True Wealth Advisors

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[Canadian Tax Guy (Mohammed Al-khooly) @CanadaTaxGuy]

How to mess up a tax strategy: Tax-loss harvesting

What is it?

It’s selling your investments at a loss to realize the losses for tax purposes and then buying them back. If you’re buying different investments, you can buy them back immediately. If you’re buying the same investment, you should wait until after 30 days.

However, as @ADShowtime highlighted to me, people tend to mess this up the 30 day rule.

How?

Because it’s 30 days from the date of settlement (typically 2 business days after the trade date).

Explained below. Be careful for these little things whenever you’re doing your own tax planning.

[Jason Pereira @jasonpereira]

PSA: Self Insurance isn't a thing.

Insurance is the transference of the financial impact of risk. You can't transfer your risk to yourself. All you are doing is chasing to accept the risk yourself.

Choosing to accept risk sounds a lot scarier to people than "self-insurance."

Let's stop calling it what it's not.

[Jason Pereira @jasonpereira]

Seeing too many people trapped in pre-cons whos market value is below the purchase price.

Most were planning to flip on assignment and now have to close, and it's causing all kinds of issues.

Who would have thought the agents that promised you a big return on these, who made a fat commission up front with no liability to deliver on said promises, would steer people in the wrong direction. 🤷‍♂️

[Seun Adeyemi BA, CFP®, CKA® @SeunAdeyemiCFP]

Financial therapy helps individuals overcome limiting beliefs about money & achieve their goals by addressing negative beliefs and replacing them w/empowering ones.

Listen 👉🏾 https://t.co/d9nsXy3OXw
Watch 👉🏾 https://t.co/nyBqTaEyiS

#debtfree #moneymanagement #financialpeace

[True Wealth Advisors @TrueWealthCA]

@jasonpereira When I saw the first post, I immediately assumed it was sold by a WFG agent. They are some of the incompetent & worse trained agents I've ever seen.

[Seun Adeyemi BA, CFP®, CKA® @SeunAdeyemiCFP]

Your "intention" is used to determine whether the profit from your #realestateinvestment should be taxed as business income or taxed as capital gains income

https://t.co/rrWmgEtAW5

@TheTaxHeroes
#realestateinvesting #realestateinvestors
#realestatecanada #realestateadvice

[Seun Adeyemi BA, CFP®, CKA® @SeunAdeyemiCFP]

https://t.co/09m3oeJVqM
Join me as Mohammed and I from @theTaxHeroes as we explore that impact of #taxes on your #realestateinvestments. From #Depreciation to #CapitalGains and #PropertyFlipping, we explore the impact of taxes on #Canadianrealestate #realestatecanada

[Canadian Tax Guy (Mohammed Al-khooly) @CanadaTaxGuy]

Two terms you should understand:

1) Taxable - It means you have to include it in your income for tax purposes and pay tax on that income.

Ex 1: That income is taxable.
Ex 2: If your employer pays for your parking, that is a taxable benefit.

2) Deductible (deductions) - It means it can reduce your income for tax purposes and as such, reduce the amount of tax you pay in that income.

Ex 1: RRSP contributions are deductible.
Ex 2: Childcare expenses can be claimed as a deduction, subject to certain restrictions.

[Seun Adeyemi BA, CFP®, CKA® @SeunAdeyemiCFP]

Don't forget to do your research #shorts https://t.co/YmH8wU4nTq via @YouTube
#realestateinvesting #reitalk #RealEstate

[True Wealth Advisors @TrueWealthCA]

That's an insane jump! Interest payments basically tripled.

[Vince Gaetano @VinceGaetano]

For those with a HELOC, the standard rate has increased to 7.45% (prime + 0.50%).

$200,000 balance today will result in $1,241.67 interest only monthly payments.

In February 2022, the $200,000 balance cost $491.67 monthly.

Increase of 152.5%

Enjoy your coffee. 🤔

[True Wealth Podcast @TrueWealthPod]

Re-Launch: What's Next for the True Wealth Podcast! https://t.co/9YcVpEiu6V

[True Wealth Advisors @TrueWealthCA]

@MarkMcGrathCFP @tycolby Wow, not even retweet, lol.

[True Wealth Advisors @TrueWealthCA]

@jasonpereira 😂😂😂

[True Wealth Advisors @TrueWealthCA]

@TheTaxHeroes Either way they get to choose whether to own personally or corporately.

[True Wealth Advisors @TrueWealthCA]

@TheTaxHeroes Sometimes when getting a mortgage tax returns are not always relevant. Business owners typically use their business cash flow to qualify so their personal income tax doesn't come into play. As long as they don't owe back taxes, they can continue to purchase properties.

[True Wealth Advisors @TrueWealthCA]

@TheTaxHeroes Either a SP or a corp, or doesn't matter. They use the business bank statements to qualify. Buying within a corp is always an option but as you know it's not a good idea to that via an Opco for liability and corp tax reasons. A Holdco is a better route.

[Jon Flynn | Real Estate Data & Analysis @JonFlynnREstats]

Looks like the Average Canadian Residential Real Estate price has hit a major level of resistance in April. The level is so precise it's scary, March 2021 $716K, Oct. 2021 $716K, April 2023 $716K, you know which way we go from here.

[Ivan Gorbadei @IGorbadei]

Another fact.
Only 6.2% of all RE investors in Ontario own 2 investment properties in the province.
Only 2.9% own 3 or more investment properties,
Which means, 90.9% investors own just one investment in ON.
#tore #onre #cdnre

[True Wealth Advisors @TrueWealthCA]

Joint ownership of real estate can be a great way to multiply your efforts and break into the real estate market. However, there are risks. Here is what you need to know.

https://t.co/ufe0IhvaNE

#realestateinvesting #realestateinvestor #REI #investing #homeownershipgoals

[True Wealth Advisors @TrueWealthCA]

Are You Ready To Buy Your First Investment Property?

Here are things to do with consider.

https://t.co/twbjf6r2GR

#realestateinvesting #investing