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STATE YOUR INCOME - The Self-Employed Advantage

Posted by Sean Stewart on 1 October 2020
STATE YOUR INCOME - The Self-Employed Advantage
Stated income programs are still alive and well. There have been some changes over the years with the changes in federal regulations, but stated income is still a valuable tool for the self-employed business owner to qualify for the mortgage you need.

Stated income programs allow you to literally state your income to use to qualify for your mortgage. This is only available to the self-employed.

There is some reasonability to what income you can state, it must be reasonable for your business and industry. You can't make up any number you want, it has to fit within reasonable guidelines. The story needs to make sense.

For example, if you are an IT professional running your own consulting business and you earn gross revenues of $100,000 a year, stating $80,000 as qualifying income could be reasonable. As an IT professional you probable do not have a lot of overhead or expenses as a consultant, so it makes sense to be stating a high net income relative to your gross revenue.

Comparatively, if you are a general contractor that earns gross revenue of $100,000 a year, you would expect a GC to have a lot of material and labour costs. So, stating an income of $50,000 or maybe $60,000 is more reasonable. The story has to make sense for the type of business and industry.

Remember stated income is not about your actual expenses and it is not about what you show on your tax returns. It is more of a reasoned approach to what your business could support for mortgage qualification. We do need some documentation that supports your current business activity.

This type of qualification is more subjective and you will need an experienced mortgage broker to help you put together the numbers and the right story.

Contact Us

For more information on stated income for the self-employed, contact your local Mortgage Broker, Sean Stewart at 905-427-9596 or sean@seanastewart.com
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Guest Speaker Trevor Parry Oct 16th

Posted on 1 October 2019
Guest Speaker Trevor Parry Oct 16th

The DNA will be hosting a Tax and Estate Planning Guest Speaker. 

Trevor is the Senior Tax and Estate Planning Advisor for Raymond James Ltd. Trevor works with
Raymond James advisors, their clients, accountants and lawyers in developing a broad range of tax
related strategies.

He was formerly National Sales Director of a national actuarial consulting company specializing in
creating retirement solutions for entrepreneurs and incorporated professionals. In that capacity he was
involved directly or indirectly in establishing over 2200 Individual Pension Plans and 500 Retirement
Compensation Arrangements, as well as a broad range of other structures and services. Trevor assists
advisors and other professionals in developing and implementing a wide range of tax focused solutions,
including in the realm of life insurance and living benefits.

Trevor contributed to the Essential IPP Guide, the Trusted Advisor Survival Kit and Advisors Seeking
Knowledge. He has also written for CALU, on a variety of subjects including insurance valuation issues,
and Individual Pension Plans. Trevor co-presented a paper on IPPs at this year's STEP National
Conference. He is currently working on book on tax and succession planning for professionals and
entrepreneurs that should be published in 2019.

Trevor was called to the Ontario Bar in 1996 and in 2019 was elected as a Bencher to the Law Society of
Ontario. He holds a Master Laws in Taxation from Osgoode Hall Law School, a Bachelor of Laws from
Queen's University, a Master of Arts in History from the University of Toronto and a Bachelor of Arts
from Trinity College at the University of Toronto.

In addition to being an Associate Member of CALU, Trevor is also a member of Advocis holding the
CLU designation, the Canadian Tax Foundation, , Society of Trust and Estate Practitioners, Hamilton
Law Association, Canadian Association of Farm Advisors, Ontario Bar Association, Royal Canadian
Military Institute, and the Albany Club.

Trevor is a regular speaker across Canada speaking on a broad range of tax and financial planning and
strategy related issues. He is a vehement defender of entrepreneurial spirit, personal responsibility, free
enterprise, free speech and liberty. He lives in Ancaster, Ontario with his wife Lindsey and their three
young daughters.


If your interested in attending this meeting please contact The Durham Networking Association today to book your spot.

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3 signs you need to work with a mortgage broker

Posted on 24 April 2019
3 signs you need to work with a mortgage broker


Posted in: Latest News  

The BizMetrics Marketing Minute: Volume 8, Issue 4

Posted on 5 April 2019
The BizMetrics Marketing Minute: Volume 8, Issue 4

Profit Boosting Ideas For Your Business

Increasing your profits might sound like it's an unattainable dream just out of your reach. But there are a finite number of ways that profits can be increased. Once you understand what they are, you'll have clarity on how to best reach your goals.

There are two primary ways to increase profits:

  • Raise revenue
  • Lower expenses

That's not particularly enlightening or instructional, is it? Let's look at four ways you can increase revenues and four ways you can reduce expenses to get clearer on what actions you can take for your business. 

Ways to Increase Revenue

Raise prices
The easiest way to raise revenue is to simply raise prices. However, this is not foolproof and assumes you'll be able to maintain the volume of sales you've achieved in the past. This method is also limited by market demand, what your customers are willing to pay.

Add new customers
Adding new customers is what most entrepreneurs think about when raising revenue. Increasing your marketing or adding new marketing methods is typically the way to add new customers. Another related option is to work hard to keep the customers you already have. You can also potentially contact the customers you lost and ask them to come back.

Introduce new products or services
For some companies, your products and services are changing every year. For others, not so much. To increase revenue, consider adding new products or services that will bring in an additional revenue stream that you didn't have before. Even if your products are changing every year, you can consider adding something completely different that your customer base would love.  For example, a hair salon could add a nail desk, a clothing store could add handbags or shoes, a grocery store could add a coffee bar, a restaurant could add catering, a landscaper could add hardscaping, and so on.

The final way a business can increase revenue is to acquire another business in a merger or acquisition.

Four Ways to Reduce Expenses

Negotiate for a better deal with vendors
If you've been working with a vendor for a while, you may be able to re-negotiate your contract with them. This is especially common with telecom companies. Call you phone provider and ask them for the latest deal. They always favor new customers over long term customers, but they don't want to lose customers either. Just calling them usually yields a better price than what you are paying now.

Change vendors
If a vendor has gotten too expensive, it might be time to look for a new vendor. Health care insurance seems to be in this category. Often, changing providers will lower your costs. 

Reduce headcount
If there is not enough work to support your employees or not enough cash flow to pay them, then it might be time for a layoff or restructuring. You might also consider outsourcing a function that you previously did in-house.
Reduce / rationalize expenses or services
It might be your business no longer needs to spend money on an expense. Perhaps this expense has been automated. In this case, it's an easy decision to cut the expense out entirely. 

Those are some of the ways to increase profits. Which one makes the most sense in your business? Create a plan around these eight ideas to boost your profit this year, and let us know if we can help. For results you can count on, contact us at 1 844 577 7654 or at solutions@bizmetrics.ca  We hope you find all of this useful and, as always, please keep your feedback and suggestions coming.

BizMetrics, Marketing Minute and Results You Can Count On are trademarks of BizMetrics Incorporated. Copyright © 2019 BizMetrics Incorporated. All rights reserved.

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Increase Leads with a Bloomtools Website

Posted by Chris Downey on 1 February 2019
Increase Leads with a Bloomtools Website

Once a year I get the privilege to speak about my company Bloomtools Durham and all of our web offerings at our bi - weekly Durham Networking Association meetings.At our last meeting I took the time to discuss my customer Graphics Production Group and the results they have been getting with their Bloomtools website.

When I first start working with a client we walk them through our philosophy on the 5ps of a website. We use this to start the customer's online plan.



Purpose: What is the purpose of your website? Every website needs to have one. If not it is just there doing nothing! For Graphics Production Group the purpose of the site is to highlight all the work they do with print, show that they are experts in their industry and ultimately to get leads!


PersuasionYou have 3-5 seconds to grab your potential customer's attention when they land on your website. You must have an updated modern design site to keep that prospect from leaving right away. Along with that Graphics Production Group's website features recent print projects in pictures, Blogs and testimonials to persuade prospects into showing them they are experts in print production.


Promotion: How do you promote your website? There are many ways to get customers and potential clients to your website. If you don't promote it then your site is just a billboard in a dessert. Graphics Production Group promotes their website through Print Material, Google Ads campaigns, Social Media, Database Marketing and in person meetings.


Productivity:  Once your potential customer is on your website and looking through the site, you need them to take action. You want them to contact you so you will have their information and can start selling to them. You can do this by offering something, a discount, a white paper etc.. For Graphics Production Group they want you to get an estimate, this takes their potential client to a form where they can fill out all the information for their next print job. Allowing Graphics Production Group to quote on the potential clients business. 


PersistenceAfter doing all this work you want to make sure you stay relevant and front of mind with your clients and past prospects that came to your site. You never know when they will need your services again. Creating a strategy where you are staying in touch with these customers is paramount to your continued success of your business. Bloomtools websites have an integrated Database Marketing tool that will help you do this.  We created a custom email template for Graphics Production Group, allowing them to send out monthly newsletters, targeted industry emails and automated campaigns to potential new customers.


The Graphics Production Group website has been live for two years now and during that time they have been following their Online Marketing plan and the 5 Ps strategy.


45 New Customers in 2 Years

51 Leads From the website in 2018

Increase Revenues of 35% from 2017 to 2018


If you're looking to get results from your website and don't know where to start, give me a call to get your Bloomtools Website and Online Marketing Plan.


Chris Downey

Marketing Consultant

Bloomtools Durham

905 447 0257








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News and press releases

STATE YOUR INCOME - The Self-Employed Advantage

Posted by Sean Stewart on 1 October 2020
Stated income programs are still alive and well. There have been some changes over the years with the changes in fede...

Guest Speaker Trevor Parry Oct 16th

Posted on 1 October 2019
The DNA will be hosting a Tax and Estate Planning Guest Speaker.  Trevor is the Senior Tax and Estate Planni...

3 signs you need to work with a mortgage broker

Posted on 24 April 2019
< Previous | 1 | 2 | 3 | 4 | 5 | Next >