Happy Victoria day long weekend! Recently, I was a guest at Tobi Adekeye’s Wealth on Your Terms podcast where we discussed different ideas on how to minimize taxes and accelerate your wealth. If you’ve not seen it yet, you can watch it here and while you’re there, remember to subscribe to my YouTube Channel to get more valuable content that will help you live a tax-efficient life. Enjoy this issue where I share key tax and financial planning tips to help you navigate both simple and complex tax situations. Don’t forget to register for our upcoming Tax-Efficient Wealth Summit and please remember to share this with your network:

1. How to Keep More of Your Money

If you don’t already know, the amount of taxes you pay is a major obstacle in building wealth. So, if you’re considering ways to minimize your taxes and build wealth in a tax-efficient manner, then you should make plans to join me and my special guests on Saturday, June 20th at this year’s Tax-Efficient Wealth Summit.

This year, we also have a LIVE online stream option if you want to join us virtually.

We will focus on the 3 key tax-efficient asset classes used by the wealthy to build and accelerate wealth. For those attending in-person, you will have the opportunity to connect with others just like you and potentially build new relationships. For all attendees, it’s a great learning environment with the great speakers we have lined up this year.

To get all the event details and to register, go here. I look forward to hosting you again this year.

2. Do You Own A Corporation?

If you have a corporation with a December 31 year-end, your corporate tax return is due next month on June 30, 2026! So, it’s important to start planning to file on time to avoid late filing penalties and potentially high interest charges. At GMS, we help corporations with their tax compliance work and we also 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. Character vs. Competency

In the sermon today at church, I was reminded of the importance of character over competence. While both are important, character (morality) is the backbone of any Christian who wants to model Christ. I recall a great discussion we had on the topic of Character vs. Competency and the compromises we make daily that chip away at our character at one of our weekly Leadership Impact Group meetings. The discussion was based on the book, “Didn’t See It Coming” by Carey Nieuwhof. If you’re a professional like me, you will agree that we spend a lot of time developing our competencies - the years in school, the professional development training, podcasts, books, mentorship and coaching. We spend countless hours honing our craft and we do it with intention. Often, we don’t devote the same amount of time developing our character because we think that competency, not character, determines our capacity, our capacity to succeed in life.

Carey makes a brilliant case in his book that competency isn’t everything it’s cracked up to be. He writes…

“All the competency in the world can’t compensate for a lack of character…You may be smart, but if people don't like you, they won’t want to work with you. You may be the best software developer in your field, but if you lie, people won’t trust you. You may be able to bring reams of cash into the company, but if you mistreat the people who work with you, they’ll leave or they’ll make sure you do. Lack of character kills careers, shatters families, ruins friendships, and destroys influence…”

He goes on to share five telltale signs that you may be compromising your character. I found them so insightful. Get all the details in this article.

4. Seven Skills That Will Help You Create Wealth

Recently, I listened to the BiggerPocket podcast episode 614 with guest Codie Sanchez. She shared some great insights on why you should buy rather than build, particularly when it comes to businesses. It was an interesting episode for those interested in owning businesses. In one of her recent Instagram posts, she shared these 7 skills that will help you create and build wealth:

• Understand Leverage: If you understand early how to get investor money, bank loans or OPM (Other People’s Money), you will 10x your wealth. In my book, Tax-Efficient Wealth, leverage is one of those accelerators to wealth that I discussed.
• Find Off-Market Deals: Whether in real estate, small business, jobs, clients, etc. majority use the public domains like MLS, Zillow, indeed, bizbuysell, etc. The pros go to the source and find opportunities before they become public. So, you have to learn to build relationships with owners or great agents who can send you deals before they become public.
• Learn to Analyze Opportunities: Can you tell whether a business is a good business or not? Do you know how to value a business, project future cash flows, etc. If you learn this skill, you’ll never be hungry.
• Mindset Shift: Rather than concluding that something will not work, train your mind to instead ask…”how could this thing work?”. With the right mindset, you will see opportunities where everyone else sees fear.
• Master Opportunity Cost: Most people waste their time on low return tasks like emails, coffee meetings, etc. Learn how to say “no” to the low return work and only do the high ROI (Return on Investment) work.
• Use Arbitrage: There is a trade called risk arbitrage that made many hedge fund managers wealthy. It was buying stock pre-merger and selling it when the merger was announced. Look for price dislocations (aka, arbitrage) in everything you do and take advantage of them.
• Be Decisive: At the end of the day, you have to take action. It’s better to make a decision than no decision. It’s all about decisions. Become better at making decisions and you will 10x your bank account.

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​ 5. The Tax-Efficient Path To Creating Wealth

I strongly believe that you don’t need a 6-figure salary to create financial freedom. And for this reason, I believe financial freedom is attainable for most people. However, only few achieve it. Why? It’s because most people lack a fundamental knowledge and a proven path to follow. This is why I wrote the book, Tax-Efficient Wealth, to provide you with an easy-to-implement blueprint that will enable you to build and grow your wealth in a tax-efficient manner. After reading this book:

• You will have a solid knowledge of the key wealth drivers to build wealth and uncover the money mindset required to win the money game.
• You will have a blueprint and a step-by-step plan to start your journey on building and growing your wealth tax-efficiently.
• You will save taxes, have more money, and have the confidence to shatter all your money worries for life.

You can grab a copy of the book here and in this short video, I share what the tax-efficient path to wealth is.