If you want to start a small company, then you may think that raising capital is quite simple. After all, since your enterprise and operations will be smaller, you will not need quite as much. Well, it is only once you have started out on this venture that you will realise that you are mistaken.
Even though your company will be on a reduced scale, it still has all of the same financial demands. Therefore, if you want your startup to succeed, then you are going to need to know where to get your money from. Here are your most credible options:
Raise Money Beforehand
Most experts would advise you to never quit your job when starting your own company. This, of course, is because you will be spending on quite a lot early on in your venture. Well, with the same counsel in mind, you may also want to focus on raising the capital by yourself, before setting up your company.
Now, there is no need for you to gather all of the money as this may take up far too much time. However, consider raising a significant percentage. This can be done by taking on another job, selling personal items, or doing odd-end jobs. By raising some of the capital yourself, you just may find it easier to convince other investors to join you.
Consider a Different Lending Institution
A bank may seem like the most obvious choice when needing a loan. When your company is on the smaller side, though, such institutions aren’t always your friend. This is especially if you need a loan rather quickly. In these instances, you should look for smaller, independent agencies for business financing.
These agencies are used to doing business with companies such as yours and thus, are more likely to approve your request. Not to mention, there is much less hassle involved. Such lending institutions will also be able to help you out with bad credit car loans and any other borrowing request that you may have.
Find an Angel Investor
Once of the more tried-and-true options is finding an angel investor. These, however, are not easy to come by and are even harder to convince. After all, they are putting up their own money and there is no guarantee that they will get it back from you. This means that you have to be incredibly convincing when dealing with such an individual.
To start with, make sure that you are aware of all of the ins and outs of your operation. Show the investor why your company can stand out in the sea of others. This will prove to them that your business has a better chance of succeeding in the current environment. Last but not least, getting an experienced partner can certainly help your odds as well. It will give your potential investor a little bit more confidence in you.
These are the top ways that you can fund your startup, especially when you are having trouble gaining support for your idea. Make sure to select the option that will work best for your company structure.
RBC warns house price correction could be deepest in decades | CTV News – CTV News Toronto
A housing correction, which has already led to four consecutive months of price declines in the previously overheated Greater Toronto Area market, could end up becoming “one of the deepest of the past half a century,” a new report from RBC warns.
New data released by the Toronto Regional Real Estate Board (TRREB) last week revealed that the average benchmark price for a home in the GTA fell six per cent month-over-month in July to $1,074,754.
Sales were also down a staggering 47 per cent from July, 2021.
In a report published on Aug. 4, RBC Senior Economist Robert Hogue said recent data from real estate boards underlines that higher interest rates are beginning to take a “huge toll” on the market.
Hogue said that with further hikes to come, prices will likely continue to slide in the coming months.
That prediction, it should be noted, goes against a report from Royal LePage last month which painted a rosier forecast for sellers in which values would more or less holding for the rest of the year following some declines in the second quarter.
“Our expectations for further hikes by the Bank of Canada—another 75 basis points to go in the overnight rate by the fall— will keep chilling the market in the months ahead,” Hogue said. “We expect the downturn to intensify and spread further as buyers take a wait-and-see approach while ascertaining the impact of higher lending rates. Canada’s least affordable markets Vancouver and Toronto, and their surrounding regions, are most at risk in light of their excessively stretched affordability and outsized price gains during the pandemic.”
The Bank of Canada has hiked the overnight lending rate by 225 basis points since March and has warned that further hikes will be necessary given that inflation remains at a near 40-year high.
In his report, Hogue pointed out that the housing correction “now runs far and wide across Canada” but he said that it is particularly pronounced in the costlier markets of Toronto and Vancouver.
In fact, Hogue said that housing resale activity in Toronto is at its slowest pace in 13 years, outside of the early days of the COVID-19 pandemic.
The stockpile of available homes is also up 58 per cent from a year ago, he noted.
“With more options to choose from and higher interest rates shrinking their purchasing budgets, buyers are able to extract meaningful price concessions from sellers,” he said, pointing out that the average price of a home in the GTA is down 13 per cent from March. “We expect buyers to remain on the defensive in the months ahead as they deal with rising interest rates and poor affordability.”
While Hogue did say that condos in the City of Toronto are likely to remain “relatively more resilient” he said that prices elsewhere will continue to fall for the time being, especially in the 905 belt “where property values soared during the pandemic.”
The July data from TRREB suggested that the average price of a home in the GTA was still up one per cent from July, 2021.
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Canada Revenue Agency plans email blitz to get Canadians to cash outstanding cheques worth $1.4-billion – The Globe and Mail
The Canada Revenue Agency (CRA) is planning a massive e-mail notification campaign to reach Canadians across the country who have uncashed cheques worth a net $1.4-billion.
The e-mail notifications will target recipients of the Canada child benefit and related provincial and territorial programs, as well as recipients of the GST/HST credits and the Alberta Energy Tax Refund.
The CRA said it plans to send approximately 25,000 e-mails in August, another 25,000 in November and a further 25,000 e-mails by May, 2023.
However, even without receiving an e-mail notification, the agency said a taxpayer can check if they have a cheque by logging into My Account, a secure portal on its website to check if they have an uncashed cheque over a period of six months. It added that representatives can also view uncashed cheques of their clients.
Each year, the CRA said it issues millions of payments to Canadian taxpayers in the form of refund benefits. These payments are issued by either direct deposit or by cheque.
“Over time, payments can remain uncashed for various reasons, such as the taxpayer misplacing the cheque or even a change of address which did not allow for delivery,” the agency said in a statement.
The CRA said since the e-mail notification initiative was first launched in February, 2020, about two million uncashed cheques valued at $802-million were redeemed by May 31, 2022.
The average amount per uncashed cheque is $158 with some of them dating as far back as 1998, the agency said.
As of May, 2022, there were an estimated 8.9 million uncashed cheques with the CRA. In May, 2019, about five million Canadians had an estimated 7.6 million uncashed cheques.
“As government cheques never expire or stale date, the CRA cannot void the original cheque and re-issue a new one unless requested by the taxpayer,” the statement read. “These upcoming e-notifications are to encourage taxpayers to cash any cheques they have in their possession.”
The agency said taxpayers can register for the direct deposit option on its website to receive payments directly into their bank accounts.
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