Financial Literacy Club

Why should you make sure you file your taxes?

Well besides running the risk of receiving a letter from the CRA requesting you file, you stand to benefit from filing.

Filing helps the government know what benefits you qualify for, whether that be child benefit or the quarterly GST payment. It also allows them to track and let you know what your RRSP contribution room is.

When you are taxed on your paychecks, most times you aren't being taxed based on you personal situation. The fact that you have medical expenses or childcare expenses isn't taken into account, so filing at the end of the year allows you to make those claims so that the government can ensure that you have not overpaid your taxes. This could lead to a refund.

Banks could ask you for your tax return to make sure that you don't have any tax liabilities before they approve you for a mortgage or a large loan. Not being able to provide this information could cost you a lot of time and money.

If you haven't filed your taxes for this year or any subsequent year, send me a DM or click the book now button on this page or in the link in my bio to set up a tax appointment.

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It's a long, arduous journey to financial literacy and financial independence, but I can tell that a lot of you are getting the hang of it.

Don't give up and keep pushing forward on your journey, even if it takes a lifetime, I promise that your determination and dedication will get you far.
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Are you investing based on your income?

I talk a lot about investing and multiplying your money through the stock market and through multiple streams of income, but it is important to keep a certain amount of cash on hand especially for emergencies. Why? Because if all of your money is tied up in investments and an emergency happens, you may have to sell those investments at a loss.

You may also want to keep cash in your investment account so if a buying opportunity arises, you will have the funds available.

Another very important investment is yourself. Whether you want to get new skills for a job/business or you want to learn more about the investments you want to have, you need to allocate a certain amount of money to invest in yourself.

Let me know in the comments if you are investing based on your income.

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What do you use your phone for?

Your phone is something you use almost as much as anything else you own.

With that in mind, what I you spend all those hours on your phone doing?

I'm not here to tell you that you can't use your phone for entertainment purposes, but if you feel that you don't have enough time to dedicate to your goals, maybe how you manage your screentime is the reason.

Comment what you use your phone for below.
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Merchandise still available and new ones to come.

Link in bio! Then tap "merch"
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Saving just to save discourages a lot of people from saving, but saving with no idea as to how much you should have saved makes the process even more painful. This is a list I found on a few websites outlining how much you SHOULD have saved by a certain age.

I find this very helpful. This isn't to say this is the norm, but I thought it would be helpful for someone who hasn't thought about saving with a purpose.

Whether you have a savings/retirement goals or not, are your savings in line with this chart?

Comment below

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I am officially taking new clients.

That's right, I am offering you access to my expertise for as low as 25$. Get in early as this sale is only on for one month with a limited amount of spots available.

These sessions are good for people looking for help with their personal and/or business goals/budgeting.
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So now that you have your financial goals, a budget in place, a solid tax plan, your debt and credit managed, and the right insurance coverage for your needs, it's time to start thinking about making your hard earned dollars work for you. I'm sure you've been hearing a lot about the stock market right now as it is breaking new records, but there are a multitude of investments to choose from depending on how much risk you are willing to take.
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I used to think that insurance was SUCH a waste of money. Having this expense IN CASE something happened? I couldn't justify it. But once I started working on my financial plan and I started to acquire more assets, I quickly realized how important it was to protect those things. Having an emergency fund is important to cover the basics, but you can't save enough to help you in a real emergency. That's why insurance is important. Health, house, tenant, car, and even pet insurance can save you thousands and in some cases millions!
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When you are ready to make a financial plan, you would need to work on 5 areas. Tax planning and budgeting, financing purchases(debt management), insuring your assets, investing, and retirement and estate planning. Once you are familiar with and understand the importance of each of these components, you will be able to make solid, long-term financial goals and make the right path to achieve them.
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The number one reason I stand by not wanting a refund is because a lot can be done with the extra money you are loaning to the government interest free. It's fun to see a nice big check from the government and I fall for this too, but what could you do if you have 20$,50$ or even 100$ more each month??
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As promised, some ways to bring down your taxable income. Doing this means you PAY LESS taxes and might even get a refund if that is your goal. Of course this is a very basic explanation on how to do that so you should always check with a tax professional to see if these suggestions would help you. These things need to be implemented early in the year so that you can fully benefit from them when it comes time to file your taxes.
How many of you are currently doing these things and have you seen a difference in the taxes you have to pay?
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