Taxefficientwealth

Ken’s Weekly Top 5 – Issue # 93

Last weekend, I joined 1,300 other men at the 2024 FREE INDEED Men’s Conference where we explored the meaning of biblical manhood. The message from Pastor Bryan Loritts was particularly eye-opening as he went through the five stages of a man’s life – Boyhood; Adolescence; Manhood; Mentor; and Patriarch – and discussed the courage we all need to step up to each stage as we progress in life. It was a great privilege to attend this year’s conference and to be joined by my sons as well. In this issue of my weekly top 5, I invite you to take our short survey on personal taxes and I also share other valuable resources. Enjoy this issue and please remember to share this with everyone in your network:

  1. Discover How Others Are Dealing With This Year’s Personal Income Tax Filing

As you know, it’s that time of the year again to file your personal tax returns! For individual tax-payers and professionals, when it comes to preparing and filing your personal tax returns, there can be many challenges. I’m conducting a survey to learn more about how Canadians are handling their personal income tax filing this year so I can help provide some tips and strategies for you to consider when preparing and filing your personal tax returns this year. I would love to get your insights and I invite you to participate in this VERY SHORT 1 or 2-minute survey. It’s completely anonymous and I will be sharing the results of the survey with you, along with specific resources to help you plan better and minimize your tax liability. You can take it here. In addition, I’m giving away 10 hard copies of my book, Tax-Efficient Wealth, and a chance to win one of three $50 Amazon Gift cards to participants. Take the survey here.

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

It’s February and 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.

  1. Let Me Help You Get Ahead In 2024

If you’re looking to accelerate your results in 2024, particularly with optimizing taxes, building more cash flow, improving your business or simply elevating your personal financial situation, I encourage you to consider working with me. As I’ve shared in the past, it’s so tempting to think we know it all. We want to figure things out ourselves. We want to go on the journey solo, not realizing that we can only go so far. Whether it is our pride or ignorance, we hurt ourselves when we don’t seek help from those who have accomplished what we want to accomplish. If you’re looking to achieve a major breakthrough or to simply go further faster, I invite you to consider coaching. Check out my FAST Results Coaching Program to see what potential benefits you can get from coaching. And for those that like to taste and see, you can book a FREE Coaching Session with me here to get a taste of the potential results you can get from coaching.

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

As some of you may know, we provide a number of 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 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.

  1. Why You Need Accountability Relationships in Your Life 

One way to accelerate your growth is to surround yourself with the right accountability relationships. I have a number of these in my life for different things I want to accomplish in life. One such group is my “Band of Brothers” group. We are a group of 8 to 10 men doing life together. I’ve been part of this group for over six years and we meet weekly to challenge each other on our personal, professional and spiritual growth all with the aim of creating lasting impact for the society through our leadership. It’s part of a broader organization called Leader Impact with groups like ours all across Canada and the world meeting weekly – men, women, old and young. There is an opportunity for everyone looking to accelerate their personal, professional and spiritual growth. It’s certainly one of the best decisions I’ve made in my life. Go here to learn more about this amazing organization. If you live in Oakville and you’re able to meet in person each week on Wednesday morning in Oakville, let me know as we now have room in our group. If you live outside of Oakville and you’d like to consider exploring joining this group, let me know. I will be happy to connect you with someone so you can be plugged into one of these amazing groups.

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