Most people earn a lot of money over their lifetime. But when they actually calculate their net worth… the number surprises them. In my latest article, I share a concept from Vicki Robin’s Your Money or Your Life — one my entire team and I in the final chapters discussing together — called the “No Shame, No Blame” approach to facing your real financial position. Read more about this in this issue. I also share some important tax and financial planning tips. Remember, I’m here to help with your complex and simple tax issues. Enjoy and please remember to share this with everyone in your network:
1. No Shame…No Blame…
Most Canadians earn a significant income over their lifetime — but when they actually sit down and calculate their net worth, the number is far smaller than they expected.
In my latest article, I share a powerful concept from Vicki Robin’s Your Money or Your Life — the “No Shame, No Blame” approach to confronting your real financial position. My team and I are now in the last chapters of this book together, and this idea alone is worth the price of admission.
I walk through a simple 5-step exercise to calculate the gap between what you’ve earned and what you’ve actually kept — and why taxes are almost always the biggest silent drain most people never fully account for.
If you’ve been avoiding an honest look at your finances, this is a gentle but direct push to do it — and a practical guide for what to do next.
👉 Read the full article here: https://kengreen.ca/noshame/
2. Key Expenses to Deduct for Your Rental Property
If you have rental real estate in your name, one of the schedules you will complete as you prepare your personal tax return is Schedule 776. It’s not unusual to come across clients that miss many legitimate deductible expenses that can help offset income, and ultimately, reduce your taxes.
In this short video, I share the key expenses to consider for your rental property as you prepare to file your tax returns. Capturing all the relevant expenses will ensure you minimize the taxes you pay on your income. Watch it here.
3. Capital gains in plain language
I’m currently enrolled in CPA Canada’s Indepth Tax Course, Canada’s most reputed 3-year tax training program for accountants and lawyers practicing in tax. We recently completed a module on capital gains and I was amazed how complex this topic is. It is the most litigated tax topic in Canada and I can understand why as I read some of the relevant sections of the Income Tax Act.
Most Canadians know capital gains are “taxed differently” but don’t really understand how the rules work—or how much money is at stake if they get it wrong.
In my latest article inspired by the event I attended this weekend, I break down capital gains in plain language: what actually counts as a capital asset, how the 50% inclusion rate works in real life, what you can (and can’t) do with capital losses, and why planning matters so much if you own rentals, non‑registered investments, or a business. I also highlight key opportunities like timing your sales, using old losses properly, and planning ahead for a future business or property sale.
If you own assets with unrealized gains and want to keep more of your after‑tax wealth, this will be a very practical read.
👉 Read the full article here: https://kengreen.ca/capitalgains/
4. The Top Ten Reasons Why You Pay Too Much in Taxes
Whether you like it or not, taxes affect all of us. In fact, it is probably your biggest household expense. Yet, most people do nothing to manage their taxes. In this article, I discuss the top 10 reasons why you may be paying too much in taxes. Reasons ranging from lack of periodic tax planning, lack of optimization with family members, and a lack of basic knowledge of our Canadian tax laws. This is one reason you should plan to join us next week on February 25th as we review the top personal tax updates that may impact how much you pay in taxes as you file your personal tax returns this season. You can read the full article here: https://kengreen.ca/top10/
5. Tax Webinars on Demand
Recently, we hosted webinars on personal and corporate tax tips and planning considerations.
On personal taxes, we shared some important updates on personal taxes ranging from the extended deadlines for charitable donations, reduction of personal tax rates, disability support deductions, alternate minimum taxes, trust filing, carbon rebates, first-time home buyers GST rebate, personal support workers tax credit, other tax credits/deductions, and many more…
If you run a business, you’ll learn how to:
- Decide if a corporation is right for your business (pros and cons)
- Stay onside with legal, HST, payroll, and compliance requirements
- Use smart compensation strategies as a corporate owner
- Navigate what’s new for the 2025 & 2026 corporate tax filing seasons
- Build tax-efficient wealth and minimize taxes using your corporation
If you missed the LIVE webinars or want to revisit, you can watch them on demand here: https://gmscpa.ca/webinars/