We’re only a week away from our 2023 Tax-Efficient Wealth Summit taking place on Saturday, June 10th in Mississauga. This is an in-person event with breakfast and launch included in your registration. We have a lineup of new speakers and new topics we will be exploring this year - all with the idea of building tax-efficient wealth. If you’ve not signed up yet, do check out all the details in this week’s top 5. Enjoy and please remember to share this with everyone in your network:
1. Are You Considering Ways To Minimize Your Taxes?
If you’re considering ways to minimize your taxes and build wealth in a tax-efficient manner, then you should make plans to join me at this year’s Tax-Efficient Wealth Summit coming up next week on Saturday, June 10th. This is an in-person live event in Mississauga that will give you the opportunity to connect with others just like you and potentially build new relationships in a great learning environment:
This will be an amazing event that I personally think will help you in your quest to build tax-efficient wealth. You can get all the event details here.
Feel free to bring a friend or family member with you to the event. The more the merrier. I look forward to meeting with you soon and hosting you at the event.
2. Join Our Special Community
I strongly believe that you don’t need a 6-figure salary to create financial freedom. And for this reason, I believe financial freedom is attainable for most people. However, only a few achieve it. Why? It’s because most people lack the fundamental knowledge and a proven path to follow. This is why I create the Tax-Efficient Wealth Membership Network, to provide you with an easy-to-implement blueprint that will enable you to build and grow your wealth in a tax-efficient manner.
Our mission in this special community is TRANSFORMATION! Transformation for you as an individual and for us as a community.
For as low as $597 plus HST per year, you get to be part of an exclusive Tax-Efficient Wealth Membership Network where we bring together aspiring professionals tired of the unending grind of working for others to inspire and hold each other accountable in implementing what we’ve learned, so we can build and grow wealth tax-efficiently, live fulfilled lives with no money worries, and create lasting impact for causes that matter to us.
So, why should you join?
If you’re seeking financial freedom in a tax-efficient way, then this community is for you. In addition, we’ve made it affordable for you to join with the different membership options and benefits we offer. More importantly, your membership fees will never increase even as we increase our annual membership for new members so long as you remain a member in good standing.
You can learn more about the membership and join here. I look forward to welcoming you inside the membership!
3. Seven Skills That Will Help You Create Wealth
Recently, I listened to the BiggerPocket podcast episode 614 with guest Codie Sanchez. She shared some great insights on why you should buy rather than build, particularly when it comes to businesses. It was an interesting episode for those interested in owning businesses. In one of her recent Instagram posts, she shared these 7 skills that will help you create and build wealth:
4. You’re Either Paying Interest Or Losing Interest
Many people pride themselves in paying cash for everything and think they are getting ahead financially, but are they really getting ahead? When it comes to how we use our money, we typically fall into one of three groups of people: debtors, savers, and maximizers.
Debtors do not save. They start at zero, earn income, and spend it all to fund their lifestyle. When there is an emergency for a necessary purchase, they borrow and go into a negative position (Debt). They use earned income to repay debt plus interest until they get back to zero position. When another emergency comes up, they repeat the cycle.
Savers start at zero, earn income, and accumulate money in a savings account. When there is an emergency for a necessary purchase, they use their savings and then get back to zero position. When they use their savings for a purchase, they lose interest because of opportunity costs. Then they start accumulating and saving again. When another emergency comes up, they repeat the cycle.
Maximizers are like savers as they accumulate earned income to save and invest. When there is an emergency for a necessary purchase, they use their savings as collateral to borrow the funds for the purchase. By doing this, they maximize the use of their funds in the most efficient way by not interrupting the compounded growth of their savings/investments.
In conclusion, regardless of which group you fall into, we all finance everything we purchase. You either pay interest by purchasing with a loan/credit, or you lose interest you could have earned by paying with cash. However, by optimizing the way you use money, you can be more efficient and get ahead of the savers and debtors. And there is no better way to optimize than to be a tax-efficient investor, a topic Orlando Lopez, one of the guest speakers at the upcoming Tax-Efficient Wealth Summit will discuss. If you’ve not signed up to join us, do so here.
5. 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 2023 Summer Chess & Fun camp will take place the first week of July from July 11 to July 15, 2022. 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 previous camps, click here.
We’re now officially in the Spring season and just a little over 2 weeks before the deadline for the filing of your personal tax returns. Have you filed yet? In addition, remember that the deadline for the filing of the Underused Housing Tax Return is also on April 30th! As always, I’m here to help and I share more on these in this week’s newsletter. Enjoy this issue and remember to share this with everyone in your network: 1. Have You Filed Your Personal Tax Returns? The filing deadline is...
This week, the government of Ontario announced the biggest spending budget in the history of the province. Although the budget does not include any new changes to the corporate or personal tax rates, it extends the gasoline tax and fuel tax rate reductions which will remain at nine cents per litre until December 31, 2024 (instead of June 30, 2024). Click here for a summary of the key budget highlights. Have a great Easter long weekend and enjoy this week’s issue. Don’t forget to share this...
Recently, Marie and I attended the 28th Black Tie Bingo gala, a fundraising event presented by Co-operators and Meridian Credit Union in support of the Guelph General Hospital. It was a successful event as $339,000 was raised to bolster women’s healthcare services at the hospital. The funds will be used to purchase patient care equipment within Obstetrics & Gynecology, Diagnostic Imaging, and Family Birthing units at the hospital. You can learn more about the Guelph General Hospital...