For the chess lovers out there, we now have a new World Chess Champion that is not Magnus Carlson! Congratulations to the new World Chess Champion, the Chinese Grand Master (GM), Ding Liren who came into this championship match as the underdog. What an exciting match we got from these two brilliant GM’s who gave it all they had and entertained us for the past month with top class chess. In the words of GM Anatoly Karpov, “Chess is everything: art, science and sport”. And indeed, we experienced all of this during this world championship match. For those of you interested in chess, we will be crowing our own Golden Horseshoe Chess Champion a week from today. Check out details here and now let’s dive into out top 5 for this week. Enjoy and please remember to share this with everyone in your network:
- Personal Tax Return Filing Deadline Is Tomorrow, May 1! Have You Filed?
We’ve been busy over the last couple of weeks filing as many personal tax returns as we can. And the race continues until the midnight tomorrow…and then after that for the late filers and the sole proprietors. As I have indicated in the past, while it is certainly a lot of pressure for me and my team to get these returns filed in such a short time, it is not exciting. The exciting part is the planning conversations with clients on how they can save on taxes in the coming years. So, as you finalize your tax returns, here are some questions to consider:
- What’s the dollar amount you paid in taxes?
- What’s your average tax rate?
- What’s your marginal tax rate?
- If you got a refund, why did you get a refund? If not, why?
And when you have answers to these questions following the filing of your tax returns, you want to consider your next action steps. For example, what steps can you take in 2023 to pay less taxes than you did in 2022? This is where insights come in handy. When you don’t get insights, you end up paying more in taxes than you’re required to and a dollar lost in taxes today will not only cost you a dollar today, IT WILL COST YOU A MULTIPLE OF THAT DOLLAR OVER TIME!
If you’re looking for INSIGHTS to help you minimize taxes, then consider the Personal Tax Services we offer. With our services, we can help you minimize taxes, improve cash flow and get ahead financially. Get the details here.
- Are You Required To File The New Underused Housing Tax Return?
In the coming weeks, we will shift our focus away from personal tax returns and start working on completing this new returns for our clients. For those of you that may not be aware, there is a newly introduced Federal Underused Housing Tax (UHT) which imposes a 1% annual tax on the value of residential real estate considered to be vacant or underused that is owned on December 31 of each year. You will likely be required to file this return if you own a residential rental property (less than 4 rental units) as:
- A non-resident of Canada
- A Canadian Controlled Private Corporations (CCPCs) that is not publicly traded
- A trustee of a trust (if you hold a property in your name in trust for a corporation, you will be required to file)
- A partner of a partnership
- A joint venture in a joint venture arrangement
The first filings and taxes are due by May 1, 2023. However, recently, CRA issued a news release indicating that penalties and interest under the UHTA for the 2022 calendar year will be waived for any late-filed underused housing tax (UHT) return and for any late-paid UHT payable, provided the return is filed or the UHT is paid by October 31, 2023. This is a big relief and a welcomed one. Penalties for failure to file the return (even where no tax is payable) start at $5,000 for individuals and $10,000 for corporations.
To determine whether you have any filing obligations or responsibilities under this new Act, I have created a checklist that you can complete. Click here to complete it.
- How To Build A Tax-Efficient Financial Plan for Your Future
In this short video, I discuss how you can build a tax-efficient financial plan. It is an intentional financial plan designed to minimize or eliminate taxes. An efficient tax plan seeks to accomplish three things:
1. Save money tax-free or tax-efficiently
2. Grow money tax-free or tax-efficiently
3. Distribute money tax-free or tax-efficiently
I share some foundational elements you need to know, the key building blocks to wealth and a framework for doing so. Watch it here.
- 20 Quotes To Inspire You To Invest In Yourself
I believe that the best investment you can ever make is an investment in yourself. If you realize that you’re the #1 asset in anything you do, then you will begin to prioritize investment in yourself.
And this is why.
If you’re employed, you were for a reason — for the special skill you possess. So you must keep investing in yourself to stay on top of your game if you want to keep getting promoted and keep getting higher bonuses.
If you own a business, you are the business. You make all the critical decisions. You hire the best people. You are the top sales and marketing guru in your business. So, if you want to keep generating higher and higher income, you have to stay on top of your business by investing in yourself.
If you don’t invest in yourself, no one will. You invest in yourself by:
- Learning and growing in your knowledge in critical areas.
- Learning how to learn.
- Hiring coaches and mentors to collapse time and avoid costly mistakes.
- Growing in your spirituality.
- Mastering the mindset of successful people.
- Mastering how to effectively build relationships and how to work with people.
- Learning how to build communities and how to build a movement.
It is suggested that you invest at least 10% of your gross earnings in yourself. Often times, if done correctly, this investment will yield rewards that are multiple times what you invested. That is the power of investing in yourself. In this article, I share 20 quotes to inspire you to invest in yourself. Read the full article here.
- A Call To Support Solid Rock Family Services
Research shows that 30% to 50% of youth who leave foster care will face massive challenges with obtaining affordable housing, adequate employment, mental health support, and life skills development to succeed in a volatile society! It is on this premise that Solid Rock Family Services remains committed to serving Toronto/GTA’s most vulnerable populations by developing robust services and transitional programs that will help position them for success.
I hope you can join me in supporting Solid Rock achieve their fund raising goal to help pay overhead costs, develop and deliver transformational programs and resources within a 1, 2, and 3-year transitional model in order to to provide youths with the quality support to position them for future success. Go here to learn more about this special organization and to register your support.