CEBA loan repayment Canada

[aidihra]

Just curious how everyone's business is doing now that the CEBA loan repayment is due? I recently paid back the $40,000 owed. The last 3 months of 2023 were very slow for me & had to take a pay cut to fully payoff the loan, but I'll be okay. I know a couple of other labs that were also very slow as well. My accountant tells me several businesses can't afford to repay their loans and this year looks to be a tough one. What really pisses me off is that government employees got raises when they should have taken a pay cut or at the very least a pay freeze. As always, the public sector only care about themselves and getting what they feel they "deserve".

 

[zero_zero]

I feel your pain, you are not alone... many small businesses are struggling up north. I just had a good friend of mine from Calgary here, visiting for a couple of weeks, telling me how tough was to pay the CEBA loan back. He's 66 now, needs a couple of good years to be able to retire... he's not sure if that will ever happen. Kept telling him, to cash out and move down here...as long as the the dollar won't hyperinflate, he'd be set. Could always help me in the lab, we just closed a really good year and growing. I can see how the mostly ca$h based economy and the laissez faire environment favors businesses here... Canada is turning into an ever bigger government... excessive spending and uncontrolled immigration will only last till they run out other people's money. Interesting times ahead for sure...

 

[aidihra]

First half of the year was really good, but it really feels like a recession kicked in later in 2023 and unfortunately I expect 2024 will continue that trend. We were all supposed to be in this together during lockdowns. That was complete bull****.

Our association comes out with an annual fee guide that most labs don't follow. I'm lucky that I charge more than the recommended fees. But, I can't find new clientele willing to pay my fees. Once the few dentists I have retire, I'll be looking for something else to do unless I happen to find something else to do first. I'm not going to be stuck on the bench for 12 hours a day like I see so many techs doing for so little money and no life.

 

[zero_zero]

We were all supposed to be in this together during lockdowns.

This is one of the biggest wealth transfer ever from the middle class, and market share / business consolidation by the big players... using the MSM and lawmakers to sing the tune.

 

[aidihra]

This is one of the biggest wealth transfer ever from the middle class, and market share / business consolidation by the big players... using the MSM and lawmakers to sing the tune.

You got that right! I can't tell you how many people I've had conversations with in the last year that are considering leaving Canada. It's really sad.

 

[zero_zero]

You got that right! I can't tell you how many people I've had conversations with in the last year that are considering leaving Canada. It's really sad.

We left almost three years ago... not regretting one thing

 

[aidihra]

We left almost three years ago... not regretting one thing

Apparently, 2 out of every 6 immigrants decide to leave Canada within 10 years. Add to that the Canadian born citizens who are now leaving because it's become more unaffordable to live here. I don't think my kids will live anywhere near the GTA when they've grown unless they get some kind of financial help from my wife and I.

 

[rkm rdt]

Sorry I missed this thread.
I moved home last year and no longer pay a lease which is like finding a new account.
I also picked up 2 rural clients that produce more than my city drs. I am supposed to be semi retired but am busier than ever.
Trios training has paid dividends so I’m in a good position. The fee guide has been a curse when competing with the big boys but they can’t service the rural drs who will pay. I see opportunities in the face of a recession. People are working from home and the smart drs are setting up practices to service them.

 

[aidihra]

Sorry I missed this thread.
I moved home last year and no longer pay a lease which is like finding a new account.
I also picked up 2 rural clients that produce more than my city drs. I am supposed to be semi retired but am busier than ever.
Trios training has paid dividends so I’m in a good position. The fee guide has been a curse when competing with the big boys but they can’t service the rural drs who will pay. I see opportunities in the face of a recession. People are working from home and the smart drs are setting up practices to service them.

You moved your lab into your house? You're still in the Ottawa area? If you don't want to work as much, why don't you partner up with another lab to do the work? You can outsource most of the work and just do what you want to do.

 

[rkm rdt]

You moved your lab into your house? You're still in the Ottawa area? If you don't want to work as much, why don't you partner up with another lab to do the work? You can outsource most of the work and just do what you want to do.

That’s basically what I’m doing. I just had a record Q1

 

[rkm rdt]

You moved your lab into your house? You're still in the Ottawa area? If you don't want to work as much, why don't you partner up with another lab to do the work? You can outsource most of the work and just do what you want to do.

That’s basically what I’m doing. I just had a record Q

 

[aidihra]

That’s basically what I’m doing. I just had a record Q1

Nice! This is something I may also do in the future as well. I already outsource dentures, but not c&b.

 

[rkm rdt]

Nice! This is something I may also do in the future as well. I already outsource dentures, but not c&b.

I just outsource the milling and denture processing. I print my own models.