TVO AgendaCamp Wiki: Ontario's Changing Economy

This took about 2 hours of prep time to read and review the background to everything; do the logins; registrations for the social media accounts; and get on speed with the technology being used. How many other people are willing to commit the time needed to get up to speed so they can participate? Are valid perspectives going to be missed because people were unable to use the technology and will it be dominated by the "agendas" of those who are just tech-savvy? I recognize this is the latest trend, but does it have the capacity and power to create productive action and implementation or just "conversation and more media consumption? I'm willing to give it a try and see where it leads, with an eye toward critical functionality.

One of the concerns I have for small or startup businesses is around the issue of taxation, finance and education. For many the key to sustainability is managing cash flow.

While the governments (provincial and national) create funds and programs and projects, etc. that come and go for various business endeavours, few people/businesses can really keep track of these and only a few are eligible, or actually obtain these (the paper work and process is long and tedious), unless you are "already in the system" - kind of like social welfare.

IMHO, what is really needed is a consistent, efficient (for the business, not the government) and effective way for the government to assist a company (in a specific sector) to improve their cash flow and to have the necessary financial knowledge and support vis a vis CRA education instead of their standard approach to penalization.

I think most businesses want to honestly track and report their income, expenses etc but don't necessarily have the knowledge. And that knowledge vaccum leads to poor habits, poor practices and ultimately poor cash management which is the life-blood of businesses and the economy.

Proposed Solution - Why can't the gov't get CRA on board to support growing enterprises by providing financial **educational** audits - where people are taught the easiest, most efficient best practices for managing financial records. This could entitle a business to 3 educational audits in 5 years to learn how to properly take advantage of taxation policies and recording a company's financials, rather than waiting for the "dreaded audit" which is geared to penalizing business that may simply not understand how to do better.

I believe businesses want to contribute financially to a community and nation's economic growth. IMHO, CRA should take THAT viewpoint - instead of the "FBI/CIA-ish" view of "what-are-you-hiding-from-us" adversarial approach). This would actually help small growing businesses provide that transparency to their business transactions. It would help them get up to speed streamlining the record keeping required so it never was an issue in the life cycle of a business.

Yes, you say that is what an accountant is for, but ultimately the responsibility is with the business owner, so why not cut out the "middle-man". Why not invest in having CRA get rid of their wishy washy ever-changing and vague taxation policies that require "creative interpretations from accountants" and come up with an educational program that helps new and growing businesses establish their records such that they never have to worry about an audit?

Every business wants to succeed, so why not help them do so with real financial education that is simplified. The benefits to the economy are huge. Businesses want to employ people and pay taxes to support communities. The penalty system doesn't benefit anyone. The current call centres they have are about as useful and accessible (or not) as public health's which advise people to call 911 or make an appt with their doctor - "duh".

The PST has an educational program whereby they come to your business and go over some minor educational information, rules and provide necessary paperwork. I like this approach and I can see this being expanded to be more inclusive of all govt taxation to provide valuable and consistent taxation information to help businesses get off to a good financial start by learning to easily track and manage their finances.

They should think of businesses as their partners in growth and really the ones who are employing, or footing the bill, for the CRA and taxation staff.

New businesses shouldn't have to financially "re-invent the wheel" each time. Paperwork and record keeping shouldn't be the time consuming and hardest part to get going. And advising people to get an accountant (use an accounting software package) is about the same as public health telling everyone to just see a doctor or call 911 - it moves the responsibility.

If they want "good-defined" record keeping they should just spell it out and get every new business started on it within their first year (like immunizations), so that businesses can grow and succeed from the educational support, which will be an investment in the financial knowledge of businesses and the people in them.

In summary - having to focus on the tedious (and often little known) details required by CRA, hampers the creativity and innovation necessary to move the economy forward. For small businesses I think this should be streamlined to teach good habits and develop financial educational partnerships with new and growing businesses. edited 15:52, 28 Mar 2009

Thank you ffor an intersting day. After many years of conference, workshops and town halls,what a concept ---
The people themselves create the topics and lead the group on their topic. Then all the blogs and video and the wiki to catch up on the other sessions.
Two questions:
1. Now what? Will change happen fromt the many ideas generated or is it all just talk?
2. What happens to citizens without access to or interest n technology? Not to mention, when technology fails. A book can't die on you.