Wealth Without Bay Street 231: 2024 Tax Changes: What Business Owners and Real Estate Investors Need to Know
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Understanding the 2024 tax changes is crucial for making informed decisions that can impact your financial future.
In this episode, we discuss the 2024 tax changes and the critical questions you should be asking. Business owners need to be aware of how tax changes affect corporate structures and dividends. Asking the right questions and seeking advice from qualified professionals can help mitigate the impact of tax changes.
Learn about long-term financial planning and take into account the ongoing and future changes in tax policies. Don’t miss out—listen now and take control!
▶️ 2024 Tax Changes: What Business Owners and Real Estate Investors Need to Know
Key Points:
00:00 Introduction
01:20 Importance of strategic positioning of capital in tax planning.
04:03 Developing a tax strategy versus having taxes prepared.
06:14 Differentiating between tax compliance and tax strategy.
09:41 Understanding the role of tax preparers and their limitations.
13:19 Impact of recent changes in capital gains tax.
16:52 Complexities of the tax code and the need for a strategic approach.
21:41 Using the helicopter analogy to understand tax strategy.
25:00 Social media's influence on tax information and professional guidance.
31:29 Evaluating the impact of government tax policies on personal finances.
34:36 Changes in capital gains tax and their broader implications.
38:40 Strategic importance of understanding tax policy changes.
43:00 New capital gains inclusion rates on corporate and individual finances.
47:33 Reviewing the Canadian Entrepreneurs Incentive and its qualifications.
54:04 Considering alternative tax systems and their effects on decisions.
56:17 Importance of proactive tax strategy.
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Don’t Spread the Wealth: How to Leverage the Family Banking System to Own All the Gold, Make the Rules, and Enjoy Generational Riches https://www.amazon.ca/Dont-Spread-Wealth-Leverage-Generational-ebook/dp/B0CW19QSGT/
Website: https://dontspreadwealth.com/
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