I trust most of you are already off to a great start for the year. At GMS, we’re making some significant changes this year as I share in this issue. As part of this transition, we took a few days off to Puerto Plata in Dominican Republic as a team to plan and play in preparation for the upcoming tax busy season and the new initiatives we’re implementing this year. It’s going to be a busy year but we’re excited about the future of our firm and the clients we serve. I wish you a wonderful 2025 and all the blessings and success you desire this year. Enjoy this issue and please remember to share this with everyone in your network:

1. We are now GMS Chartered Professional Accountants LLP

After more than a decade of growth and evolution, we’re once again making a name change—rebranding from GMS Professional Corporation to GMS Chartered Professional Accountants Limited Liability Partnership. This isn’t just a name change; it’s the start of a new era for our firm and services. In 2012, we started our firm as Green, Meikle & Smith Chartered Accountants Professional Corporation. In 2017, we rebranded to GMS Professional Corporation and now we’re rebranding to GMS Chartered Professional Accountants Limited Liability Partnership. This new partnership structure will make it easier to expand our team and bring in new partners as we continue to grow the firm. Our focus will continue to remain on supporting small businesses and not-for-profit (NFP) organizations as it has always been from day one. Click here to get more details on why we’re making this change.

​

2. Do You Own A Corporation With A December 31 Year-end?

As some of you may know, we provide services for corporate clients and it’s that time of the year when corporations with a December year-end should start organizing their documents to compile their financial results, estimate taxes, plan their cash flow for the new year, and several other things. While we obviously help corporations with the tax compliance work of filing their annual corporate tax returns, we do provide other additional value-added services such as:

• Streamlining and automating the majority of your bookkeeping processes
• Doing a cash flow and budget analysis for your corporation
• Estimating corporate tax liability and developing a plan for installment payment of your taxes
• Corporate tax planning including how to invest corporate dollars and how to properly use insurance within your business to mitigate risk and plan for retirement
• Corporate restructuring to ensure you’re organized in the most tax-efficient way
• Remuneration planning to ensure you’re taking money out of your corporation in the most tax-efficient manner
• How to use your corporation as a nest egg for your retirement in a tax-efficient manner.
• And many more…

If you’re looking for solutions for your corporation consider working with me and my team at GMS Chartered Professional Accountants LLP. I invite you to book a complimentary time to chat with me here.

​

3. Do You Know How Your Personal Tax Bill Is Calculated?

Soon, you will begin to gather your documents to prepare for the filing of your personal tax returns. As you begin to plan for this, it is important you understand how your tax liability is determined. You start by adding up your various sources of income - employment, business, interest, dividends, etc. This gives you total income. You then subtract certain deductions to arrive at net income. Then some additional deductions like losses carried forward from previous years can be taken to arrive at your taxable income. You then calculate your federal tax by applying the federal tax rates and brackets to your taxable income. Then you subtract various non-refundable tax credits to arrive at your net federal tax. The next step is to add your provincial tax. If you’re self-employed, you may also be required to add your Canada Pension Plan (CPP) contribution to your self-employment income. Finally, you record all source deductions of tax and installments paid. Along with these are the refundable credits. And the bottom line is your balance owing or refund claimed.

​

4. Why More Money Will Not Solve Your Money Problems

Not too long ago, in an email shared by Rob Minton, one of my mentors, he concluded that…

Money problems ALWAYS flow from thinking problems.

I thought this was an interesting conclusion as it directly relates to our money mindset. Rob goes on to share how we see this in real life by studying lottery winners. Within a short time, they go from money problems to having lots of money and then to having money problems again.

So, more money usually doesn’t solve money problems. To solve money problems you have to change how you think about money. This comes down to your money mindset, which is the subconscious feelings and thoughts we develop towards money from our life experiences. A money mindset is your unique and individual set of core beliefs about money and how money works in the world. It is your overriding attitude about money. It shapes what you believe you can and cannot do with money, how much money you believe you’re allowed, entitled, and able to earn, how much you can and should spend, the way you utilize debt, how much money you give away, and your ability to invest with confidence and success. When it comes to money mindset, there are two extremes:

• The Scarcity Mindset, will keep you stressed, anxious, and can result in a lack of generosity; and
• The Abundance mindset, will keep you calm, positive, optimistic, and more generous with your money

Most of us will fall in between these two extremes. It is important to know where you stand and to begin to work to develop the right money mindset. You can use this FREE resource to take a 2-minute money mindset test to give you a sense of your current mindset when it comes to money. So far, 44% of those who took the test have an abundant money mindset. What about you? Take the test here.

​

5. Consider The Tax-Efficient Way To Financial Freedom…

There is no doubt that taxes will increase in the coming years with the massive deficit our government is currently running. As you know by now, these taxes will be major obstacles as you plan to build long-term wealth. If you don’t take action and if you’re not intentional in your planning, this will hamper your ability to achieve financial freedom.

So, what’s your plan to combat these taxes and grow your wealth?

Well, I have good news for you!

In this short video, I share more about the tax-efficient membership network where our overriding goal is financial transformation. Together, we learn how to build a Tax-Smart Plan that will allow us to:

• Contribute or save money tax-free
• Grow or accumulate money tax-free
• Withdraw or distribute money tax-free

Check out the video here to learn more. And if you have any questions regarding our membership, you can schedule a FREE no-obligations call with me here.