Ken's Weekly Top 5 - Issue # 102

What an awesome time we had at the summit this year. Great learning and networking opportunities. I’m always amazed at the new and fresh insights I get from the speakers. Thanks to all the speakers and participants for making this year’s event a great success. In this issue, I discuss the recent interest rate move by the Bank of Canada and I invite you to consider joining our membership. Finally, if you’re looking for Summer camp ideas for your kids, I’ve got something special for you. Enjoy this issue and remember to share this with everyone in your network.

1. Bank of Canada’s Interest Rate Move…What’s Next?

It’s old news now that the bank of Canada cut interest rate this past week by 0.25%. Some of you may be breathing a sigh of relief now, not because your mortgage payment will all of a sudden significantly shrink but because we hope that this trend of interest rate cuts will continue in the coming months.

Will the rate cuts continue?

Likely. Unless inflation rares its ugly head again. As you may know, it’s unlikely that the Bank of Canada will continue to hold rates at this high rates when the CPI inflation is lower than the current interest rates.

With this move by the bank of Canada, we know that the real estate market will pick up some steam in the coming months. While leveraging real estate is one way to build wealth and outpace monetary debasement, it is important that you leverage wisely. And if you’re buying a real estate for investment purposes, don’t forget the importance of buying properties that will allow you to cash flow. With cash flows, you’re more likely to be prepared to deal with the various risks that come with real estate investments.

So, let’s keep our fingers crossed for more rate cuts in the coming months!

2. Taxes Will Set You Back If You Continue Doing What You’re Doing…

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.

So, what’s your plan to combat these taxes?

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:

  • Contribute or save money tax-free
  • Grow or accumulate money tax-free
  • Withdraw or distribute money tax-free

Check out the video here to learn more.

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.

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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 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.

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4. The Three Accelerators of 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 do they know that the rest of the population does not know? The answers to these questions can be varied and sometimes complex. It is certainly true that there are things that the rich know that the rest of the masses don’t know. In this article, I share three powerful accelerators of wealth that the rich have mastered. You too can learn more about these accelerators, master them, and employ them in your strategy as you build and grow your wealth. Read the full article here.

5. 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 (assuming you have a decent job or business). 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 range from lack of periodic tax planning, lack of optimization with family members, and a lack of basic knowledge of our Canadian tax laws. Get all the details here.

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In about a week, we kick off with our annual Chess & Fun Summer camp in Oakville. It’s an awesome week of chess, soccer, basketball, money lessons for kids, and other fun activities for kids aged 5 and 14. It’s certainly one of my best weeks of the year. We only have a few spots left so, if you’re looking for Summer camp ideas for your kids, I invite you to sign up and join us. Enjoy this issue where I share valuable ideas on tax and financial planning. Please remember to share this with...

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...

Happy Mother’s Day to all the mothers and mother figures out there. I honor you for all the important and mostly unseen work you do every day in raising the next generation. May the good Lord continue to keep and strengthen you today and in the days ahead. Have a great day! Please be reminded that the EARLY BIRD discount to register for this year’s Tax-Efficient Wealth Summit on June 1st ends at midnight today, Sunday, May 12th. If you’ve not yet registered, what are you waiting for? Enjoy...