Jake Van Buschbach 0:00
Hello everybody hope you're having a great day. My name is Jake from umbrella IT services and today we're gonna be talking about accounting and tips for small businesses during the Age of COVID-19 with a good friend of mine, Brian gray from green associates on the North Shore so if you could please leave a like on this video really helps Brian and I out if you want to see more videos like this, please subscribe to the channel. If you have a suggestion for a future video Please make sure to email us at Tech Tips at umbrella it services.ca or leave a comment down below. So now that that's out of the way, and I know the times are tough right now for small and medium businesses in Canada due to COVID-19. And Brian has spent a lot of time looking into different subsidies and strategies to make things a little bit more manageable for business owners in the Greater Vancouver area. So we're going to be breaking down topics like Seba today the Canadian emergency business account, ce Ws, the Canadian emergency wait subsidy, t Ws, the temporary wage subsidy and a number of other topics. So I'd like to give Brian A big thank you for coming on today, Brian, how's your day going?
Brian Gray 1:03
Well, so far, so good jank. Thanks very much for asking. Thanks for having me on your on your channel here. This has been delightful.
Unknown Speaker 1:10
No worries. I'm really excited to talk with you today because I know a lot of other business owners like myself are fairly confused with what's going on. The government hasn't been explicitly clear with what they're doing to help us out. And I've learned a lot from just speaking with you privately about this stuff. So I'm very excited to share some of your knowledge with the public today. How's your day going? so far? anything crazy happening?
Unknown Speaker 1:36
Well, you know, speaking of the Seba loan if we want to just jump right into that, I mean, I had some conversations this morning just with two clients on the on that exact issue. I don't know if we can just go driving right into it if you want.
Unknown Speaker 1:51
Yeah, let's do it. What is Seba just so people know and then let's.
Unknown Speaker 1:56
Yeah, so see what is the Canadian emergency business account. It's a $40,000 interest. free loan till December 20 December 31 2022. And if you repay it, which the details are not quite clear, but if you repay it by December 31 2022, the 10,000 of that $40,000 loan is forgiven. Now, it's not free of course, it's taxable. It's considered a subsidy a government subsidy. But even so it might be the the 10,000 really helps. I mean, in some businesses, it's going to make the difference. And in others, it's going to be just the like icing on the cake. But having $40,000 in, in your business bank account, not knowing if you're going to need it or not, is a nice security blanket for many, many small business owners and the people I've been speaking to, some of them are even unaware of the fact that there they may be eligible. The rules changed in the last few weeks. Expanding the the Seba loan program from having to have a teacher summary and to the tune of $20,000 of wages paid in 2019, to having what they call $40,000 in non deferrable expenses, you'll have to forgive me because most of the claims I've been doing are based on the wage criteria. But the $40,000 non transferable expenses is something that many small business owners actually do have, they just don't realize it. When it goes through their accounting statements, you might find that, you know, even a $200,000 gross revenue, you're gonna have $40,000 in expenses, they're quite likely. The guys that we're speaking with this morning, they've got several companies and we were looking at some of the other ones that they've got going with, where the wages aren't quite up to 20 grand, they just got some part timers in there. But when we look back to see whether or not there's $40,000 of expenditures, well, I basically left it up to them. I said, Look, you know, you probably do, you just need to go and look and so They're on the road now to trying to see if they can get a couple $40,000 see belongs. And again, not to be agreements or anything, it's just more of a security blanket. In this particular case, one of the many ways where this COVID-19 has really taken, taken the wind out of their sails that there's nothing going on and they got to pay rent, they got to keep the employee going, and they've got to pay debts and things like that. So it's gonna really, really help and another one where it's a similar idea, or he just called the other day where I actually found a client on my cell phone on the way back from lunch one day and I said, you know, did you consider these wage subsidies because I've been emailing you and he's not responding. I finally got a look at things and amongst the wage subsidy on the CIB alone, I think he said about $85,000 dropped into his bank account. So, not that he's he phoned me up to say thank you, I would have never thought of this. So even though the media has it played out on the on the TV, you know, Trudeau was on TV almost, or Yeah, he was on TV on the internet, almost every day during that whole COVID thing explaining the subtleties. But you know, business owners often just think, you know, this is just another tactic to get you, you know, and I, I think, really in the in the long run, the liberals are trying to help they're doing a reasonably good job. I, you know, I'm not, you can say my political preference is not the liberals, but given the fact that they stepped up to the plate. I think it's been quite good for Canada.
Unknown Speaker 5:41
Yeah, absolutely. Again, politics aside, I think that again, having that extra $40,000 for my business and being able to help my employees out and make sure we're keeping food on the table, and we're getting the infrastructure that we need and the bills are getting paid. It is kind of difficult to be not grateful for that. So You mentioned the $40,000 of expenses. Now, is that a qualifier for this loan? What other qualifiers are there if people want to apply for the CIB alone?
Unknown Speaker 6:11
Yeah, so there's two qualifiers, if you don't have the wage expense for 2019 in excess of $20,000 and less than 1.5 million, I might add. There's a range there. If you're over 1.5 million million in payroll last year, you won't qualify for the the I'm sorry, we're mixing this up.
Unknown Speaker 6:31
You're you kind of threw me there.
Unknown Speaker 6:33
Sorry, sorry.
Unknown Speaker 6:35
The, I was thinking of more like the Q's tax the Q's wage subsidy. The CIB alone has two qualifiers now one of them is the 20,000 to $1.5 million wages which would have been payable or paid in 2019. That comes off a T for summary that must have been filed for 2019. The other one that came out is the if you go to your bank website, you'll see that there are two buttons to click, one of them is if your wages are less than $20,000. The wages for 2019 are less than 20,000 and takes you into a whole other gambit of questions. And I must say I was talking to somebody by video conference yesterday from the Canadian tax
Unknown Speaker 7:18
tech Federation, what are they called? Yeah.
Unknown Speaker 7:22
Canadian Federation of Independent Businesses cfib. And he was, I was explained to him how
Unknown Speaker 7:31
you know, the information that you have to upload to the CRA to qualify for the $40,000 non refundable expense criteria is somewhat putting some people in their backseat thinking do I really want to give the CRA You know, my, my stuff, you know, like fearful that for their, you know, knocking on the door, it's almost like, Gestapo sort of thinks I shouldn't say that. But there are there is the fear out there that uh, you know, you give them A whole bunch of information, they might come back and do a, I don't know, payroll or GST audit on, I don't know. But I think that there's two camps to that there's those who really need it and have the legitimate expenses that should just file those things, upload whatever it takes to get your loan if you don't otherwise qualify under the wage criteria, and your wages are less than $20,000. There's the other cat world, you're on the edge and you're not sure whether you you know, your expenses are legitimate and stuff like that. Well, then maybe you should double think don't don't apply, but don't apply to apply. No, I think you really need to think about that. And there are some clients out there that might have perhaps questionable expenses or things they they don't want to throw into the basket in order to qualify. There are a bucketload of other businesses out there that will qualify and I'm sure they're just stepping back because they say I don't want to deal with the government. They're gonna come, you know, rake me over the coals and I don't know See, that might just my opinion, I don't think that is going to happen.
Unknown Speaker 9:04
Yeah, I had a, I had a few concerns like that actually, I know that we spoke about that because I noticed there's some very vague language, when you do accept the loan related to the way that you run your business, not even necessarily the way that it's audited financially, but it was actually talking about the operational side of the business, which was quite worrying to me. At the end of the day, I ended up taking the loan because I run a legitimate business, I'm not doing anything funny. The way I run my business has been very successful. And I'm sure that most folks out there 99% of small business owners are on the same page. So the advice you gave me was, just take the loan, it's you need the money, it's not going to hurt you at all. And if they do come in and audit you, your books is straight, the way you operate, your business is straight. There's nothing to worry about if you've got nothing to hide with it. So again, I was a little bit reluctant at first but again, the thing You mentioned earlier where you get to keep the $10,000. And all you have to do is pay taxes on it. It's a no brainer, in my opinion, especially for somebody in my range where you've got anywhere from five to 10 staff and you know that $40,000 it's not a lot of money for especially for a larger business where you've got 10 1520 staff, maybe it's a week of payroll, but it's still a week of payroll, you know what I mean? Like, for me, it's a couple of weeks of payroll, which is great. And I really appreciate you bringing that up and telling me Hey, did you apply for this? You should know about this. And here's all the ins and outs of it. So, have you have you noticed with your clients that a lot of people have been taking it a lot of people have been benefiting from Siva, is there any other loan structure out there any other sort of subsidy that people have been using that has been beneficial for their business?
Unknown Speaker 10:52
Well, okay, the Siebel loan is
Unknown Speaker 10:55
if you've got wage expenses between 20,001 point 5 million I think it's the It's the easiest thing to apply for. It's an online application, and it just shows up. I mean, if you fit those, check those boxes, I must say, and I'm going to diverge a little bit here. sleep alone is meant not to line the pockets of owners. I mean, it's very clear in the banking agreement, and if you read the CRS website, is to be used for operations. So if you were to get a $40,000 loan, and then throw it into the stock market, hoping that you'd have an opinion, and I you know, so you should, as a business owner, you should be prepared to show or at least prove to CRA if they ever come and ask that, you know, you use this money for legitimate purposes. You didn't throw it in a gic, you didn't buy some investment, and you used it for operating activities of the company. And so I even say don't even put it in a savings account. Just keep it in the general checking account. You're not paying interest on it. So don't don't really don't, don't push it. Don't Try and claim or benefit from having that cash
Unknown Speaker 12:05
is alone after all, you got to pay it back. So,
Unknown Speaker 12:09
you know, keep that in mind to hopefully your business plan is such that by December 22 2022, you can pay it back. And if you can't, then the $40,000 loan converts into an interest bearing loan, which I think is around five or 6%. And still not too bad.
Unknown Speaker 12:24
I forgot the question now. So he said,
Unknown Speaker 12:26
Yeah, no worries. That is a really good point. That the 5% or 6%. isn't that bad to touch on what you just brought up there? When do you recommend people pay this back? Is this something where we should just hold on to it until things stabilize? And should we wait until the last minute and pay the bill November 2022? What are you recommending for people or is it a more individual based sort of thing?
Unknown Speaker 12:52
Well, okay, I think, you know, free money should never be repaid until it's due. Gotcha. And that's the You know, is it free? I mean, maybe some businesses applied, some business owners are applied for it out there and they don't, you know, they kind of like got it. They got it for some reason. I can say that one one wealthy client of ours, I sent him all the stuff. I said, Why don't you go for the easiest 10,000 you might ever see. And he said, No, I can't I just have ethics. He didn't need the money, and he certainly doesn't. So he didn't do that. My other thing is that a question came up like that similar during a meeting somewhere, or casual conversation, I said, well, you can just pay the loan back. I think you can pay it back whenever you want. If you if you feel like not taking the subsidy, I'm sure they'll they'll take it back. I mean, it security, whatever we're seeing right now. Like this pandemic is only just started I think it's going to be in it's going to have an effect over two You know, 510 years, certainly by December 2022, we will hopefully know what's going on in the planet. And even if you don't use that money, just park it in your checking account. It's like a security blanket in the event that Yeah, you know, things aren't rolling out as well as you thought they would. And I'm glad to have the $40,000 loan 5% you know, back.
Unknown Speaker 14:22
That's what I've been doing with it is just, it just stays in its account. Anytime I pay payroll, I take it out of there. And then that's it and then rent and just the basic expenses for the office just got a new office right in January, and then this hit so got a brand new office that's got nothing in it, which is unfortunate, but like you said, I think it is a very good idea. Just to take it if you don't need it. It's a good security blanket and thing in case things go south and a couple of months because I think the people are still trying to determine what the economic effects of this is going to be long term. A lot of projections on the stock market and on the housing market. Actually, I was reading the other day that the housing markets apparently projected to drop 18%. But when I speak to my realtor friends, they say that it's business as usual, obviously, there's been a little bit of a drop off, like open houses can't happen anymore. But for a lot of people, they're still flipping houses the same way they used to. So I'm very, very cautious and interested to see kind of what the future holds with us.
Unknown Speaker 15:24
Well, and as, you know, going further with that, I think a lot of public companies are not issuing guidance any longer because they don't know. They're just stuck, right?
Unknown Speaker 15:33
Yeah. And that's why I wanted to talk to you about this stuff. Because everywhere that I talked to everyone's got a different answer. And it seems to be again, a very confusing situation, which is why I do like your opinion quite a bit. Because, again, it's much more cautious opinion and a more common sense approach, which is why I've always liked working with you and always appreciated your advice, because it's very common sense. Very practical. So again, I do thank you for that.
Unknown Speaker 16:00
You're very welcome. Absolutely. Jake, anytime.
Unknown Speaker 16:02
So related to queues, the the Canadian emergency ways subsidy. What is this? Exactly? And how do we qualify for that?
Unknown Speaker 16:11
Alright, so it's supposed to be simple right?
Unknown Speaker 16:18
Hey, you know, to the to the liberals credit they they they crank this out rather quickly and at first everyone I did get a second hand conversation from someone in the restaurant industry said that oh it's simply just fill the spreadsheet out and submit that data the answer in your money it shows up now that's true. If you read the rules, you have to be fairly cautious and there is a website it's it's you know, if you just do c e Ws on Google you'll find the Canadian emergency we come to the information right on the Canadian hour straight revenue Canada is a website. Yeah, you got to go through it carefully. And there is a there is a spreadsheet there. And you need to look at that spreadsheet and not not mess with the formulas in there too much. Because otherwise things will calculate wrong by the way, which I had one client who first tried to figure it out was overriding the formulas and deleting them and figure, you know, it's just not the way to go. So you just need to plunk your information in there. As you see it fit. I could, why I I can't go through that with you on this channel. Like there's a there's a whole bunch of nuances. But basically, it boils down to this $847 per week subsidy, that's the limit. And so depending on the number of employees you have, you could be getting that money back into your bank account. So you pay them whatever, per week. And the limit is up to 75% of their wage or 847 cap per employee per week. And so to not tonight Go through that process is probably sort of like being ignorant to the fact. So having said that, there's some criteria, you have to meet a revenue decline threshold. And the rules are I even got to look at them again, because every time I look at them, sorry, every time I get on this subject, I refer back to the website that CRA has. And
Unknown Speaker 18:26
you don't have to pay these links for me, I'll throw them down in the description for people so they can check them out. I used to change.
Unknown Speaker 18:32
I could, yeah, I'll get those links over to you. But basically for the month of March. So what they're trying to do is they compare the the, let's just start with March 2020. If your revenue decline in March 2020, went down by 15% relative to march 2019, or relative to the average of January and February 20. So that's the first criteria for qualifying for the queues for the first application period. After March it went to 30%. And may in June is 30%. I'm sure it's gonna stay 30% they actually haven't announced the extension on that it might go to 40% or something, you know, to sort of like try and phase this out. But your revenue has to have declined 15% in the month of March relative to those two other baselines. And for the month of April, May and June it was 30%. Now, having said that, there are little nuances which were kind of surprising if you qualify it in the first period, so you qualify. Let's say you didn't qualify in March. Your revenues were not off by 15%. April comes along the pandemics at full steam ahead and your revenues are they did crash by 30%. You can apply for the Q's for that filing period for the month of April, your payroll for the month of April. And if all of a sudden your revenues flew back up in the month of May and you no longer qualified for the month of May You would still qualify for the cues, because if you qualify in one period, you automatically qualify for the following period. So this is something that is rather surprising. I even questioned myself whether it's right and I check the website every time I look at this, and it's still there. It says here, I'll read it to you actually. It says, If you determined that you qualify for the Q's and one claim period, you will automatically qualify for the following claim period. So now, that's not legislation, but that is the series website. If you want to read the question, I can send you that link to but it's not a very fun read. No, like,
Unknown Speaker 20:39
Yeah, well.
Unknown Speaker 20:41
following along, and in the link, there isn't actually Well, I'll send you the link so that your, your followers can then download the Q's spreadsheet, which I was referring to earlier. Now you have to have payroll data to do this. What I'm saying is that to have payroll data means you need to have books up to date. And, of course, you need to have comparative revenue information and all this sort of stuff. So if you're, if you're a very small business and you're working kind of like out of a shoe box, and you only do things at the end of the, you know, fiscal year, you know, you're gonna have a hard time maybe doing this. But you know, talk to your accountant, and even just a spreadsheet or something, Tally revenues up and compare them and see where you're at. This is something not to be just overlooked. Much like the client who I said, phoned me and told me Thank you very much. Not like he runs a shoe box company. But he doesn't get his bookkeeping to be on top of the books and all that all the time. He did have 2019 data, but he didn't have 2020 data at the time he called so he was very helpful, have happy to, first of all, get his books up to date and secondly, get a bunch of money dropped into his bank account. By the way The accused is taxable once again, it's a it's a, you know, it's taxable. The big deal if you're a small business Corporation 11% Vc is not a big deal. Yeah. So, yeah.
Unknown Speaker 22:11
Okay, that's really good to know as well. And now I know we've got the queue names like Siva and Q's. What is the queue name for t Ws as it was the temporary wage subsidy?
Unknown Speaker 22:22
Yeah, well, that one's fallen off the front page for sure. It temporary wage subsidy was the first thing that was announced. When the pandemic crisis the COVID-19 emergency stuff was announced by the federal government 10% Oh my god, well, 10% I told a couple of guys 10% he said Give me a break, though, that that's good for one day, you know, I need something more because there's no revenue and all that sort of thing. Yeah. There was basically 10% of gross wages and I had a I'm just trying to remember here. It was 10% of gross wages. Nothing. This was not something you applied for. What it was is or what it still is, is something that you just you pay employees as you always do. But when it comes time to remit your source deductions for those employees, you can reduce your source deduction source deduction remittance by 10% of their gross wages. There's a couple of thresholds there. One of them is that there's a cap per employee of 1300 and $75. Cumulative, and there's a cap for the corporation itself or the business I should say, of $25,000 cumulative. And then there's a each each applicate each remittance if you're claiming a wage, retaliatory remittance deduction of more than the tax withheld, then you've got to hold on to that little bit that you can only reduce your source deductions by the amount of tax withheld. So if you're 10% of your wage subsidies, more than that, you have to Hang on to that and claim it the next time. And the series. There's a little bit it's a little bit vague about this, how is it gonna work? If anybody's gone through this, they also know how to know that this affects the queue. Let's see the Canadian wage benefit wage subsidy. You're supposed to calculate your temporary wage subsidy if you're eligible. And even if you don't claim it, that's the way it was. You had to deduct it from your Canadian emergency wage subsidy. huge benefit. Yeah. Crazy stuff.
Unknown Speaker 24:33
Gotcha. So so you can stack these benefits that you get Siva, you're also able to get see AWS and AWS or do some of these. Yeah, okay.
Unknown Speaker 24:42
Yeah. So So Seba is separate. That's a $40,000 loan. That's what we're here. The Canadian mercy wage subsidy, that's skews we call it is you can't get the queues and the temporary wage subsidy de offsetting temporary wage subsidy reduces the queues now There was another nuance in the temporary weights of the on the on the series website where they would allow you to elect that that temporary wage subsidy in respect of your business was was zero percent. I guess what they're trying to say is that it's too complicated. And to claim the temporary wage subsidy is sometimes a pain. And why not just end because it just reduces the queues? Why bother? Right? So I think this is why they're just saying you can elect to not elect to have the temporary wage subsidy reducing your business to from 10% to zero. Yeah, form that they're going to hand out or, or declaration that they're going to make you sign at some point. haven't heard anything about it, but if somebody else does, you know, let me know. Yeah, comment
Unknown Speaker 25:48
down below with that for sure. So the I know another loan that we were briefly discussing is the C CRA. So I'm assuming this is the Canadian emergency commercial rent account, but I don't know That this is going to help people that are paying commercial rents. So do you want to break that down for us as well? Again, just what is it? What do we need to qualify for it? Who's it for that kind of stuff?
Unknown Speaker 26:11
Well, okay, if I can't say I'm a very knowledgeable on that one. Partly because it hasn't gone over very well with landlords, the few restaurant clients we have and others. The landlords are often well hidden in in our realm, our client base, the landlords have not been too accommodating. they've they've often are offshore owners, they, they say, I don't want to subsidize it. Well, basically it was supposed to be they paid the landlord covers 25% the tenant pays 25% and the CRA would cover 50%. But the landlords don't even want to do the 25%. I think it's gone over badly. And I and I should have asked my friend from the CFPB yesterday whether or not anything been done with that he didn't bring it up, but it is out there. And it's it's it's it's how does it work now I think the left now Forgive me for not knowing because I haven't gone through application process but I believe the landlord needs to apply for it. It's a it's a it's the opposite scheme of the residential subsidy here in British Columbia and when the tenant actually applies for the subsidy and the landlord gets it the opposite way around as I understand for the commercial rent.
Unknown Speaker 27:40
That's very interesting to me, the 25% of the landlord has to pay I can't imagine that would fly with like 80% of the people that I know that are landlords, they have such razor thin margins. They're already overburdened trying to just get the maintenance done because the workers in the city are so over, over booked and so I can't get Imagine that you're not good solution someone like maybe in Manitoba or Saskatchewan, you know, where they don't have this housing bubble sort of situation that Toronto and Vancouver have. But I would imagine for that to be effective here, you'd have to drop that number to almost zero, but that's just my opinion. I don't have barren landlords, other than the ones that you mentioned that are overseas that don't have any interest in helping Canadians anyways.
Unknown Speaker 28:27
Yes, I, you know, who was I talking to? There was one landlord, I think he was a landlord. And he was he was on good terms with his tenant and he was just going to get a break nevermind this subsidy thing. He was just going to do it among themselves. I mean, maybe he should apply. I don't even I think I mentioned it. But again, here's comes the fear, you know, you, you, you set the government up, you give them all your information, and some people just would rather not have too much information in series hands. Yeah, that's to say you should be hired hiding it because quite frankly, the CRA has a lot of power. They can come in, you know, seize that they can seize your records. If they figure something's wrong, you know, that's the worst case scenario. But yeah, so being fearful is one thing, but being like a little naive is another. I think what I'm trying to sort of impress is that there's there's two main benefits here going on for Canadian business owners, small business owners. And that's the serve that $40,000 interest free loan with a $10,000 forgiveness at the end. Yeah, the Siva. Yeah, and the Canadian mercy wage subsidy, which is been a blessing for a lot of small business owners, quite frankly. Mm hmm.
Unknown Speaker 29:49
Do you have any other subsidy programs, this kind of stuff you'd want to cover or do you want to move on?
Unknown Speaker 29:57
Well in the light of COVID-19 These are the main ones. I mean, the serve the Seba, temporary weights of the tubes, we call it and the Q's and then this CEC RA, which is a Canadian university commercial rent account. And then of course, there's the the residential rent subsidy, which is not to do with business owners, but it's out there as well. And then there's the Yeah, the service or the service individuals as well. So anybody who's lost their job, you know, would it be lost their job due to COVID-19 would be able to apply for the service and interesting just on serve. So yesterday, we had a Videoconference with about six business owners and individual from the, from the Canadian Federation of Independent Businesses, and we were, a lot of the business owners were complaining, trying to get laborers into their shops and whatnot when they're getting two to $3,000 in subsidy money already. They may think, you know, I'll just, I can just lay low now. At that point, they were frustrated that people weren't coming back to work. But I think the way the liberals have laid it out now, if you get a call, if you're on if you're collecting the the serve right now and you get a call from your former employer to come back to work, jobs ready, and everything safe and all the rest of it, and you refuse or you don't respond, you, you might end up having to pay that sort of back at some point.
Unknown Speaker 31:24
Yeah, I think that's a great addition, because I do know a lot of folks that are there kind of taking advantage of it. And I know a lot of small businesses now that are hurting because of this, they really just need their people back. And again, maybe it's not a job or an industry like yours or mine where we have to deal with people that are highly educated and it's a very high technical skill and it takes a long time to become a CPA takes a very long time to become a good IT guy and get these certifications in place. So it doesn't really affect me or my business because the people that I pay are much more than that subsidy, but Do know a lot of small business owners, hair salon places, maybe retail shop owners, again, like the backbone of Canadian business, right. And these people are just dying, trying to get people to come back to work. And I think we may have kind of over hit the mark here, an approach that I would have liked to have seen instead of this subsidy is the government actually going to the banks, the people that are collecting this money from all of us and saying, we're going to ever get the word but if we're going to freeze everything for three months, add it to the end of their term. So if you're in a 12 month lease right now, or you've got a 12 month of rent and going on those first three months of COVID, all debts are now frozen and added another three months is added to the end of it because then you wouldn't have this hyperinflation you wouldn't have this money being dumped into the economy. You wouldn't have people panicking to pay their truck loans, pay their rent, pay everything they're trying to pay. It would all just be frozen, but the banks would know that they're going to get their money. Just a little bit. Later, you know, I feel like that would have been a much better approach. But who am I? You know?
Unknown Speaker 33:05
So,
Unknown Speaker 33:06
Jake, to your point, I think some of that was going on I, I can't possibly follow it all, there was a lot of moving goalposts there in the last few months and they're still moving around so
Unknown Speaker 33:17
hundred percent. So I do I do some questions about yourself and then grain associates for a. So how did you get into accounting? What experience do you have in the field? What's What's your story? We usually touch on this stuff first, but I know you're eager to get into the Seba stuff. So how did you get into accounting and what experience you have in the field?
Unknown Speaker 33:38
Well, I guess I was a very boring person or something like that. guy. I'm like, I actually don't know how this happened. But it was a long time ago. And I just I guess at one point, I was working, I was a labor. I was just sort of finished high school and doing stuff and really not getting anywhere and I thought, you know, I probably Like I love to have my own business at some point. And so then I went back to college. I moved back home and I parents for a few years that helped because I couldn't possibly afford to live on my own and go to school. Yeah, so I got a college degree from douglas college or not a degree was a diploma in accounting. And then after that, I went to SMU and got a four year BB business, bachelor's in business administration from Simon Fraser University. And in that time, around third year, I remember talking to an accounting professor, or was a finance Professor I forget but he was he was describing to the class the difference between the three accounting bodies One of them was chartered accountant, the other one was certified management accountant which used to be registered industrial accountants, and then there was a CGA general printing read their cgas anyways, they they generally the two latter ones are generally in industry, or the chart of accounts were out there. plying their wares out in public. And that caught my attention. It was also the most difficult one to get. And for whatever reason, I felt energized and I went for it. So there I am, I got my CPA designation in 1993.
Unknown Speaker 35:18
Then went to work for a guy
Unknown Speaker 35:21
in Metro town who had moved from the North Shore over here, and then in 2000, I bought his practice, and we phased him out. And in around 2000, Jeff will forgive me here but at around 2000 2014 or So Jeff Reed, my business partner came in as a business partner. And it's it's been it's been a party ever since. What am I saying? I remember during my convocation at this, the Chartered Accountant thing where the partner of the firm I was with said to me, how does it feel I said, I'm sure glad it's over and I meant the uniform final exam. I written it by past and I was standing there my, my rolled up piece of paper and I was Yeah. And I said, I sure glad it's over. And he says, you know, it's just the beginning. You know, at that time, I said, Are you kidding me? I'm relaxing. And and I guess in hindsight, he was right. So there you go. I think that's the same with any kind of career move that anyone out there makes. But if you go and get your designation or you go strive for credentials, or some sort of progression, you may get over that hurdle, the educational part, but from there on in it is just the beginning. And you know, to say that I don't go to school anymore as long I'm learning every day. And that's what keeps my my brain active most of the time.
Unknown Speaker 36:46
Yes. Yeah, that makes sense.
Unknown Speaker 36:49
That's how I got into account and that's how I run this practice and blah, blah. Yeah. Cool.
Unknown Speaker 36:55
What what kind of benefits and what kind of services does a good accounting firm provide for businesses. So, for example, if you've taken over a business where their books were a little bit shaky, or again, they were missing out on these subsidies because they weren't keeping their ear to the ground. Have you given example the business that you've worked with and you've kind of helped turn them around? or just general businesses like mine, I've noticed a ton of benefits working with you. But do you do have any just a general reason for people to be using a professional accountant versus doing their own bucks?
Unknown Speaker 37:27
Well, look,
Unknown Speaker 37:29
I say the lots of small business owners when especially when they're starting out if you know or if you have an aptitude for doing like the general day to day bookkeeping, then go for it. It's, it's, it's not exactly rocket science, but it does take some attention. It's not just you know, download clicked and it's done. You know, you have to watch what you're doing and understand how the balance sheet and the finance and the income statement integrate. Yeah. If you can do a reasonably good job, and you hire an accountant to do your year end or quarterly gsts or whatever, The rate, whatever the cases, you can, you know, accountants charged fees and like anybody, any other professional, so keep those fees down especially when you're on your, you know your growth pattern, you're starting out from the gate from ground zero, and you'll be better off. There's the other people who maybe have retired and we've had a few people that have retired and they've got a nest egg of retirement funds or whatever. And they come along and they want to start a business and they don't know anything about it. So they hire an accounting firm, they get a bookkeeper, and they just pass off all of that to other people and they just go out and they sell sales and marketing is their forte. So that's what they do best. And they have the funds to pay for all the admin in the background going on. Now, what does it What does it take to be a good accountant? I think, you know, I always reflect on the uniform final exam, which I wrote back in 1993, that the answers were usually you have to within Every kind of problem or question need to come up with maybe three solutions, and then pick one. And I think the attitude I've had all along when there's an issue or problem with with a client's whatever a tax issue or it's usually tax, quite frankly, or maybe an HR employee, try and think of more than one solution and then say, and then say what you would do, like I've or I say what I would do, but it's not the answer. It's just what I would do. But I'm not saying to do that you got three options, and you need to select what you have. And I think, if you can give clients or as an accountant, if we can give clients a solution, which is not just one line, but it's a couple. And, you know, I'll get criticized for this because some clients say, I don't want to know all the options, just tell me what to do. And I have to back off and say, it's your decision, not mine, but I'm going to give you the three things and if you want my opinion, I'll give you mine and then we'll go from there. And we'll pick the best one that makes more common sense for your business and your your life, basically. And I think I started back to the question. I think if accountants can do that, and speak in common sense terms, without getting their clients in trouble, or themselves for that matter, then everybody will be way better. Way better shape going down the road.
Unknown Speaker 40:24
Yeah. So since 1993, when you started, have you seen technology modify the field at all? Because obviously programs like QuickBooks, now they do all the tracking and that kind of stuff automatically gives you all these reports automatically. Now, as a business owner, again, I know it I don't understand accounting. I don't understand bookkeeping. I don't pretend to as you know, I usually defer to you and I am one of those people saying what do I need to do? Just tell me what to do? But have you noticed any dramatic changes in it because even though I do have the QuickBooks program, I have some other things to do some analytics For me, I still defer to you. At the end of the day, I say what reports? Do I need to look at? What How should I be tracking this stuff? What can I do to kind of use the pain and make sure that I'm not being only fiscally responsible, but also being strategic with my finances and planning ahead? Has technology reduced the need for accounting as a benefit accountants? What are your thoughts on the technological effects of technology on accounting?
Unknown Speaker 41:26
Well, well, technology has been huge in the accounting field, quite frankly, it's just been massive. I mean, I guess when I was articling. The computers as they call them, 386 is you probably don't know what I'm talking about.
Unknown Speaker 41:41
That's I didn't see this before. I think this might be definitely before I was using computers, but I do know the I 386 was, I believe,
Unknown Speaker 41:50
yeah, my first computer was an apple, two e, which cost about 3000 bucks and it had an eight processor in it and you could watch the letters across the board. screen, you know, and the modem cost $500. So, despite that, from the accounting field going, I mean, things were paper based for a long time, all the files are in big fat files, and there was no linking and, you know, just human power as well, you know, even this firm when I first acquired it, we had two receptionists and one filing clerk, and a couple of bookkeepers and people that were doing files. And so the and the labor cost weren't as high, quite frankly. But the number of people that you had the house was, like, twice the size of what we're living in right now. And our businesses thrived throughout all of that, and we've reduced our staff not that that's a good thing. But we've, I think what it's done is it's taking the accounting to a newer level, like instead of just doing the mundane stuff, clients are nice now able to jump on board with QuickBooks Online or I think Sage has an online version. And they can download their bank statements. And if they have a little, little bit of aptitude, they can actually post things and they can do their own bookkeeping. Whereas in the past, having to do that in the manual ledger, and all that was a bit of a, they didn't know where it went at the end, they would just put all these numbers down. And it didn't mean anything. There was no real time financial reporting or anything for small business owners. Now they have the power to look at their financial information on a monthly quarterly basis in real time. Yeah. And like, check, you know, you can call me up and say, Hey, I'm having a problem. We can just log right into your system and have a look at it that could it up your books online. I don't think that's a problem saying but just look on there right now and say, oh, here's the problem, or here we need this report. And as you know, we do this quite frequently with other clients. So technology is has come a long way. In the accounting field. You know, I can't I just, you know, like our whole file system, you don't really understand what that is, but we do files. And they used to be all paper based. And about the maybe 10 years ago, we took all our paper files that used to be housed in a locker, costing us money every month. And we hired a person to back scan all that stuff, because we have to keep documents for a period of time, especially for the current clients, because if they need something from the 1990s, we need to be able to go back to the building, cause you know, you bought the building in 1990. Here's the purchase document. So we need that often clients lose these things. Yeah. So we we've scanned everything. Now everything is online, I can be probably anywhere on the planet. And if a client emails me or calls me on my phone for question, and needs back, old documentation, whatnot, or even just needs to know currently what's going on, I can help them out. Not entirely, but Quite a lot, and it's just it's just boggling where we've come, perhaps in the last 10 years.
Unknown Speaker 45:05
Yeah, that's good to know. Yeah, I just we have another interview, actually with Andrew Jackson from Northshore. Digital. It's a SEO and digital marketing firm on the North Shore as well. And he was asking me as well, I was the whole COVID situation affected us. And I was saying that it's been a really good opportunity for people to be able to develop their businesses, and relating to what you're talking about, where the automation that we're able to do in it for the majority of our clients now is very similar to what you just said about accounting, which is, you're getting rid of the mundane stuff and you're focusing on a higher level of service, you're doing analyzing, and you're looking at things in a much bigger picture and you're able to be more strategic with it, you're doing a lot less for hours of copying cells over by hand, and you're doing a lot more analysis on the data. I'm looking at trends and making recommendations and strategizing. So that's very exciting. And now that that's how it's affected accounting, because I know a lot of folks that I do speak to who do stocks. People who do technical things with financials are kind of worried about this whole AI creep that's kind of going on. Do you have any fears about that?
Unknown Speaker 46:15
Well, it's here and it's here to stay. Mm hmm. I've always said, here's my projection for the next 20 years. I think that the preparation of personal income tax returns will be all done within the series, computer system. I think like reflecting back 10 years ago before e filing came along for personal income tax returns, we would print all this stuff, piling into boxes, and then fly downtown literally in a car, not really flying, but go downtown and deliver all these hundreds and hundreds of personal tax returns printed out to the CRA now Don't do that. It's just a click of the buttons file. Yeah, a lot of the data we're getting is actually being provided by the CRA because a lot of the providers sorry, the investment advisors particularly, and the employers are all they have to report all this stuff on various slips and whatnot anyway, so CRA has tons of this information and it'll just be a matter of time before they have other things such as your personal business information and your rental income information and your offshore stuff for that matter, because there's foreign disclosure statements that have to be filed. So I think I think you know, maybe accountants, their their participation in one particular area such as filing personal tax returns, it's going to become a it's going to be gone. I think it's just gonna be taken over by an automated process within CRA and I think it'll be driven by artificial intelligence.
Unknown Speaker 47:54
Yeah, yeah, I agree entirely. I think a lot of this stuff again, is is just a matter matter of getting the the parameters correct, and then accounting for all of the different variables that can happen. And then you're done. You know, I mean, especially with the recent expansion of government, and like you said all the information they're collecting about folks, it really is just a matter of time until you have this robot. And that's what I like, as well as there's a joke where it's like, how much how much tax do I owe this year? And the government says, what we know, but we can't tell you and says, Okay, well, what if I get it wrong? Well, then we'll put you in a box the rest of your life and you're gonna live in a cage. And it's like, Can you just tell me how much I owe, you know, but if you get it wrong, we're putting you in a cage. So I do imagine that's only a matter of time until they do just have a system where it says we've seen this much has come in and out of your account, yours this much. And if you don't pay by this date, and you're gonna have to pay this much interest and it's just, or maybe even gets to the point where you don't even have to consent. It's just that it's tax time. The machine comes in and pulls money out of your account. And you're done. You know, maybe there's not even something to think about anymore.
Unknown Speaker 49:05
Yeah, and I hate to say that, but, and I hopefully I'm wrong. Because, you know, I think doing personal tax returns is a very personal thing. It's individualized. And I don't know how far AI can go with that sort of thing. I think it does, you know, contradictory to what many people think about accounting, there is a lot of
Unknown Speaker 49:30
how do you say
Unknown Speaker 49:31
it as well as the science?
Unknown Speaker 49:34
Yeah, it's, it's, it's not just a numbers thing. It is actually, you have to be sort of colorful and use your, whatever side of the brain is that that does that sort of like other stuff, not just men, not just numbers. I'm not a medical professional, obviously.
Unknown Speaker 49:49
Yeah, of course. Okay, that's, that's really good to know. Um, do you have any tips for folks that are either struggling with their books right now and they want to try to get them Monitor control, let's say again, this COVID thing is kind of waking everybody up to the reality of fiscal responsibility. Do you do you have any advice for folks that want to get started on the right foot? Or they want to kind of get their existing situation under control? What can what can they do?
Unknown Speaker 50:15
Well, you know, I've been saying this for years is that you do need to have your accounting, your bookkeeping, the boring stuff has to be kept up to date, you can't just let it slide. What will happen is if you let it slide, you'll get into trouble. The CRA will penalize you're quite likely. And, you know, there there was one client, we were helping out just last month, who hadn't done corporate tax returns for two or three years. Well, you know, how do I get the Canadian mercy wage subsidy? I said, Well, you haven't been faulty for some reason. You know, like, so. Things like this when when there's a disaster and you're not ready In this case, it's COVID-19 or the global pandemic. But it could be anything. For example, what if all of a sudden what you're selling is no longer in, but what if you're selling typewriters, and all of a sudden nobody buying typewriters anymore, you need to have your books in the order, you need to look at your balance sheet, make sure it's healthy. And if it's not figure out how to make it healthy. And often that just take you know, the numbers really, as I say, Don't lie. So you need to get the numbers on your, on a piece of paper in front of you. And if you don't have an accountant, get one who can explain to you whether you're in good shape or not, or, you know, just go through it with you and often relationship with an accountant may not be just, you know, one visit per year. Most of our clients have been around since 1993. Well, I can't say it's been a process of Get to know your accountant. The client should not just shop around and I'm going to say this, not just due to fees. I mean, don't For the cheapest person on the planet, you need to go for a person that's reasonable that you get along with and can understand your business and wants to help you. One of the things that we love here is businesses that are growing businesses that are perhaps in trouble that can be pulled out, like the guy was just mentioned a minute ago. He's got a great business, he just like lost track of his financial stuff. So we had to take care of all of that. But other than that, he's grateful.
Unknown Speaker 52:29
And that's, that's what I got.
Unknown Speaker 52:32
I always like the idea that you don't pay a good accountant, like I learned kind of the hard way. As you know, I'm going to do a bit of a cleanup on my situation from when I first started, like seven years ago. But yeah, I just look at it as you pay your pay. But at the end of the day, again, the amount of subsidies I've gotten the write offs, I've gotten all these other benefits that have been provided to me it's still like the fee that the accountant charges is just a sliver of what you're saving. Not to mention the peace of mind. And all of the other benefits that come from just knowing you have a professional handling all of this stuff. And is really, that's that's it for me at the end of the day is just knowing that I have someone professional who's going to be handling my situation, I'm going to be getting strategies from that person, things are going to be handled for me. It's the same thing as it right. It's very overwhelming scares a lot of people. It's boring. No one cares, really, until a problem happens. And then it's the end of the world. Like you just said that client who said, How are we going to get this temporary wage subsidy? Are we going to get this emergency wage subsidy and it goes, Well, you know, you didn't file your tea for the last two years like I've been begging you to do so here you go. And if people get hit by ransomware it's the same thing no one cares about it is too expensive. And we don't want to pay for you guys. My my my brother's the CEOs wife's brother is good enough and he does a great job and then all of a sudden you get hit by ransomware and you realize you didn't have backups and 25 years of your business is wiped off the face of the earth and it costs you $110,000 us to get back. You know, we've had to clean up situations like that before for for some of our clients. So yeah,
Unknown Speaker 54:10
I'll give you a plug, Jake. I mean, umbrella guys have been fantastic. We've had some issues and yeah, you're right. We got hit with a little bit of a. I forgot what it was. Was it ransomware It was about Yeah,
Unknown Speaker 54:22
I wasn't even talking about you guys. But yes,
Unknown Speaker 54:24
no, no, I don't want to. I want to give you a plug a little bit. If you if you want.
Unknown Speaker 54:31
But your guys came in. You said okay. And here I was Brian. And because when you when I took over the business, we were trying to keep things lean cash flow was an issue always. And I was always doing the thing. So we had all these servers and whatnot in our thing. And when ransomware got hit one night, I'll never forget the phone call when Jeff my partner called me up and said something's going on. And I rushed over back to the office in the evening and there was this crazy thing going on like a like COVID-19 on Earth. server quite frankly, which was killing everything. And we didn't know what to do with we called your guys in they came in, cleaned up everything went through it a couple of times actually, because it was it was again just like COVID-19 it lingered every in every little nook and cranny. We didn't lose any data. But because we had backups and whatnot, but we are able to is like then then I said to Jeff, my business partner, I said, basically, you know what, we're just gonna hire these guys, and let them take over. And that's where you've done it. You've done a stellar job since and I must say that every time we have a little little hiccup with one of our PCs or something like that we just click on that little file a ticket and within a within a short period of time, usually always the same day. We get a response back some action going on and things get resolved. They never they're your guys never let us down so far, and I hope they never do.
Unknown Speaker 55:54
Thank you, Brian. I appreciate that. Yeah, again, we try to do the best job that we can we try to make sure that the thing Things are taken care of for folks right away. And customer service, as you know, is one of the biggest things. For me, I think it's a big differentiator in what we do, and definitely what you do as well as an accountant. So thank you very much for the kind words, but it's been awesome working with you guys. And for you guys. Again, I know things obviously, we got brought in with, we kind of feel like the Grim Reaper at some points, because we never get introduced to people on positive notes. But like you said, since we've cleaned that mess up for you, and we started managing everything and has been positive. And we've helped you guys implement things like a new server, and we've done a lot of fun stuff. And that's my favorite part about what I do, which is leveraging the technology and getting you guys all set up for the remote stuff when COVID happened. And I know we just did a refresh to that last week. So now it's a lot of fun working for a lot of different sectors. And surprisingly, accountants and bookkeepers are some of my favorite folks to work for because we again, we share a lot of different services, right? We work for a ton of different industries. We have to keep up to date with a bunch of really new That's boring information well boring to some people interesting to us. And and yeah, it's it's been an interesting ride so far. So thank you for the kind words.
Unknown Speaker 57:10
Anytime, just keep it up.
Unknown Speaker 57:12
Yeah, absolutely. We'll keep the keep the ship straight for you. Do you have any fundamental tools that people should be using to keep their bookkeeping up to date? You mentioned sage and mentioned QuickBooks. Is there anything else that folks should be be using do you recommend
Unknown Speaker 57:29
those are the two mainstream small business software platforms that I would suggest we're a fans of QuickBooks because I used QuickBooks back in the 90s even in the DOS version, and I've been using it all the way along here. I'm really pleased with it. Sage has its nuances which I think have somewhat been overcome. It can be a humbling experience to use the sage product desktop product from a few years ago. Even I get humbled trying to Navigate? Yeah, it's, it's not enough. It's meant for larger organizations so that people can't, you know, hide transactions and whatnot, we'll find that's good. But in a small business where the owner maybe the husband and wife are running the business and stuff like that, there's no need for that kind of overall security. I mean, in my opinion, anyways, gotcha. But those are the two main platforms you know, get online banking, get yourself a my business account with the CRA so you can check your tax information online. Coming down the road, and actually it's almost happening now is that Siri will not be receiving checks. So trying to pay your money with a check is gonna it has been in the last two years, kind of hard. And the other thing is just on the, you know, the bookkeeping and things like that, if you're if you're If you are registered for GST provincial sales tax, and then provincial sales tax at any of the PST provinces, make sure you follow those things on time. Sometimes even if you just fall on time, but don't pay till later, which is what's going on now, actually, with the COVID-19 Relief Program under the federal program, and even the provincial here in BC, there's extensions to the, to the some of the filing dates are the same, but the pink it is later so you just kind of keep that differentiated, like make sure that the payment data and the filing date. It's keep them in mind. And so you know, I think QuickBooks Online will help you in tabulating those things. And if you know, in the long run, if you if you if you're not sure if it's complete, now I would, even CRS officials would say file is something don't don't just ignore it now. amended later, but long time,
Unknown Speaker 59:55
it makes sense to me any resources or any market leader Any conferences, websites that you recommend people kind of follow to stay up to date, obviously with the COVID-19 government response, but as well as just day to day accounting stuff.
Unknown Speaker 1:00:12
You know, I think if you're if you're into it, that's the name of the the manufacturer of QuickBooks. You can there's there's nothing to really follow. I mean, accounting has been around since I don't know like 1300s or something was invented in Italy somewhere. So it's very well the same. So I don't say that there's anything to follow with respect to you know, the actual bookkeeping thing or your revenues, expenses, your assets, your liabilities and make sure your payroll is done GST. PST is all being filed on time. And it as long as you do that, and you keep your records don't just assume they'll never ask me for my receipts, the bank statement and the visa statement is fine. No, they don't want to see the receipts or You know, just keep all your records, that would be just a rule of thumb in any kind of business ownership, the website to follow would be these COVID-19 relief programs that are being issued by the CRA. They do change from time to time. And if you haven't already looked at it with respect to the subsidies we talked about earlier, go to those websites and read through them, see if maybe you're not missing something. Or maybe you don't even know about it, like how we'll look at. Yeah, you know, ask your accountant, like, help me out. Don't worry about it, you're gonna charge you for that, but you probably benefit weighing way more than you know the fee, then you can try and do it yourself as well. But if you're focused on your business, trying to get it up and running after COVID shut down or shuttered. If you're a restaurant or a coffee shop or a barber shop, or you know, anything like that that's been shuttered during this COVID-19 you may not be too encouraged about having to do books. So if you can find a book Keep or get that done. don't hire your neighbor. If they say they did it 20 years ago, get somebody that actually does it. There's, there's little firms out there that do bookkeeping as their business hire them. I know a couple. So if you need any help, I mean, Jake can, you know, you can pass them along, I can send you their links or whatever. They're not individuals, the best thing to have as a bookkeeper would be somebody that you know and trust. But at the same time, there's also this advantageous situation where you hire a bookkeeping company, and they just basically take care of you never mind who's actually doing so you're not actually hiring the person, you're hiring the, you know, the entity. So those are the things I'd say watch out for. If you're trying to get your back your business back up and running. Get it see get that $40,000 see below and start financing for somebody to help you out.
Unknown Speaker 1:02:54
That's awesome. That's some great advice, Brian, thank you very much, Jim. Anything that you want to promote before we wrap it up?
Unknown Speaker 1:03:01
Ah, promote
Unknown Speaker 1:03:06
that was a You caught me off guard Actually, I don't worry.
Unknown Speaker 1:03:10
Um, we're all like our own firm, we're always looking for new clientele and whatnot, we're looking for any kind of business who's on a growth pattern or wants to start up or anybody who's transitioning selling their business or actually looking to buy one. And they don't have an accountant or they're not too sure about the advice. They want a second opinion or something like that.
Unknown Speaker 1:03:31
Come on over, we'll chat on the phone or have a little video conference like this and we'll we'll try and help you out.
Unknown Speaker 1:03:38
We we grow this way. I think our fees are reasonable in that in that whole circumstances.
Unknown Speaker 1:03:45
I've never paid a dime.
Unknown Speaker 1:03:49
Actually, that reminds me, I always get my
Unknown Speaker 1:03:51
back. I always get the money back. So yeah, and everyone that I've sent your way has been super, super happy with things so we're super happy to remote. You I'll make sure to link to grant associates dossier down below for folks. We'll put the phone number and everything like that as well. I'm going to make sure to get those links from you and we'll throw those into the description. What's the best way for people to contact you just go to the website phone number, you know,
Unknown Speaker 1:04:17
email is my preference. Brian at Grant associates.ca. I my voice messages do come through by email as well. And but email is the mode of communication. If it gets complicated we talk by phone or video which has been coming becoming the norm I guess, these days. But But email to get my attention is I think we got clients pretty much all over the world, mostly focused in the Vancouver lower mainland, but many of them are offshore and up in northern BC and whatnot. So we don't shy away from anybody that has a question. And if we don't know the answer, we'll get someone who does.
Unknown Speaker 1:04:57
That's awesome. Thank you so much, Brian. Really appreciate it. Do you have anything else you wanted to cover before we wrap it up?
Unknown Speaker 1:05:03
Um No I'm I'm good with what we talked about my throat a little dry.
Unknown Speaker 1:05:10
Oh no worries part it happens you got to get some tea or something going on but yeah, yeah, I think that about does it for today then I'd like to give Brian A big thank you for coming on again and I hope this video provides everybody with some good solutions and strategies to deal with the ongoing COVID situation and accounting and bookkeeping in general. So everybody please make sure to check out Brian and his team and Jeff as well at gray and associates.ca. Again, we'll link to that down below. And if you can please leave a like on this video really helps us out and if you want to see more videos like this then please subscribe. And if you have a suggestion for a future video or a guest that you'd like to see on the show, please comment down below or email us at Tech Tips at umbrella it services.ca Have a great day and we'll see you all soon. Thank you