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Tax Facts & Planning

with noted Canadian tax expert Evelyn Jacks

Many people are acutely aware that getting a handle on their taxes is important. Yet figuring out the “big picture” feels difficult for most. The job seems so big and detail-oriented that you just can’t muster the energy to get started, despite the fact that managing those details will help you become richer! By mastering your taxes and taking advantage of all the provisions you are entitled to under law, you will pay less tax, and make and save more money, allowing you to build more real wealth over your lifetime. In short, you will take control of more of the money you make.

The issue and your key to success in financial decision making is this: how can you plan to put and keep more money in your own pocket for as long as possible when the taxman seems to take so much of it first? There is much you can do to ensure you pay the correct amount of tax and not one cent more. The benefits are exponential: you will be poised to make better financial decisions because you get to work with more money, first.

When you work to accomplish this, you will accumulate more wealth, faster, giving you more choice and peace of mind. If you are serious about taking control of your money, mastering your taxes is not only important, but absolutely necessary. It will be your largest lifetime expense. In short, you need to position yourself to work with larger, pre-tax dollars, sooner.

Use the Tax Planning Topics on the right-hand side of this page to learn more about specific life circumstances and how to plan for tax efficiency in each.

The Solution

Mastering your taxes is really about overcoming two pain points: time and money. No one has a lot of time, yet that is exactly what it appears to take to figure it out or understand taxes. Worse yet, it seems to require expensive professional advice to get it right.

Here’s the good news: you need to make only three simple, strategic decisions to get a handle on your time and after tax results:

• Earn, tax efficiently. You are probably quite good at how you earn your living. It’s important to keep your revenue flowing. Your new goal is to discover what you can do to accumulate and preserve wealth without “tax leakage.”
• Pay enough, but no more. To take control and exercise your legal right to pay only the correct amount of tax, not a cent more, you need to shift your focus from annual tax preparation to a strategic plan for tax-efficiency all year round.
• Get organized and get help. Most people relate the word “tax” with “tax return preparation,” thereby losing focus on the real win: tax planning for your future. To master the annual tax filing pain point, get organized and get professional help. Most of us wouldn’t fix our own cars, fly our own planes or perform brain surgery on our family members. Why wouldn’t you seek the best help there is for something as potentially lucrative as reconciling your after-tax position for a whole year’s work? However, you do need to commit to understanding some basics about your tax return to maximize your relationship with your tax professional.

The Author

Evelyn Jacks is an international speaker, educational publisher and author of over 40 books. She is well-known by millions as Canada's most trusted and best-selling tax author and commentator. Evelyn is also the Founder and President of The Knowledge Bureau, a leading national educational institute for Real Wealth Management and the training of tax, retirement and bookkeeping specialists. Evelyn is also an acclaimed national and international award-winning business woman.