The T4 final deadline has passed already. So if you are an employee, you should have received your 2009 T4 Slip by now. The T4 slip shows your employment income, taxable benefits and various source deductions withheld by your employer last year. Remember, it is your responsibility to review your T4 slips. Make sure that your total annual employment income shown on your T4 is correct and accurate so as to avoid any errors on your tax returns. It is also important to ensure that not only is the amount correct but also that the correct amount is attributed to the proper tax year.
Self-employed people are usually those that wear all the hats in their business, work very hard and are their own boss. Business owners are people who own and manage a business and have hired and surrounded themselves with smart, competent people. Everyone who is self-employed should look at making the transition and what it takes to be a business owner. The Self-employed and Business Owner both have a great edge in tax planning over the employed. They get to deduct expenses from their income and pay less tax later, whereas the employed do not get to deduct expenses from their income and...
There is an interesting article on Advisor.ca regarding couples and their retirement goals. It emphasizes the importance for couples to have honest discussions on how they envision their retirement years so as to avoid any conflict along the way. This article relates how a lot of couples have completely no idea what their retirement goals are. This lack of long range planning is bad news for any couple who look forward to a rewarding retirement experience. It creates conflict and misunderstanding which does not help in any way with the preparations for the long awaited golden years.Read the full article -- http://www.advisor.ca/advisors/news/industrynews/article.jsp?content=20100218_130250_9156
Cash Flow yields 3 important functions: Excess cash flow can be reinvested to create more growth Income can be temporarily diverted to supplement or replace lost income (financially disruptive life event) When you stop working, cash flow is already in place.The more incoming streams, the better!To learn more about how to take your cash flow to the next level, join us at the Financial Boot Camp Level 2! www.kdeducational.ca