HOW MUCH TAXES DO WE PAY? 95% of all Canadians retire broke, dependent on friends, family or the federal government for their primary source of income. According to Bank of Canada and statistics Canada in 2009 the majority of Canadians spend $1.60 for every $1.00 they bring in. How much tax do we pay? Firstly Ontario has a progressive Tax system in place the more you make the more tax you pay.
BEST WEALTH CREATION STRATEGY AVAILABLE – For the last few weeks I having been saying I wanted to show you the number one way of attaining wealth and it is so simple I am surprised that more people are not using this very important part of copying what the rich do. That’s right, the wealthy use this method of investing because they are using other people’s money, not their own.
HOW MUCH TAXES DO WE PAY? The percentage of tax that Canadians pay is completely outrageous. While some taxes appear to be reduced, others are increased and new ones added, to continually increase revenues for our politicians to squander.
HOW TO AVOID THE RRSP TRAP – TAX TIME BOMB? One of the biggest mistakes we make as investors is forgetting just how much TAX we will pay to CRA, if we continue to blindly add to our RRSPs without thinking about how much tax you are going to be faced with in retirement.
HOW WE USE THE TAX YOU HAVE TO PAY TO FUND A TAX DEDUCTION AND BUILD WEALTH? First let’s update what the markets have been doing. In my last article I pinpointed that we should start seeing the benefits of “Trumps big Tax cuts”. As it takes 3 -6 months after he announced the cut’s in November to show up in the economy. Since we had just entered the earnings season in which first quarter earnings were announced I was eager to see my prediction come true.