Retirement accounts are generally lauded for being tax friendly. But what if you’re a high income earner? 🤔 Can contributing to a tax advantaged retirement account hurt you instead of help you? Yes. I’ll demonstrate how in today’s post. A lot of readers here make over $100,000 a year. So let’s approach retirement planning from a taxation and… Read More »
You have to pay, one way or another When you understand that inflation is by design you’ll realize that the whole system is a shell game. And the only way to survive the game is to adequately prepare for the day when it ends. Two ways for you to be taxed When you earn $60,000 a year… Read More »
One of the great advantages of living in Canada is the generous government benefits system. Had a baby? Take some tax-free child benefits. Lost your job? Apply for employment insurance benefits (EI.) Making low income? There are multiple assistance program for you. 🙂 But one dilemma facing the financial independence/early retire community is whether or not we should… Read More »
Next week is Tax Freedom Day! This is the first day of the year in which Canada has earned enough income to pay its taxes. Every payment to the government of all levels that is officially considered a tax is counted. The purpose of having a tax free day is to provide tax paying citizens with a metric with which… Read More »
Bar Stool Economics Capitalism in the United States is in serious disrepute. The Bush tax cuts have been said to give the top 0.1% of Americans an average of $520,000. That is over 400 times the average tax cut received by middle-class households. Many people are upset at how tax cut policies seem to disproportionately benefit the upper class. If anything,… Read More »
A 50 Dollar Lesson in Personal Responsibility I’d like to share this joke I found on tumblr. I recently asked my friend’s little girl what she wanted to be when she grows up. She said she wanted to be President some day. Both of her parents are liberal Democrats who support Bernie Sanders. They were standing there beside her. So… Read More »