When to hire a cpa?

Oldguyjiujitsu said:
agree...i am not suggesting your math is wrong

It all comes down to risk tolerance, your person discipline for delayed gratification and the market.

In the current interest-rate environment, it is unlikely that most TFSA or RRSP could achieve a 5% return without higher risk fixed income or equity (stock) exposure. This means to me that your TFSA or RRSP investments will likely have more risk than paying off your mortgage. In my life it was not A or B...we did both.

Sounds like we have both reached our desired outcomes after many years of discipline. Both can work, i think the message for the OP is that he should focus on investing or paying down debt more than worrying about tax avoidance. The best answer is that he should do both...Cheers.
Click to expand...
I agree, his main focus should be doing both and not worrying about taxes since he is an employee.

If people focused more on spending less, earning more, living withing their means and efficient use of capital they would be surprised how far ahead they can get.

Sounds like you have done this for yourself sir...well done.
 
Sorbate said:
Just make sure you get your accountant to put it into payroll as payroll. Otherwise the company will pay tax on the money as profit and like me will have a bitch of a time getting the tax back.
Click to expand...
I will remember this. I have already maxed out my RRSP for the year so should be able to pay myself a decent bonus and zero put my taxes with this strategy. Much better than filing for a return.
 
3ml said:
I will remember this. I have already maxed out my RRSP for the year so should be able to pay myself a decent bonus and zero put my taxes with this strategy. Much better than filing for a return.
Click to expand...
Yeah, my rrsps are maxed as well. I usually only invest in rrsp every 2 years, but have an investment account thru work.
I could pay myself more to be able to put in more rrsp, but I don’t know, I hate getting bumped into the next tax bracket. I try to keep it one under the maximum.

What I am hoping for is a tax change to business investments by the time I start to pull them out, so hopefully someone will remove the stupid increases Trudeau put on. Pierre had said he would do so, but he didn’t win. Eventually conservatives will get in and things will change and that should be right around my retirement time, lol.
 
Sorbate said:
Yeah, my rrsps are maxed as well. I usually only invest in rrsp every 2 years, but have an investment account thru work.
I could pay myself more to be able to put in more rrsp, but I don’t know, I hate getting bumped into the next tax bracket. I try to keep it one under the maximum.

What I am hoping for is a tax change to business investments by the time I start to pull them out, so hopefully someone will remove the stupid increases Trudeau put on. Pierre had said he would do so, but he didn’t win. Eventually conservatives will get in and things will change and that should be right around my retirement time, lol.
Click to expand...
Well one could hope it would change but the constant flow of new liberal voters coming into the country will probably prevent it from ever happening.
 
3ml said:
Well one could hope it would change but the constant flow of new liberal voters coming into the country will probably prevent it from ever happening.
Click to expand...
Maybe. Historically liberals are in 2/3rd conservative 1/3. So it’s bound to happen again.
 
Ldtag said:
Thanks everyone for all your inputs and suggestions, that is what I was looking for, real life experiences. There is quite a bit to unpack here and I will re read everything to see what works for me and my family.it seems like opening a business, invest hard and extra money on the mortgage are key here.
Click to expand...
All great advice. Wish I had you guys when I was in my 30’s. I just want to add that I learned to love Excel Spreadsheet. It really helps me focus at end result.
 
You must log in or register to reply here.
Top