Happy Father’s Day to all the fathers and father figures out there. I hope you take some time to enjoy the beautiful weather we have this weekend. I had some fun as I went for a nice afternoon bike ride this weekend. In this issue, I invite you to consider joining our Tax-Efficient Wealth membership network and I share a few financial tips for your reading pleasure. Finally, if you’re looking for Summer camp ideas for your kids, we’ve got something for you so consider signing up before all the spots are filled. Enjoy this issue and remember to share this with everyone in your network: 1. 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. We’ve seen this recently in the 2024 budget proposal to increase capital gains taxes by the Liberal government. 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:
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. Note: Joining our membership is only open for a limited time till the end of this month, June 30, 2024, before we formally close this until a later date. 2. Do You Own A Corporation With A December 31 Year-end? If you own a corporation with a December 31 year-end, your filing deadline is the end of this month, June 30th. As some of you may know, we provide different services for corporate clients including the preparation of your compilation financial statements and filing of your corporate tax returns. In addition to these, we provide other additional value-added services such as:
If you’re looking for solutions for your corporation consider working with me and my team at GMS Professional Corporation. Check out our standard service offering for corporations here. And when you’re ready to have a chat, book a time with me here. 3. Fun Summer Chess & Fun Camp in Oakville If you don’t have Summer plans for your kids or if you’re looking for an additional option, we run a one-week Summer Chess & Fun camp in Oakville. We are excited to announce that our 2024 Summer Chess & Fun camp will take place in the first week of July from July 1 to July 5, 2024. Our Summer camp is fun with chess, soccer, basketball, money management for kids, and other fun activities. Kids come out of this camp equipped with new skills, particularly, the money skills that many kids lack. At the end of the camp, in addition to elevating their knowledge of chess, your kids will know the difference between assets and liabilities; good debt and bad debt; assets that grow in value and assets that depreciate in value; the importance of saving, and many more. To learn more about our Summer Camp and to register, click here. And for a one-minute video of one of our 2023 camp, click here. 4. Nine Ways to Break the Feeling of Lack Often, we live a life overwhelmed by a feeling of lack. A big reason for this is because we don’t know what is enough for us. According to Vicki Robin, author of the brilliant book, Your Money or Your Life, financial independence has nothing to do with being rich. It is the experience of having enough. Enough is when you get to the peak of your fulfillment curve. In other words, you have enough money to survive and get all the comfort and luxuries you require to experience fulfillment in life. It is quantifiable and achievable. I share more on this in this article, including 9 ways to break this feeling of lack. If you seriously want to put this in action, I strongly suggest you take this 5-Day Challenge to reset your financial mindset. Click Here to sign up. 5. Where Is My Money? It is not uncommon to earn income and wonder why you don’t have a penny of it saved or invested at the end of the month. One of the major reasons for this is what we call lifestyle inflation. A concept where our expenses grow in line with our income as we are wired to live just like the guy or gal next door. Another reason for this, which is not always obvious, is the impact of taxes. Taxes and certainly lifestyle inflation can negatively impact your ability to build wealth. In one of the chapters of my book, Tax-Efficient Wealth, I share some of the main obstacles to building tax-free or tax-efficient wealth. One of the obstacles I discuss is taxes. If you ask most Canadians what their biggest expense is, they will most likely say it’s housing costs. However, I think taxes are likely your biggest expense. According to a recent report from the Fraser Institute, the average Canadian family spent 43.6 percent of their income on taxes in 2018, more than they spent on housing and other expenses combined. Can you imagine that? This is significant. The average family’s total tax bill at 44 percent is likely more than the amount they’re paying on housing costs each year. Get more details on this in this article, where I also recommend an exercise you can undertake now to get a sense of where all your money is going. |
It’s tax season and when it comes to taxes, income isn’t quite as straightforward. In Canada, the type of income you earn matters a lot. I share more on how different types of income are taxed differently in Canada. I also share other useful articles and insights. Enjoy this issue and please remember to share this with everyone in your network: 1. It’s Tax Time & It’s Time To Seek Insights… It’s that time of the year again when we all have to file our personal taxes. Often, we simply go with...
It’s happening tomorrow…if you’ve not yet joined our webinar tomorrow, don’t forget to do so today. In the webinar, you will learn the benefits of using a corporate structure for your business and how you can use your corporation to accumulate wealth. We will also share some important corporate tax updates. Get all the details in this issue. I discuss other personal tax tips and useful insights. Enjoy this issue and please remember to share this with everyone in your network: 1. A FREE...
Tax season is now officially on as CRA will officially start accepting tax returns filed through the EFile system this week. At our firm, we will start the filing process in the first week of March as employers have a Feb 28 deadline to file all income slips for their employees. Regardless, we are ready for you…are you ready? This past weekend, we attended the Black Physicians Association of Ontario (BPAO) annual symposium in Downtown Toronto. It was great to meet new faces and to reconnect...