Meet David Potocki
Your Business Growth Partner
David is our visionary financial strategist, committed to propelling your business to new heights. With extensive expertise and a relentless drive for excellence, David is dedicated to crafting innovative strategies that ensure your financial success and business growth.
More About David
Strategist | Insightful | Experienced| Dedicated | Innovative
Early on in my life, I realized that I had a creative knack for both conceptional design, and problem-solving. Being a positive person, I never saw problems as a negative thing. I saw them as an opportunity to come up with a solution. So, I went to school for Graphic Design, excelled at it, and shortly after graduation I started my first Design business. I knew that in order to be able to apply all my skills, I needed to be self-employed. A regular job never allowed me to utilize my full potential. Although I had great design and marketing skills, I had no business skills at all. That was a huge problem. I floundered, and I was able to deliver for my clients and help them market their business, but was struggling to make a profit with mine.
Then one day, I decided that I needed to grow. Enough was enough, I said. "What do I need to learn to be more successful?" I asked myself. More confidence was the first thing on my list. So I auditioned for a local play, because what better way to help my confidence then to get up on stage in front of a room full of strangers? Well, I got the lead role, which included 7 monologues. I did it, and not a half bad job, if I may say so myself. From there I joined Toastmasters an international organization that helps with public speaking and entered every speech contest I could. Next, I knew I had to learn the business side of things. Along with learning on the fly, normally "what not to do", I looked for opportunities to learn from successful business owners. I found a business networking group, started a mastermind group with some successful businesses, joined the local Chamber of Commerce and read a ton of books.
Now that I started to gain quite a bit of business building skills as well as my marketing skills, I felt the need to help other business owners avoid all the mistakes I made over the years. My first "Business coaching" job was taking on a leadership roll at the business networking group and leading all the meetings along with growing the group. After that, I became President of the Chamber helping it grow as well as helping grow the annual Home Show year after year.
All that time I was working with the Chamber and running my own marketing, design and print business I thought I was smart enough to do it all on my own. That I had learned all I needed to, to be able to run a successful business. Boy, I could have not been more wrong. I was able to deliver a great product with fantastic service, but that is not enough. I didn’t have any processes in place for predictable leads and conversions, didn’t have systems in place in order to leverage my resources, I didn’t have a handle of my profitability and I didn’t have proper pricing, bundling, upsell/downsell options available.
So, I ended up burning myself out, selling the business at way below market value and getting out of the business all together. The burn out had a tremendous affect on my personal life as well. My marriage deteriorated, I wasn’t fully there for my kids and was not very happy.
I needed time to clear my head, so what better way then to work with your hands. I spent the next few years working with a Master Carpenter and learned a great deal about renovating all aspects of a house. But more importantly it gave me a chance to clear my head, give me some perspective and vigorously renew my passionate to help other business owners.
Now, I am even more passionate about helping business owners succeed after having experienced the real pain that comes from owning a business that is struggling. Most business owners put their heart and soul along with a ton of sweat and tears into making their businesses succeed. I am here to teach them that there is a better way to make that dream happen.
As I continue to see success in my coaching clients it came clear to me that there is a huge gap with traditional bookkeeping between businesses being merely CRA compliant and planning for success. So, I sought out a business partner that not only had the accounting skills, but had the vision for helping people as I did. I found that and more in Maria and together we have created some amazing solutions that sets our clients up for success.
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Get Ahead of Tax Season: Essential Preparation Tips
It’s never too early to start planning for tax season. Proactive preparation can help you save money, avoid stress, and ensure you're fully compliant when tax time rolls around. Here are some essential strategies and tools you can use to get ready for the next tax year.
1. Adjust Your Withholdings for Accuracy
When you start a new job, you fill out a TD1, Personal Tax Credits Return, which helps your employer determine how much tax to withhold from your paycheck. It’s important to update this form whenever significant changes occur in your life, such as getting married, changing jobs, or starting school. Some employers may ask you to complete a TD1 annually to ensure they have the most up-to-date information.
If you prefer more control over your tax withholdings, you can adjust how much is deducted from each paycheck. The “Additional tax to be deducted” section allows you to increase your withholding if you anticipate owing more taxes. Alternatively, you can reduce your withholding by claiming eligible tax credits for the year.
2. Make Timely Tax Payments
For business owners, those with multiple jobs, or individuals with substantial investment income, making estimated tax payments throughout the year is crucial. If you’ve owed $3,000 or more in taxes in recent years or expect to owe that amount this year, you’ll need to make installment payments to cover your tax liability. These payments are due quarterly on the 15th of March, June, September, and December.
You can submit your payments through the mail with Form INNS3 or conveniently online through your My Account on the CRA website. Staying on top of these payments helps you avoid penalties and ensures you’re in good standing with the Canada Revenue Agency (CRA).
3. Plan Ahead for Your Tax Refund
If you typically receive a tax refund, it’s wise to plan how you’ll manage it. When filing your tax return, you can opt for direct deposit, which allows your refund to be sent directly to your bank account, speeding up the process. You can also set up direct deposit through your My Account on the CRA website, ensuring that all refunds and credits are automatically deposited into your chosen account.
It’s important not to rely on receiving your refund by a specific date, especially if you’re planning a major purchase. Direct deposit refunds are faster than mailed checks, but timely filing by April 30th ensures you receive all your tax benefits on time.
Even if you don’t expect a refund, consider how you might save or invest any unexpected funds. You could contribute to a retirement account, a Tax-Free Savings Account (TFSA), or set aside funds in a savings account to bolster your financial security.
4. Organize and Preserve Your Tax Records
Proper record-keeping is essential for a smooth tax season. Keep all tax-related documents for at least six years, whether in physical or electronic form. For physical documents, maintain a dedicated folder to organize each document as you receive it. If you prefer digital storage, save your records on a secure external hard drive or an encrypted cloud drive.
Key documents to keep include:
T4, Statement of Remuneration Paid (Income tax slip)
T4A, Statement of Pension, Retirement, Annuity, and Other Income
T5, Statement of Investment Income (Bank savings account)
Notice of Assessment (NOA)
Copies of filed tax returns
Records of RRSP and TFSA contributions
Any correspondence from the CRA
5. Seek Professional Help When Needed
Tax preparation can be complex, but help is available. The CRA website offers a wealth of resources and guidance, including a dedicated Personal Income Tax section. You can also visit a Free Tax Clinic for assistance from professional volunteers. If you prefer speaking with someone, a list of contact numbers is available, or you can call 1-800-959-8281 for general tax inquiries.
Additionally, consider consulting a tax preparer, CPA, or financial advisor for personalized advice. If you have any questions or need assistance, don’t hesitate to reach out to us—we’re here to help you navigate the tax season with confidence.
By preparing now for tax season, you can minimize stress, maximize savings, and ensure you're fully equipped to handle your tax obligations. Start early and take control of your financial future today.
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