners, some were met with failure simply because of inadequate planning. The truth is that starting a new business takes a lot of time and effort; you need to consider certain factors before launching a business. If you’re toying with a business idea you think is going to be a hit, ask yourself a few questions before you take the plunge into the business world.

Do you have time to run your business?

So many people mistakenly assume that just because they will be running their business from home, it means they will have a lot of free time on their hands. On the contrary, quite the opposite is true. Most home-based business owners need to work a lot more and a lot harder to match the income they used to make when they were working in a traditional office. This is particularly true during the first few months of running the business. Once your business has taken off, however, you may be able to relax a bit and work less hours. Before this happens, you will probably have to work extra long hours, so that’s an important factor you have to consider.

Are you qualified?

Quite often, people think they have a brilliant business idea and find out too late they aren’t qualified to offer that particular service. Let’s assume you’re a mom of four and you’ve just started a business that involves child care. Being a mother of four, you’re quite confident in your capabilities in this field. Your potential clients, however, are likely going to look for an individual who is not only experienced but certified in child care as well. In this case, you will have to get the certification or come up with another business idea where your skills will be put to better use.

Do you have room for your business?

Many home businesses start out small. Once your business takes off, however, you may find yourself in need of bigger space for your supplies or your products. Unless you have extra space in your home (e.g., a spare room or garage), you may soon have to expand outside by renting storage space, which is obviously an additional expense. If you don’t want to deal with such problems, think ahead when you are still in the business planning stage

Are you financially capable of running the business?

Money is one of the most significant factors you have to consider before starting a business. Many people underestimate the costs required to set up a business. Even if they take out a loan, sometimes it isn’t enough to cover all the initial expenses. To avoid these hassles and to increase your chances of business success, plan your finances thoroughly.

Minimize your taxes with these Investment Strategies

By Randall Orser | Personal Income Tax

Business team Network isolated on white TNInvestors tend to be delighted by a winning year in the markets until a big income tax bill clobbers them. While taxes aren’t completely avoidable, there are a number of strategies you can use to minimize them:

Tax consequences of mutual funds, ETFs, and Individual Stocks

1) Mutual funds tend to incur higher tax bills than other forms of investment, unless you are a frequent trader. Avoid mutual funds that jump in and out of stocks frequently. The more a mutual fund trades the more tax bills you will incur. Index funds usually have the lowest tax bills of all the mutual funds.

2) Consider substituting exchange-traded funds (ETFs) for mutual funds. ETFs can still incur unwanted taxes, since they must buy and sell to match a particular index. Unlike mutual funds, however, you won’t incur taxes due to other investors’ redemptions. By buying and selling directly on the market, you control when you incur gains. Unfortunately, ETFs are not as useful when dollar cost averaging with small amounts of money, so smaller and more cautious investors may not be able to take advantage of this feature.

3) Individual stocks are the most tax-friendly of all, assuming you are a long-term investor, but you’ll need to do more work to invest in them intelligently. By holding sound companies for many years, you can build wealth while incurring no tax at all (except on any dividends the companies may pay).

Minimizing taxes by selling winners at the right time

1) Avoid selling stocks and funds just because you have profits. Studies show that frequent traders do worse than long-term holders. Sell only when you have lost confidence in the future of a stock or fund.

2) Go for long-term capital gains treatment whenever possible. The capital gains tax is lower on long term gains than on short term ones. Long term gains treatment occurs whenever an investment is held for a period of more than one year. Thus, it is foolish to take gains in less than a year unless you believe the stock is due for a significant price drop.

Minimizing taxes by selling losers at the right time

1) It is often advantageous to sell your losers before year’s end. You are allowed to claim capital losses up to the amount of capital gains in any given year. Losses over that can be carried over and used in the next tax year or carried forward indefinitely. There are two times when you might want to hold on to your losers: a) The company is a sound one, and you have carryover losses from the previous year that already offset all your gains and allow you the maximum possible deduction or b) You believe that a turnaround in the share price is immanent, and that it will exceed the benefit of taking the loss.

Keep in mind that the superficial loss rule prevents you from repurchasing any stock upon which you’ve claimed a loss for a period of 30 days before and after the sale. Failure to observe this rule could mean your loss will be added to the adjusted cost base of the property to reduce future gains or increase future losses.

2) Try to balance gains and losses. When you want to take a big gain, look for losses you can balance against it to minimize your tax bill.

Minimizing taxes by holding assets in retirement accounts

You can avoid or postpone taxes on dividends and gains by holding stocks and bonds in an RRSP (Registered Retirement Savings Plan) account. In a traditional RRSP, gains are tax-free until you withdraw the funds. In a TFSA (Tax Free Savings Account), they are tax-free forever.

It is therefore advantageous to hold bonds, high-yielding stocks, and stocks you trade frequently in a retirement account, and keep non-retirement accounts for your long-term, low-yield holdings.

Conclusion

You can save money on your taxes by carefully considering the type of investment you purchase, the times when you buy or sell it, and whether you hold it in retirement or non-retirement account. By saving money on your taxes, you increase your total returns. Remember, though, that you’re in the market to make money. Never let tax considerations keep you from selling a stock whose best days are over.

Business Insurance Just Might Save Your A$$!

By Randall Orser | Small Business

broken piggy bank TNBusiness insurance is essentially a requirement for all businesses. The benefits of business insurance definitely outweigh the costs, and it is worth paying for whether it is a corporation or a small business. Business insurance does cost money, and there will likely be some annual or monthly fees for the service, but the cost is still small compared to the amount that the business would have to pay if there were a costly lawsuit. The main reason why business insurance is necessary is because it protects the business from liabilities like theft, vandalism, lawsuits, storms, fires, and more. Going without business insurance will expose the company to a lot of liability and potentially cause the company to haemorrhage money if and when something happens.

What is business insurance?

Business insurance is like any other type of insurance, and the only difference is that it is designed to protect businesses. Business insurance is different depending on the business, their needs, and the insurance provider, but it can include things like property insurance, auto insurance, workers compensation coverage, and general liability insurance. Business insurance is designed to protect the business in the event that something damages the building, their products, equipment, employees, or even customers.

Why do you need business insurance?

All businesses need business insurance whether they are large corporations or small businesses. It is generally not required in most provinces and many start-up and home businesses may not have any insurance in the beginning. Since business insurance does cost money, some entrepreneurs will forgo getting insurance until they have become profitable, and that is understandable. However, it is important that they obtain a good insurance policy shortly after they start because any type of disaster could cost them thousands or even millions of dollars in damages. For example, if a new store opened without business insurance and a customer slipped and fell on the floor, they could be sued for thousands or even millions of dollars for an injury. If the store had business insurance, then they would be protected and they would only have to pay the insurance costs as opposed to all of the money for the damages since the insurance company would resolve the matter.

Since there are other types of business insurance, they still provide protection for a number of scenarios. General liability insurance and property insurance helps provide coverage for fires, thefts, natural disasters, accidents, and etc. Workers compensation insurance is designed to provide protection for the business if an employee makes a workers compensation claim or if they try to sue the company. There is product liability insurance. Product liability insurance is available for companies that make products and it protects them in case a product is defective or injures someone. Auto insurance can protect all of the company vehicles and provide coverage if a car is damaged by another party or if an employee gets into an accident or damages a vehicle.

Business insurance may actually be required for certain types of business depending on the province. Some provinces may require medical related businesses such as hospitals and doctors offices to carry malpractice insurance in case a patient gets injured. Many financial businesses such as investment firms, banks, and credit unions are required to have a certain type of insurance policy as well. Umbrella insurance is also available as a package deal of sorts because it combines all of the different types of coverage into one policy. A business can work with an insurance company to create a policy that will fit all of their needs and include different types of coverage.

How to save money on business insurance

Business insurance costs can change due to a number of factors, so there are some ways to reduce costs. The first thing that businesses should do is compare quotes across the board and meet with different insurance providers to get the best rates. Try to negotiate with them and make sure that all of your needs are met in the policy that you create because you are not obligated to accept a standard policy. Sometimes a business can reduce their insurance rates by increasing their credit rating and just improving their standing as a legitimate business by signing up with the chamber of commerce and the Better Business Bureau. Generally, with most policies if the business gets a low deductible there will be a high premium and if they get a high deductible there will be a low premium. Take some time to look around and never accept the first offer.

The benefits of insurance does outweigh the costs because the costs of lawsuits, natural disasters, or a fire could be so devastating that the company may close down altogether if they cannot afford to pay the entire bill on their own. In this day and age, business insurance is really a necessity, and it is just part of the cost of doing business.

Capital Gains and Your Taxes

By Randall Orser | Personal Income Tax

taxes-tn2When you buy a stock or a mutual fund, you do so in hopes of making a profit. That is why it is so important to keep careful track of not only how much you paid for that security but any income it generates while you hold it. All of those factors go into your cost basis, which in turn helps you determine your true profit.

Computing your capital gain is important, since an inaccurate figure could cause you to either overpay or underpay your taxes. If you overstate your cost basis, you will pay too little in capital gains taxes, and that could invite some unwanted attention from Canada Revenue Agency. If you understate your cost basis, you will pay too much in capital gains taxes, cutting into your profit and leaving you with less money in your pocket.

Understanding Your Cost Basis

Many investors assume that the cost basis of a stock or mutual fund simply consists of the amount they paid, but in fact it is a bit more complicated than that. Many stocks and mutual funds pay dividends along the way, and those dividends are considered taxable income. When you hold a dividend-paying stock or mutual fund, you should receive a T3 or a T5 form each year showing exactly how much you received. You must then include that amount on your tax return, and pay the applicable taxes on that money.

If you fail to factor in those dividend payments, you risk understating your cost basis and paying taxes twice on the same money. When you receive a T3 or a T5 form, you should immediately add the amount shown to the amount you paid for the stock or mutual fund. Continue to add those dividend payments to your cost basis each year, since you have already paid taxes on those amounts. This is assuming you are not receiving cash for the dividends and they are just added back into the investment

Computing Your Capital Gain

The cost basis of your stock or mutual fund consists of the amount you paid, plus any brokerage commission, along with those quarterly or annual dividend payments. Once you have added up all those amounts and determined your true cost basis, it is time to compute your capital gain.

When you sell a stock or mutual fund, you should receive a T5018 form, which shows the amount of proceeds you received (some forms do show the cost and/or adjusted cost base too). Once you know your cost basis, computing your capital gain is as simple as subtracting that cost basis from the gross proceeds.

Once you know the amount of the capital gain, you can simply include it when you file your taxes. If you use tax preparation software to prepare your return, all you need to do is answer the questions about capital gains and use them to see the impact of that gain on your total tax bill.

Why Having a Good Customer Returns Policy Makes Good Business Sense

By Randall Orser | Small Business

Oops vector signboard TNSatisfaction Guaranteed, Or Your Money Back!

Having a good or item returned by one of your customers can be disappointing, perhaps leading you to conclude that your products are of poor quality and not worth the money paid for them. But there is another way of looking at this undesirable situation. Providing a good returns service can prove to your customers that you care about their satisfaction, and can result in their repeat business for years. Sears is a great place to buy something as they take it back no matter the reason. Costco is another store that takes it back, sometimes way beyond the normal amount of time.

Why goods are returned

Unlike brick-and-mortar shops where a person can touch, see and feel the product they are considering buying, online shoppers have to rely on photographs, product descriptions and other buyers’ reviews, and as such, an item when received may not meet with expectations. An item may also have become damaged in transit, or a customer may simply have changed their mind. With an online shop, a customer cannot walk back into the store with their receipt and insist on a refund or exchange. They have to rely on the returns policy of the business.

Reassurance for your customers

Customers like to feel they have some form of protection when they shop online. One way of doing this is to promise secure financial transactions, but another is with a returns policy. Such a policy lends credence to your trading reputation, and demonstrates confidence in the products you are selling. A customer will believe in the representation of your products because you offer the option for them to return anything that fails to live up to their expectations. Without this assurance, a customer may become suspicious of the product and your reliability, and choose not make the purchase.

Contents of returns policies

Every business can establish its own returns policy, but there are certain elements that a customer expects. These include the option to return the good for any reason, not just damage. There does have to be a time limit imposed on returns, otherwise goods might be kept for months or even years, depreciating in value and becoming nonviable as re-sale material. Most standard returns policies have 30-day limits, just as most will require the product to be returned in its original packaging. It is up to individual companies to decide whether to offer free returns, but these are undeniably more attractive to customers.

Making returns even easier

If you want to encourage even higher degrees of customer loyalty, you should make it even easier to return goods. This is simpler for big-name companies to achieve, as they have greater resources at their disposal; but you could consider working with a parcel delivery company that has drop-off locations on main streets or at train stations, so that people can drop their returns off on their way to work. You could even arrange collections from home or workplaces so your customer does not have to do anything except submit a return request online.

However you choose to word your returns policy, ensure that your customer can quickly see or find it on your website. A highly visible returns policy will enhance your seller reputation and help to build customer loyalty.

27 Interesting Facts About Canada

By Randall Orser | Small Business

Canada Day card TNCanada is the second largest country in the world, right after Russia.

Canada is the World’s Most Educated Country: over half its residents have college degrees.

Canada’s lowest recorded temperature was -81.4 degrees Fahrenheit (-63 C) in 1947.

Prostitution is legal in Canada. Buying the services of a prostitute is not.

Canada consumes more macaroni and cheese than any other nation in the world.

Residents of Churchill, Canada, leave their cars unlocked to offer an escape for pedestrians who might encounter Polar Bears.

Canada has more lakes than the rest of the world’s lakes combined.

The first Canadian casualties of the Afghanistan war were from an American pilot bombing a training exercise.

Licence plates in the Canadian Northwest Territories were shaped like polar bears.

In 2010, a Canadian man rescued a newborn baby from a dumpster, only to find out he was the father.

Canada has the largest coastline in the world.

In Newfoundland, Canada, the Atlantic Ocean sometimes freezes so people play hockey on it.

Every Christmas, one million letters are addressed to Santa Claus at his own postal code:

“H0H 0H0, North Pole, Canada.”

With 1,896 km (1,178 mi), the Yonge Street in Canada is the longest street in the world.

Canadians own the Mall of America.

The U.S. / Canada Border is the longest international border in the world and it lacks military defense.

Canada has no weapons of mass destruction since 1984 and has signed treaties repudiating their possession.

After the attack on Pearl Harbor during WWII, Canada declared war on Japan before the U.S. did.

“Canada” is an Iroquoian language word meaning “Village.”

Canada’s official phone number is 1-800-O-CANADA.

Large parts of Canada have less gravity than the rest of Earth. The phenomenon was discovered in the 1960s.

Police Departments in Canada give out “positive tickets” when they see people doing something positive.

Americans have invaded Canada twice, in 1775 and 1812. They lost both times.

Canada has the third largest oil reserves of any country in the world after Saudi Arabia and Venezuela.

The third country in space, after The U.S. and the USSR, was Canada, which was considered to have the most advanced space program in 1962.

In Canada, Mexico, India, Russia and Israel, bank notes have Braille-like markings on them for the blind.

Canada has fewer people than Tokyo’s metropolitan area.

Efficient Ways of Handling Money For Your Business

By Randall Orser | Small Business

Piggy bank TNWith the help of the Internet, it is now very easy to run a business without leaving your home or even hiring employees. In the last few years, the increase in the number of home-based businesses in Canada and the United States alone has been nothing short of astounding. Despite the ease and convenience of running a home-based business nowadays, there are still certain skills that any business owner needs to learn in order to ensure the success of his business. One of these skills is efficient money management.

People who run home-based businesses are their own boss and as such, it is their own responsibility to make sure that the financial aspect of the business is handled perfectly. If you have a home business, you can always seek money management advice from professionals but it is good if you learn a technique or two about the proper ways of handling money.

  1. Open a business account.

Your personal savings account should always be separate from your business bank account even if you are working from home. This way, you can clearly monitor the performance of your home business, as well as help keep your personal finances secure in case of business problems. It is also interesting to note that many banks offer special interest rates and rewards to business accounts. In addition, you appear more professional if you do business with your clients using a business account rather than a personal account.

  1. Use a financial software program.

Even if you have had no formal education on business management, you can easily take care of a home business with the help of a good financial software program. Most of these programs are capable of handling everything from budgeting, paying bills, financial forecast, and so on. Choosing which financial software program to use is not that difficult either. First of all, there are probably hundreds of options you can choose from and there will always be at least a few out there that can cater to your needs perfectly. In making your choice, consider the features included in the software, as well as customer testimonials and reviews.

  1. Keep transaction records clear and updated at all times.

When you think about it, this should actually be easy to do since you are the only person handling all transactions. However, many business mix-ups usually begin precisely because of this line of thinking. To avoid any problems, make sure you record and organize all cash and receipts as soon as each transaction is completed.

  1. Create a business budget and stick to it.

This is one other thing that most home-based business owners fail to do. Many of them think that this is an unnecessary step, particularly if their home business is quite small. But small or not, a home-based business is still a business and every business must have a well-planned budget. As a matter of fact, it is even more important to have a budget for a home business because the risk of overspending is much higher, especially if home expenses and business expenses are tied together.

Once you have mastered the proper money management techniques, you can easily grow your home-based business in no time at all.

How Secure Is Your Information As A Taxpayer?

By Randall Orser | Personal Income Tax

Privacy_image 2015 06-10 Tidbits TNThe Canada Revenue Agency (CRA) takes the security of all taxpayer information very seriously. The CRA reviews internal processes continuously to prevent unlawful attempts to obtain tax information and to make sure those taxpayers’ rights are protected.

Safeguards

For the security of taxpayer information, the following policies and procedures are in place:

  • Personnel screening: All prospective CRA employees undergo security screening before employment.
  • Employee awareness of their responsibilities: New employees are briefed on their security obligations and security awareness information is regularly communicated to all employees. All CRA employees are subject to strict standards of conduct as defined in the CRA’s Code of Ethics and Conduct.
  • All taxpayer information is protected: Depending on the information, employees may have to take special steps in handling it. For instance, taxpayer information must be kept physically secure; employees may not transmit taxpayer information by email or leave voice messages containing taxpayer information; employees have to make sure that information is shared only with the taxpayer concerned or with a third party only after the taxpayer has given written consent, except where the disclosure is authorized by law.
  • Security markings on forms and documents: Some CRA forms or documents are marked Protected A or Protected B.  These markings help CRA employees ensure that sensitive information is handled in a secure manner.
  • Access to taxpayer information is on a need-to-know basis: CRA employees with different levels of responsibility, such as taxpayer services personnel, auditors, investigators, or those handling income tax files, have different levels of access depending on the requirements of their work.
  • Regular risk assessment: The CRA performs regular risk assessments and internal audits to ensure the security and integrity of its internal processes.
  • Suspected breaches of confidentiality of taxpayer information: If a taxpayer tells the CRA about a suspected breach of confidentiality of personal information, the Agency can put a stop to any outside request concerning that taxpayer’s account. The CRA will tell the taxpayer that the Agency will disable all online access to the taxpayer’s account immediately, whether it be My Account for Individuals, Quick Access, My Business Account, Represent a Client, NETFILE, or EFILE. Online access can later be restored at the taxpayer’s request by calling the e-Services Helpdesk at 1-800-714-7257.
  • Disciplinary measures: CRA officers immediately and thoroughly investigate any security breach or allegation of unauthorized access or disclosure of taxpayer information. Any employee found to have acted inappropriately is subject to disciplinary action, up to and including termination of employment.
  • Network access denied to departing employees: Departing CRA employees have to return their employee ID cards, and steps are taken to end their network access.

Tips for taxpayers

CRA advises individuals to take the following precautions to protect their tax information:

  • Do not communicate personal information by email.
  • Send the CRA your change of address when you move.
  • Use a reputable tax preparer.
  • Shred unwanted documents or store them in a secure place. Make sure that documents with your name and SIN are secure.
  • Do not carry your SIN card on your person and do not provide your SIN to others unnecessarily.
  • Do not share your passwords, user IDs or access codes.
  • Beware of scam emails and telephone calls.
  • Ask a trusted neighbour to pick up your mail when you are away or ask that a hold be placed on delivery.

What is the Air Travellers Security Charge (ATSC)?

By Randall Orser | Personal Income Tax

vintage travel collage background TNIt’s really a tax to offset the security expenses through 2014-2015.  The Canada Revenue Agency is responsible for administering the Air Travellers Security Charge (ATSC), which came into effect April 1, 2002. Since then, the charge has been collected by air carriers or their agents at the time of purchase.

Travellers pay the Air Travellers Security Charge (ATSC) on air transportation services for travel within Canada and from Canada to foreign destinations.

ATSC Rates

  • For domestic air travel acquired in Canada, where the GST/HST applies at the rate of 5% or 13% for the air transportation service, the ATSC will be $7.12 for each chargeable emplanement, to a maximum of $14.25. Where the GST/HST does not apply, the ATSC will be $7.48 for each chargeable emplanement, to a maximum of $14.96.
  • For air travel to a destination outside Canada but within the continental zone, where the GST/HST applies at the rate of 5% or 13%, the ATSC will be $12.10 for each chargeable emplanement, to a maximum of $24.21. Where the GST/HST does not apply, the ATSC will be $12.71 for each chargeable emplanement, to a maximum of $25.42.
  • For air travel to a destination outside the continental zone, the ATSC will be $25.91 where there is a chargeable emplanement. This applies to air transportation that is acquired in or outside Canada.

Should you have any questions about these changes or any other ATSC matter, you can call the Canada Revenue Agency (CRA) Excise Taxes and Other Levies Information Line at 1-866-330-3304.

All technical publications related to excise taxes and special levies are available on the CRA Web site at www.cra.gc.ca/etsl

The ATSC does not apply to an infant under the age of two if the infant has not been issued a ticket entitling him or her to occupy a seat for part of the air service that includes a chargeable emplanement.

The following chart illustrates some examples on when the ATSC is applied to domestic air travel acquired in Canada:

ORIGIN POINT INTERMEDIATE POINT DESTINATION POINT ATSC LEVIED
Listed Airport Listed Airport Yes
Listed Airport Non-Listed Airport No
Listed Airport Connection at Non-Listed Airport Listed Airport No
Listed Airport Connection at Listed Airport Non-Listed Airport Yes
Listed Airport Stopover at Listed Airport Non-Listed Airport Yes
Non-Listed Airport Non-Listed Airport No
Non-Listed Airport Listed Airport No
Non-Listed Airport Connection at Listed Airport Non-Listed Airport No
Non-Listed Airport Stopover at Listed Airport Non-Listed Airport No
Non-Listed Airport Connection at Listed Airport Listed Airport Yes
Non-Listed Airport Stopover at Listed Airport Listed Airport Yes

Any examples involving connections or stopovers are not considered direct flights.

Connections

For domestic or transborder continental travel, a passenger’s waiting time between flights is considered a connection if the time is:

  • 4 hours or less; or
  • the time until the next available flight.

For international travel, a passenger’s waiting time between flights is considered a connection if the time is:

  • 24 hours or less; or
  • the time until the next available flight.

Stopovers

For domestic and transborder continental travel, a passenger’s waiting time between flights is considered a stopover if the time is longer than:

  • 4 hours; or
  • the time until the next available flight.

For international travel, a passenger’s waiting time between flights is considered a stopover if the time is longer than:

  • 24 hours; or
  • the time until the next available flight.

The following examples illustrate the application of the ATSC on an airline ticket:

One Ticket Purchased in Canada

Return Journey
Ottawa to Vancouver 2010-04-01
Vancouver to Ottawa 2010-04-05
Total of both fares $400.00
ATSC $14.25
Consideration for GST $414.25
GST 5% $20.71
Total $434.96

One Ticket Purchased in Canada

One Way Journey
Ottawa to Calgary 2010-04-01
Total of fare $400.00
ATSC $7.12
Consideration for GST $407.12
GST 5% $20.36
Total $427.48

One Ticket Purchased in Canada

One Way Journey
Moncton to Washington 2010-04-01
Total of fare $400.00
ATSC $12.10
Consideration for HST $412.10
HST 13% $53.57
Total $465.67

One Ticket Purchased in Canada

Return Journey
Vancouver to Tokyo 2010-04-01
Tokyo to Vancouver 2010-04-15
Total of both fares $400.00
ATSC $25.91
Total $425.91

One Ticket Purchased in Canada

Return Journey
Halifax to Calgary 2010-04-01
Calgary to Halifax 2010-04-15
Total of both fares $400.00
ATSC $14.25
Consideration for HST $414.25
HST 13% $53.85
Total $468.10

Whether or not an individual passes through security, air travel from a listed airport to another listed airport is considered a chargeable emplanement and is, therefore, subject to the ATSC.

When a passenger uses no part of an air transportation service, a designated air carrier or the CRA may credit or refund the ATSC. When an air transportation service is only partially used, a designated air carrier or the CRA may credit or refund the ATSC if the used part of the air transportation service was not subject to a charge.

All designated air carriers who provide air transportation to individuals on an aircraft having a maximum certified take-off weight greater than 2,730 kilograms and whose service includes chargeable emplanements must register to collect the ATSC.

 

How to Come Up With a Winning Business Idea

By Randall Orser | Small Business

a_bright_idea--Tidbits 2015-05-20 TNEvery entrepreneur has spent countless hours thinking about what the next big thing will be. What did the great business leaders of the past know that helped them to achieve such extraordinary success? Harland Sanders of Kentucky Fried Chicken, Sam Walton of Wal-Mart, Fred DeLuca of Subway, and Howard Schultz of Starbucks are just a few among the long list of individuals who came up with a Winning Business Idea that brought them success beyond their wildest dreams. So how did they do it and what can we learn from them to help us to achieve our dreams too?

Although there is a lifetime of lessons to be learned from each of the individuals the reality is that none of them came up with a fundamentally original business idea. Think about it. Harland Sanders wasn’t the first person to sell fried chicken. Sam Walton wasn’t the first person to open a discount store. Fred Deluca wasn’t the first to open a sandwich shop and Howard Schultz certainly wasn’t the first person to open a coffee shop. Every one of these businesses had existed long before these people changed the world with their vision.

What each of these people did was to take an old business and reinvent it.

Sam Walton reinvented the discount store by taking the USP (Unique Selling Proposition) of offering the lowest price very, very seriously. He made it his mission to offer his products at a price that couldn’t be beaten. It wasn’t just words in an ad. He stood by it and made it happen. In fact he was so good at it that he changed the way business was done around the entire globe.

Howard Schultz, while traveling, experienced a cup of coffee that told him coffee could taste much better then what most people were accustomed to for about the same cost. He offered it in an environment that was clean and trendy. A place you would enjoy spending time with a friend.

So to begin looking for a Winning Business Idea you may want to look at the business you’re in now. How can you reinvent it? Sometimes it’s as simple as giving the customer what they want. In one instance an online seller of beauty products recognized that one of the most significant objections people had to buying online was paying shipping. He reinvented the way online retail was typically done and his sales took off.

If you don’t have a business now then start by making a list of traditional businesses and ask yourself how you can reinvent them. Has the particular business been run in essentially the same way for decades without any fundamental change? How can you bring it into the 21th century? Are customer’s expectations different now than they once were as a result of changes in technology or cultural norms of the times?

One thing is for certain. More business will be reinvented and more people will achieve unbelievable wealth simply by reinventing a business that already exists! Will you be the one to bring change and reap the rewards?

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