Mike Sikar的动态

Many high-income earners often rely on their accountants for tax savings, overlooking the importance of investment strategies. Generating passive income to replace your working income can involve borrowing, but the risks can be balanced by the tax benefits it provides. Good debt is essentially debt that is tax-deductible. For instance, borrowing from banks to invest in property or stocks is typically considered good debt, as it allows for tax deductions. You can gain a tax advantage and write off the interest on appreciating assets like real estate over time. Leveraging good debt is one of the most effective ways to use your money and generate investment income after you stop working. ------- ? Hi, I’m Mike and I post about investing and strategies to improve your money game to better prepare for retirement ?? Nothing in this post is financial advice. Just sharing my own opinion, research and best practices ?? Feel free to reach out to me if you'd like to schedule a free 15 minute strategy call

We recently met with a High Value client from a big 5 bank brokerage and here is what we found out: 1. They did not have a financial plan even though they were told they did. They had a few investment accounts and an investment statement only. 2. They had not maxed out their TFSAs for the last 3 years for the husband even though they had the ability to do so and had over contributed for the wife the last 2 years causing penalties and fees from CRA. This was costing them thousands of dollars per year in penalties and missed tax savings. 3. They had too much of their GICs and interest earning investments in the wrong taxable account which had caused a big tax increase for this couple costing them tens of thousands of dollars per year. 4. They were not in the right series of funds so were paying more than they should and not able to deduct their advisory fees costing them thousands of dollars per year. 5. They were invested heavily in Canada so had greatly underperformed over the last 5 years a similar diversified portfolio. This had cost them hundreds of thousands of dollars for this particular couple over the last few years. 6. They had no tax or estate plan prepared. They had a $1 million estate tax bill they were not aware of and currently had no plan for. Just because you are working with an advisor or have an investment plan does not mean your on track or your plan has been optimized. ?You should be working with a Certified Financial Planner who can offer you customized tax, estate, retirement, insurance and investment planning. Not all advisors or firms are created equal so you should do your homework, ask lots of questions, hold your advisor accountable, review your finances proactively and regularly and get a second opinion if needed. If we can help you please don’t hesitate to reach out. [email protected] www.jasonblucke.com

With the End of Financial Year fast approaching, now is the time to discuss how best to minimise tax and maximise your profits before June 30, 2024. Ready to unlock tax-saving opportunities? Here are some key questions worth asking yourself: ?? Did you catch the latest from the ATO on trust distributions to adult children or parents? This is an important one, so be sure to chat to your accountant about it! ?? Have you thought about boosting your super contributions using carry-forward amounts? ?? Can you accelerate deductible expenses or defer taxable income? ?? How is your capital gains strategy shaping up? ?? Considering a Family Trust or a "bucket company" to trim your tax bill? ?? Think of it this way: the tax you save could fund your dreams, from paying down your mortgage, saving for your children’s education or jet-setting with future travels! ?? So, are you ready to make tax planning easy? Reach out today to book an appointment with us. The countdown is on!

As the year draws to a close, it's the perfect time to review your financial and income planning. At Precedence Private Wealth, we’re here to help you identify opportunities to optimize your financial plan, address any key areas requiring attention, and ensure you're set up for success in 2024 and beyond. Key Considerations for Year-End Planning: ?? Income Timing: Is your 2024 income low, but you anticipate higher income needs in 2025? Drawing additional income before December 31, 2024, may help spread out taxes over two years. ?? Tax Optimization: Do you have higher-than-usual deductions or credits in 2024? Aligning your income now could maximize your benefits. ?? Capital Gains: Planning to sell assets in 2025 that will trigger capital gains? Consider selling some assets before December 31, 2024, to spread the tax impact across two years. We’re here to guide you every step of the way. Let’s finish 2024 strong and set the stage for financial success in 2025. https://lnkd.in/gUmb8dbQ #FinancialPlanning #TaxOptimization #YearEndReview #RetirementPlanning #WealthManagement #CapitalGains #TaxStrategies #IncomePlanning #FinancialSuccess

As the year draws to a close, it's the perfect time to review your financial and income planning. At Precedence Private Wealth, we’re here to help you identify opportunities to optimize your financial plan, address any key areas requiring attention, and ensure you're set up for success in 2024 and beyond. Key Considerations for Year-End Planning: ?? Income Timing: Is your 2024 income low, but you anticipate higher income needs in 2025? Drawing additional income before December 31, 2024, may help spread out taxes over two years. ?? Tax Optimization: Do you have higher-than-usual deductions or credits in 2024? Aligning your income now could maximize your benefits. ?? Capital Gains: Planning to sell assets in 2025 that will trigger capital gains? Consider selling some assets before December 31, 2024, to spread the tax impact across two years. We’re here to guide you every step of the way. Let’s finish 2024 strong and set the stage for financial success in 2025. https://lnkd.in/g9UB4vry #FinancialPlanning #TaxOptimization #YearEndReview #RetirementPlanning #WealthManagement #CapitalGains #TaxStrategies #IncomePlanning #FinancialSuccess

Before you sell your business, it’s crucial to have a detailed, tax-efficient plan for your post-exit assets. Here’s a quick guide: 1?? Early Engagement: Seek professional advice now to solidify your post-exit goals. Cash-flow modelling can help determine the lump sum needed to maintain your lifestyle post exit. 2?? Tax Planning: Be aware of Capital Gains Tax liabilities and leverage reliefs like Business Asset Disposal Relief. 3?? Investment Strategy: Without a plan, your sale proceeds could become a headache. Understand how much you need for future goals such as retirement and how to invest tax-efficiently. 4?? Emotional Preparation: Consider what will give you purpose post-exit. Financial planning isn’t just about money; it’s about life goals too. 5?? Regular Reviews: Keep your plan updated with regular reviews as your personal and business circumstances change. 6?? Expert Advice: Get help to navigate complex matters like tax relief qualifications, investment planning, and inheritance tax. ?? Pro Tip: Start saving into a pension early to diversify risk and move money out of the business tax-efficiently. The value of an investment with St. James's Place will be directly linked to the performance of the funds you select and the value can therefore go down as well as up. You may get back less than you invested. The levels and bases of taxation, and reliefs from taxation, can change at any time. The value of any tax relief is generally dependent on individual circumstances. Exit strategies may involve the referral to a service that is separate and distinct to those offered by St. James's Place. #FinancialPlanning #BusinessExit #TaxEfficiency #InvestmentStrategy #RetirementPlanning #FinancialAdvice #BusinessOwners #PostExitGoals

My greatest money mistake. ? I estimate it cost ￡60k plus in tax alone. ? What was it? ? I didn't make pension contributions when my income was high. ? I could have contributed ￡120k into a pension. ? Saving 45% of that income in tax and investing for the future. ? Instead, I took the income and put it into savings. ? The savings didn't grow. ? The orginal capital, tax credits and growth, would be. ￡180k today.? ? Expensive mistake. ? I will stop you from making the same mistakes. ? If you think going it alone will save you money, think again. ? Life By Design ? Guiding successful families to financial freedom. ? To find out more about how I help people like you, sign up for my NEWSLETTER. ? Link in comments. ? #personalfinance #money #lifebydesign #investments #tax

Whilst most of the big announcements were not a surprise, for many investors the stark reality of higher taxes and a significant impact on those with investments, is hitting home. This is where financial advisers, wealth managers and asset managers have a chance to really demonstrate value to their clients. In this article ?? read varying different perspectives from across the value chain, including my thoughts on how the proactivity of wealth managers is critical right now. #advicematters #budget2024 #assetmanagement #wealthmanagement #financialplanning #goalsbasedinvesting #tax

As we move into Q3 and Q4 here's a quick checklist to get your personal investment accounting sorted: Check Capital Gains: Report any gains over ￡6,000 and use any losses to balance things out. Review Dividends: Remember, the first ￡1,000 of dividend income is tax-free—make sure you’ve accounted for all your dividends. Max Out Your ISA: Use up your ￡20,000 ISA allowance before the year ends to make the most of your tax-free savings. Boost Your Pension: Consider topping up your pension contributions to take advantage of up to ￡60,000 in tax relief. Keep Good Records: Make sure you’ve got all your transaction details and statements in order. Look at Your Investment Performance: Take a moment to review how your investments have done and make any needed adjustments. Gather Statements: Collect all your financial statements and reports to prepare for tax season. Get Some Advice: If you’re feeling unsure, chatting with a financial advisor can help clarify things. By following these steps, you’ll keep your financial house in order and set yourself up for the rest of the year! #accounting #financialplanning #finance #moneymatters #moneytips