127. 5 Ways To Reduce Taxes In Canada And Protect Your Wealth

Wealth Without Bay Street EPISODE 127: Today’s episode features Henry Wong again. Henry is a professional CPA who also trains other CPA’s across Canada specializing in taxation and passing through the nationals exams. Today he uses the opportunity to help explain Canadian life insurance landmines that U.S. citizens can avoid.

Henry chanced upon the book “Becoming Your Own Banker” and began to piece together all his knowledge of life insurance and financial accounting and soon began to pursue the journey of becoming his own banker. He now trains others as an accountant in how to build their own personal capital pool and manage their taxation through IBC.

IN THIS EPISODE, YOU WILL LEARN:

0:00 Introduction

1:03 Separating Yourself From The Two Systems

4:54 How Much Tax Does An Average Canadian Family Pay

8:30 The Five D’s

10:04 Using Time To Your Advantage (Defer)

12:38 Misconception of the Lower Tax Bracket

16:19 Design of The Canadian Tax System (Design)

20:47 Defining Your Income (Define)

26:38 Dividing the Income (Divide)

35:38 The Disconnect (Disconnect)

42:15 Other Products Considered Income