Last week I spoke about the need to make your savings untaxable. This week the federal budget was released and our federal deficit is projected to be over $40 billion. This included a change to make the top 1% of income earners pay more in tax. Considering that our economy is being slowed down to fight inflation, chances are the actual deficit at the end of the year will be much higher than projected.
So here is a question for you; If you came home one day and there was water dripping from your ceiling, when would you call the plumber to get it fixed? Most likely right away because the longer you wait, the bigger the problem will become and the more it will cost to fix the problem.
When it comes to building your wealth and saving for retirement, you probably have a leaky pipe. And the leak I am referring to is the taxes on your retirement savings and retirement income. The pandemic and current monetary policy has put enormous stress on the Canadian economy, and it is only a matter of time before that leaky pipe breaks. If you are ready to have a conversation about the current tax system and explore strategies that can save you money both now and, in the future, you can visit my website at mjhfinancial.ca or call me at 647-302-0151.