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Do you have any debt? If so, then how do you feel about it? When you think about your debt, how do you really feeeeeel?

It’s that feeling that’ll show you your current vibration.

Listen to your self talk

When you think about your debt, it’s very important to listen to your self-talk, to your thoughts. What exactly are you thinking about it? Are you thinking stuff like:

I am never going to get out of debt

I am always in debt

More money goes out than comes in

No matter what I do I am always in debt

Or are you totally indifferent to it?

How do you feel?

Now notice how you feel when you think about debt. Again, do you feel indifferent to it? Or do you actually have some negative feelings towards it?

People you hang around with

What kind of people are you hanging around with? What is their financial situation? Has it become normal for you and your friends to sit together and joke about who’s got more debt? Are they sympathizing with your debt? Has any of your friend declared bankruptcy?

My personal feelings towards my debt

As you know, I have not been vibrationally aligned with wealth. I had been in quite a debt already. Recently because of the Revenue Canada audit, looks like I’m going to be in much deeper debt than before.

I was starting to feel ok towards it all. It’s part of my life and I would eventually pay it all off. No worries! My vibration was changing from being in debt to being prosperous.

Totally I met an old friend of mine after a little while. He asked me about my debt situation. So, I told him my whole story of the audit and how I might be in deeper debt than ever before and so on. So, he sympathized with me. Me knowing all that I know about law of attraction, I still kept going more in details because of his sympathies to my story.

We joked about other things after a while and it was all fine until I left. While I was driving home I realized that I was feeling really bad. I used to get this being out of breath feeling, like someone was strangling me, whenever I used to think about lack of money and my debt. I hadn’t gotten that feeling for a long time but it returned today.

I stepped outside my body and sort of looked at me with interest, sort of like an observer to see what was going on. Basically, more I got into details of going in debt and talks about bankruptcy and so on, worse I was feeling underneath!

I didn’t do anything to really change my feeling because I wanted to come home and write about it.

But really, what am I going to do about all this debt? Hmm… something to think about. Something to actually not think of! Gotta change my vibration! Change my focus!

Finally the day arrived. The Revenue Canada auditor had agreed to meet me and my accountant at my condominium building. At 7:30am both of them arrived. We went into the cards room. Mind you the building I live in looks amazing! Even the auditor from Revenue Canada said as much. He was really interested in the building and asked me several questions about it. For example, how much the units are selling for? How is the building? How is the quality? And so on…

All necessary papers come out

I had brought all the receipts which I had been keeping with me, all nicely organized. I had all my bank statements and whatever else I thought could help with the audit. I presented all of this to the auditor, after formalities were done with.

Audit not random

The auditor went over everything and told me that I had brought the audit onto myself. I had ignored the letters which they had sent me and thus, they had been forced to look into my account in more detail. Hmm… all this while my accountant was just sitting still with his mouth open. He was the one who had actually told me not to worry about those letters! Every time my accountant tried to say something the auditor told him that he was totally incorrect and that was not the way it was.

Final verdict

Finally, end came and auditor told me that including all the late charges etc I owed them about $30,000-$35,000 in payroll only. That did not include GST! But since I was nice and co-operated with him, he had reduced the fines as much as he could and I only owed $7,000 in payroll fines to date. I didn’t know whether to feel good or bad. On top of that since I had used my company account to pay for personal stuff all my corporation income was to be treated as my personal income now. That was bad!! No more writing the car’s lease off either!

Anyhow, things looked quite bad for me and my accountant was no help either.

So, as it stands right now, I owe Revenue Canada quite a bit of money! Adding all that to the debt I’m already in makes for quite a mess. Talk about a challenging situation!

Good-byes

Auditor left while setting another date for all of us to meet in the near future so he would give me a T4 for personal income. And my accountant waved good bye to me while letting me know once again that he would send me the bill for today!

Conclusion

I get the feeling that you do get what you pay for! The accountant totally screwed me up! I had followed his advise from day one and he had assured me nothing would happen to me. How none of his clients had ever gotten audited! He had given me wrong advise as well. I could never ask him any questions either. He always seemed to be in a rush. Now I actually found out that he had a full-time job as well, so accounting was his part-time business.

Actually, he is also a mortgage broker and every time I asked him about accounting advice, he would start asking me to give him mortgages (since I’m also a real estate sales person).

But I also realized how silly it was of me to totally leave everything in his hands. I should have done a little more research about taxes in Canada. I thought he was the professional and I was paying him for his advice. So, I learned a big lesson here. No matter what, one should always know the basics at the very least. It’s not good to rely on someone so completely!

Or get someone decent and experienced. It may cost a little more initially but help tremendously in the long run! To think if I had only hired someone more experienced, he or she might have saved me thousands of dollars that I am going to end up paying in taxes! Ah well… live and learn.

I found an accountant who said “Do not worry about anything! None of my clients have ever been audited!” On top of that this accountant was quite affordable! What could be better?! I like to save money just like everyone else and get the best deal possible just like everyone else, well maybe a little more.:-)

Corporation plus personal taxes to file

I have a corporation which I opened up for my computer consulting plus real estate business. On top of that I have to do my real estate (sales person) taxes. All in all it always amounted to quite a bit that I had to pay for an accountant. When this accountant came along (via referral), I was only too eager and so, I signed up.

6 years behind in taxes

I was behind my taxes quite a number of years. Maybe needed around 6 years of taxes filed. I got all of them done successfully and finally. Then I sent referrals to this accountant and I got an even better deal.

Negotiations with Revenue Canada

Everything went smoothly. I negotiated with Revenue Canada for time to pay my taxes in installments instead of one lump sum payments. I have always found people at Revenue Canada to be extremely nice and helpful. Others I know have had different experiences but my experiences with them have always been positive. I asked them to give me time to pay the taxes and they agreed.

Paying off taxes monthly

I set pre-authorized payments to be withdrawn from my different bank accounts for Revenue Canada, for corporation taxes, personal taxes, personal GST, and corporation GST. Everything was going soooooo smoothly, every month money was being taken out and my debt to Revenue Canada was going down!

Letters from Revenue Canada

I started getting letters from Revenue Canada about making my payroll payments. I took it to my accountant who said not to worry about it, and we would set up payroll next year, just ignore it!

He was the professional! So, I just ignored these letters. Which turned out to be not such a wise decision on my part!

Phone call from Revenue Canada

Finally, someone from Revenue Canada called me up and left a message to return his call as soon as possible as this was quite urgent. So, I called him up.

He was quite nice and polite and told me that he was the auditor and he was auditing my corporation’s payroll account. He said that he would like to meet with me and my accountant as soon as possible to discuss this very urgent matter.

If I delayed I could be paying much heftier fine compared to what I was going to pay anyways as late penalties.

Meeting with accountant

Accountant was quite helpful though. I met up with him and he helped me go through all the paper work and my receipts etc. But he kept reminding me how this was going to cost extra since he was doing work outside his normal work. Hmm… anyways. I thought since he was helping me so much I would definitely pay him even if he hadn’t asked. I’ll continue this story in the next post…

“Eat right, exercise regularly, die anyway.” – Unknown author

What if you are an ambitious person? What if you have learned to motivate yourself? What if you are a goal oriented person? What if you are getting your life back on track? What if you have started earning a decent income? What if your credit rating is improving? What if your debt is finally being paid off? And what if you do not even gossip anymore?

Then you realize that something somewhere is missing. You set more goals, improve some areas of your life and yet a little voice inside your head keeping nagging you. To make sure you discipline yourself you try to be more efficient, you manage time better, you get more work done.

Then you get sick! You ignore it and hoping that if you just work through it, it’ll just go away. That’s not the case. It gets worse. You finally decide to take one day off of work to rest and get better. Now you’re better and you are back on track.

Instead of taking that as a warning you go at full speed again and the same cycle repeats next month.

That’s been the story of my life for the past six months or so. I started noticing that every single month I was getting sick. I even started doing cardio every single morning but the next month I got sick again. I finally started taking vitamin C but again I got sick. I am eating almost 100% diet consisting of organic foods. So, what is the problem?!!

It is not that I mind getting sick. It’s just that it slows me down quite a bit. Also, I am on a contract so I get paid for the time I am at work. If I have to take a day off at work, either I lose the pay for that month or make up that time.

Finally I started taking one a day multi-vitamin and vitamin C. This month again I felt the fever coming on but I was able to fight it and I did not need to take a day off work. So, I think the combination of multi-vitamins and vitamin C is doing the trick.

Granted that I sometimes skip breakfast but overall I am still eating at least 3 meals a day. I have come to the conclusion that even though diet plays a major role in keeping you healthy, it’s not the only thing. I think your state of mind plays an even bigger role. If you are not unconditionally happy then your health suffer regardless of how good your diet is.

“Preserving the health by too strict a regimen is a wearisome malady.” – François Duc de la Rochefoucauld

I think I have been a little too strict with my diet. I have been eating a diet of the foods that I do not actually enjoy. I never really look forward to any meal. I am just having meals because it’s what I should be doing and I get hungry. I am going to start having more of the things that I actually enjoy. I do not eat unhealthy anyways so I think I do not have to worry about getting fat etc.

It’s not just that I am eating really healthy food that I do not enjoy it’s also the poverty consciousness. When I did not have enough money I would buy foods that were the cheapest regardless of what happened to my health. I would look for the special deals and the cheapest deals were always at McDonalds, Wendy’s, Taco Bell and so on. If I was at a coffee shop I would just get the tea because it was cheaper than coffee and also drinking tea killed the appetite so I did not need to buy food. All of this ruined my health as well.

That is actually exciting! I seem to have found the cause of my bad health. I am going to have food that I really enjoy regardless of the cost. If I really feel like having something then I am going to have it. I get really excited when I set new goals. So, I am going to set some new and different goals now. Looks like another 30 day challenge is coming up. I will keep you posted.

“Health nuts are going to feel stupid someday, lying in hospitals dying of nothing.” – Redd Foxx

Keeping everything organized is one of the most important habits that everyone should develop.  For example if you have your receipts organized you won’t have to stress much when it comes time to do your taxes.  This is especially important if you are a business owner and can write off a lot of your expenses against your income.

Even if you are not collecting your receipts for the purpose of reducing your taxable income you can still benefit greatly by keeping them organized.  Reason being, it helps to know where you are spending your money so you can make wiser financial choices.  It is one of the first rules of money management.  Whenever you go see a financial adviser, they would want you to keep track of your expenses and based on that would devise your future financial plan.

Here is what I found to be extremely helpful.  By my bedside I have a big yellow envelope and it’s named march 2008.  Every night I put all my receipts for the month of march in it after I write them down in my notebook or computer.  Every month I get a new envelope for that month and put all my receipts in that envelope.  I have tried to keep the envelopes in a nicer and safer place but I found that that just deterred me from putting my receipts in it.  I would always procrastinate putting receipts in that envelope until a few months worth of receipts piled up by my bedside.  So, one day I just decided to keep the monthly envelope by my bedside and it’s worked like a charm ever since.  At the end of the month this envelope gets sealed while a new one opens up.

And I got these envelopes from the dollar store.  I believe 10 envelopes for $1.00 + tax = $1.13 or so. Not too bad of an investment.  And it keeps my accountant happy  as well.

Prior to doing any sort of organizing for my receipts I used to keep them in a plastic bag.  Plan being that I would just sit down one day and copy everything to an excel sheet instead of wasting time every single day.  Well, that doesn’t work!  It is an overwhelming task when you have to do it and not to mention that the ink on a lot of the receipts got erased.

So, try it out and I am sure you will like it.