It’s the beginning of another new year and a time when we evaluate our finances and get ready to file our income tax return for the previous year. The question always comes up, how can I reduce my taxes? These startling statistics are a real eye opener. However, I’ve provided one of my favorite solutions of tax cutting for your consideration.
According to the Canadian Payroll Association (CPA), The majority of Canadian workers continue to live paycheque to paycheque, with 59% saying they would be in financial difficulty if their paycheque was delayed by a week.
According to the Fraser Institute, in 2009, the average Canadian family earned an income of $69,175 and paid total taxes equaling $28,878 or 41.7 per cent of its income. In 1961, the average Canadian family earned an income of $5,000 and paid $1,675 in total taxes or 33.5 per cent of its income. Taxes have become the most significant item that consumers now face in their budgets.
I find it astonishing the number of people I meet who would like to start their own business, but hesitate to do so because they assume it’s going to cost them a ton of money and at the same time, be very risky. If only they knew the secret of the rich! The rich know something most people do not know. They know how to save thousands of dollars annually on their taxes (legally!). Most Canadians do not understand this method of tax reduction and how the wealthy pay very little or no taxes at all!
Robert Kiyosaki explains it well in his book Cashflow Quadrant. In the E quadrant (which stands for Employee) taxes are paid first from their hard earned money and then, what’s left over goes to them. Whereas in the B quadrant of owning a business, taxes are paid after all business expenses are deducted, which can save you up to 20-40% in taxes. See the difference?
So, if you’re risk adverse, it is best to start with a business that does not require a lot of capital. And, this is where joining the right network marketing company can be the vehicle without concern of high risk. For example, take a look at EvolvHealth, the investment startup costs are extremely low, especially when I compare it to my franchise investment I had years ago and my current rental property investments.
Contact me for a FREE consultation and find out how starting a home-based business can help lower your taxes! I will show you how to save thousands of dollars on your income!
People don’t plan to fail……..they fail to plan! Let’s get you started NOW!