Blogs
IMMEDIATE FINANCING ARRANGEMENT (IFA)
FOR CANADIAN CORPORATIONS
An IFA is a practice whereby you take out a premium life insurance policy that has a cash building component, such as an exempt whole or universal life insurance policy, and then directly use the policy as collateral to obtain a loan.
How the IFA works to help you get more tax deductions?
6 Reasons Why Retirement Planning
Should Be Your Priority
Retirement management has several benefits that range from both personal and psychological
to financial. Here are several advantages and common reasons for effectively planning your
retirement. As popular saying
“If you fail to plan, you are planning to fail!”
How to prepare yourself to face life- threatening situations and make the right financial decisions?
Each one of us begins a new day praying to God for the future of our family and ourselves. We step out of our home for work or any reason without knowing what is going to happen. Many personal unexpected situations might affect your family at large.
The Best Selling Book: The 10 Secrets Revenue Canada Doesn’t Want You To Know!
“Taxes: The less you know, the more you pay!” - David M Voth
Introduction:
If you make any kind of Salary income in Canada you already know that "CRA has what it takes to take away what you have." That is why CRA Intercepts your employer and takes up to 30% - 52% of your pay cheque before you even get to see your hard-earned money in your bank account.
If that is not enough they also want to use your money interest-free for a year, and return (that is if you know how) without growth and after one year of inflation.
Annually, Canadians eagerly await the arrival of a tax refund, often seeing it as a reward from the CRA for their holiday expenses. However, behind this windfall lies a harsh truth: a tax refund means an overpayment to the Canada Revenue Agency (CRA) throughout the year.
With that said, here are Ways to start paying the right amount of Tax today! 👊
Essentially, it’s like giving out an interest-free loan each month to the government, out of your hard-earned money and receiving your own money back as a tax refund, with no growth, no interest, after one year of inflation on your money.
Good news! Here's a way to keep more of your hard-earned money. (Yes, your tax accountant or advisor should have told you long ago!)
If you tell the CRA that you'll put money into a non-payroll RRSP account, pay interest expenses on investment loans, claim child care expenses, alimony, maintenance or support payments, even on employment expenses they'll authorize you to lower the taxes taken from your paycheck by your employer and reduce the taxes you pay throughout the year.
This means you'll get more money each month. What you do with this additional cash flow depends on your goals.
For Financial Freedom, debt elimination followed by wealth accumulation by investing for an early and wealthy retirement should be a priority over spending the additional money from CRA.
Just this small additional cash flow of a few hundred dollars reclaimed from CRA every month invested during your active working years for compounding growth in tax advantaged way using a Systematic Investment Plan (SIP) will cut out many years of work before you can retire with a Total Financial Freedom.
The Compound Effect is the principle of reaping huge rewards from a series of small, smart choices. -Darren Hardy
Everyone and every blog posts tells you "what to do" and very few tell you "how to do it"
I do not want to be that person. Here are the resources to actually do it and keep more of your money
Download the CRA’s T1213 Request to Reduce Tax Deductions at Source
Quebec residents must also complete form TP-1016-V
There is a great way to get more mileage out of your savings to achieve Total Financial Freedom much earlier than conventional wisdom pushed by capitalist financial institutions. However, it's important to embrace and implement the fundamentals of "How money works" to achieve the desired results for you.
3 Universal Rules of Money
The Power of Compounding
Never lose the Principal invested
Pay the Right Amount of Tax
3 big mistakes many retail investors make while managing their hard-earned savings:
Not clear on where to put the money
Not knowing Where to look for results
Not knowing What results to look for
Knowing and understanding modern financial concepts can help you have and enjoy financial freedom. Those concepts I share with my clients are in the webinar link below.
Disclaimer:This communication is provided as a general source of information only and should not be considered personal tax, accounting, investment or legal advice and should not be relied upon in that regard. Professional advisors should be consulted before acting based on the information contained in this communication to ensure that any action taken concerning this information is appropriate to their specific situation. The facts provided are believed to be reliable as of the date of writing this article.
IMMEDIATE FINANCING ARRANGEMENT (IFA)
FOR CANADIAN CORPORATIONS
An IFA is a practice whereby you take out a premium life insurance policy that has a cash building component, such as an exempt whole or universal life insurance policy, and then directly use the policy as collateral to obtain a loan. In this way, you gain the full benefit from the insurance policy, yet you are still able to use your money to build your business or to invest in other income-generating avenues.
How the IFA works to help you get more tax deductions?
6 Reasons Why Retirement Planning Should Be Your Priority
Retirement management has several benefits that range from both personal and psychological to financial. Here are several advantages and common reasons for effectively planning your retirement. As popular saying
“If you fail to plan, you are planning to fail!”
How to prepare yourself to face life- threatening situations and make the right financial decisions?
Each one of us begins a new day praying to God for the future of our family and ourselves. We step out of our home for work or any reason without knowing what is going to happen. Many personal unexpected situations might affect your family at large.
Working Hours
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🔴 Sunday : Closed
Our Service Area
Ontario | Quebec
Alberta | Nova Scotia
British Columbia | Saskatchewan
New Brunswick
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Kanwaljit (Sunny) Kochar DBA Hexavision Enterprise is licensed to sell Segregated Funds investments, Life and A&S Insurance products in Ontario, Alberta, QC, NB, SK, NS and British Columbia. Not available in other provinces.
License #s: FSCO LIC#17161321 (ON), AIC LIC # M-3493167-1763384-2020 (AL), BC LIC#LIC-2020-0022136-R01 (BC). Insurance and segregated funds provided by Carte Risk Management Inc.
@ 2024 Hexavision Enterprise| Terms And Condition| Privacy Policy | Advisor Disclosure
© 2024 Hexavision Enterprise. All rights reserved
Our Service Area
Ontario | Quebec
Alberta | Nova Scotia
British Columbia | Saskatchewan
New Brunswick
Working Hours
🟢 Monday to Friday : 9:30 - 6:30 EST
🔴 Saturday and Sunday : Closed
Join Our Blogs/Newsletter
Kanwaljit (Sunny) Kochar DBA Hexavision Enterprise is licensed to sell Segregated Funds investments, Life and A&S Insurance products in Ontario, Alberta, QC, NB, SK, NS and British Columbia. Not available in other provinces. License #s: FSCO LIC#17161321 (ON), AIC LIC # M-3493167-1763384-2020 (AL), BC LIC#LIC-2020-0022136-R01 (BC), AMF LIC# 2023-CI-1016414(QC), LIC # 087345 (SK), FCSC LIC# 220039066 (NB) Insurance and segregated funds provided by Carte Risk Management Inc.
@ 2024 Hexavision Enterprise| Terms And Condition| Privacy Policy | Advisor Disclosure
© 2024 Hexavision Enterprise. All rights reserved