This is often misunderstood. To be clear, “tax-deferred” does not mean the same thing as “tax-free.” Tax-deferred is something that must eventually have taxes paid on it. On the other hand, tax-free will not need any tax payments made.
Tax-Deferred…
This is often misunderstood. To be clear, “tax-deferred” does not mean the same thing as “tax-free.” Tax-deferred is something that must eventually have taxes paid on it. On the other hand, tax-free will not need any tax payments made.
Tax-Deferred…
Did you know that the majority of tax laws are written to motivate certain behaviors?
The government will use tax laws to levy more taxes. But it will also use tax laws as tools to shape the economy by promoting …
Taxes are by far the largest cost that most households face, yet most people do nothing to manage their taxes
…“The best things in life are free, but sooner or later the government will find a way to tax them.”
Did you know that you could plan your affairs to save on taxes if you know your marginal tax rate?
The Canadian tax system is based on marginal tax rates. This simply means that the more money you make, the …
A few years ago, I did an exercise that completely changed how I see money.
I pulled my tax data for the last decade and summarized three numbers from each tax return:
A few years ago, I had the opportunity to interview two Canadians that achieved financial independence in their 30’s.
I was curious to hear from them directly and to get a better understanding of how they did it, what it …
An American tourist was complimenting a Mexican fisherman for his excellent catch and asked how long it took him to catch them.
“Not very long,” answered the Mexican.
“Why don’t you stay longer and catch more?” asked the American. The …
Why inflation will ruin you financially if you don’t protect your wealth
“Inflation is taxation without legislation.” — Milton Friedman
There is some element of truth to Friedman’s definition of inflation, but what really is inflation?
Inflation is the rate …
As we begin the filing of our personal tax returns in Canada, most taxpayers will be filing their tax returns using a do-it-yourself tax software.
Often, these taxpayers assume that using a do-it-yourself tax filing software means they no longer …
How the right application of these accelerators can accelerate the growth of your wealth
Why are the rich getting richer and everyone else getting poorer? Are the rich smarter than the rest of the world? Are they more talented? What …