The building of a business is like building a house. It requires planning and engineering. Just as you would not build a house without professional guidance, so too should you do the same when planning your business. It’s the least you can do on a decision that is probably far more financially important than building a house.

Frank Lloyd Wright said, “Take time to prepare.” Ten years preparation for preliminaries to architectural practice is little enough for an architect who would rise above the norm in true architectural appreciation or practice. If we look at how this applies to taxes, we will discover just how important it is to be the architect of our own finances. We need to take control of our own destinies. We have to make our own tax savings plans. We must decide what we want to do, then hire the appropriate experts to help implement our plans. When this happens, then and only then, will we rise above the countless masses that continue to pay more than their fair share of taxes.

There are two things in life that are sure, one is Death and the other is Taxes. It’s not a question of whether you should pay taxes or not, rather it’s a question of how much tax you pay. Every time you avoid paying a tax, that money stays in your pocket as a “0″ tax. We are going to explore ways in which you can reduce the tax you pay.

There are opportunities for not paying any income tax in a specific year and for not paying G.S.T. or P.S.T. on your purchases.

My objective is to stimulate your thoughts so that you will develop a new approach to putting more dollars in your pocket and less in the tax man’s. Shrewd financial management will enable you to eventually make so much money that it does not bother you (too much) that you have to pay taxes.

This is a broad subject. There are no experts in all areas of taxes. This also applies to me. I am not an expert, I am just a creative business person who has a practical approach to the subject of taxes, and has collected a wealth of tax saving information. This is one of the reasons my Tax Seminars have been so successful. Often the best ideas come from people outside of an industry or profession, someone with a different outlook and fresh ideas unencumbered by conventional training and not influenced by colleagues or peers who are in the business of doing people’s taxes or books.

When dealing with taxes, you have to be in control of your own affairs, you need to know what it is you want to accomplish and how to get what you want. Consult the experts and deal with them in a creative fashion. This allows you to take advantage of the better opportunities and options. You are the one with the greatest personal stake in your affairs.
My Tax Book is designed to get you thinking and acting in a manner that will facilitate your achieving financial success to the degree that you can no longer legally avoid paying taxes. I am not, in any way, suggesting that you do anything illegal. There are a lot of ways to legally avoid paying taxes. There is a big difference between “tax evasion” and “tax avoidance.” The trick is to know what’s legal and what’s not. My book is designed to help you in knowing what you can legally do, and what will get you in trouble with the tax department.

My book is also intended to demystify the tax department, so that you can deal rationally with your affairs, and to remove the fear of what they can do to you if you make mistakes. No one should have to live with an irrational fear for their entire life, because of misinformation given to them.

Income tax provides CRA with their single largest source of income, over 100 billion dollars per year. If you earn over $50,000.00 in taxable income then you are going to pay about 53% in income tax on earnings over that amount. Only 11% of Canadians earn over $50,000.00. This means that 89% of Canadians pay the bulk of all income tax paid.
Primarily this overtaxed population segment is composed of struggling individuals who are paying more than their fair share, trying to make ends meet and never having enough money to get ahead. They are often unable to plan for the future, or to have enough money to get out of the tax trap.

It starts to make an awful lot of sense for everyone to become a business, so that our income is reduced through legitimate business expenses. Thus, begins the process of taking more effective control of our financial futures.
As we live in somewhat of a democracy, we have to look at what tools we have at our disposal to help us take control of our financial well being. Business offers us the most opportunities to do this.

I strongly recommend that you review your tax plans with an expert such as a tax lawyer or accountant. Explore whether a management accountant or a chartered accountant is better suited for your needs. It will depend on the type of business you are in. Never put your financial future in the hands of the first ‘expert’ you meet. Remember you are the expert in your business. An accountant or lawyer will advise you whether or not what you are doing is legally correct. Because of the broad knowledge required to be an all encompassing tax expert, it is impossible to know everything about everyone’s business. So, do not take anyone’s word as the final authority on the topic.