Quote:Not in that way.
Originally posted by chandresh
Do you want to imply that getting a higher salary is going to be more painful for you than compared to today???
But I hate to be funding lavish lifestyles of folks who don't pay taxes out of my hard-earned money.
Quote:Not in reality though.
Simple reason being that you cannot reduce your taxes beyond a limit (and that limit can be reducing it to zero theoratically) - but income can be compounded exponentially (theoratically).
In most fields and professions, there are limits to how much you can make.
Sure, you can change careers and move to a higher paying career, but you can only do that once or twice in your lifetime, given the amount of prepration and training most high paying careers need these days.
As your income tends closer to the theoretical top brackets within your profession, you have to find ways to either cut taxes or cut your spending or both.
I am at that point and am trying to do both.
All I need to know is what kind of avenues are available to me for cutting taxes given that options 1 and 2 don't work for me.
I don't wish to deviate too much from the topic since I'm looking for concrete, viable suggestions.
Of course, I am more than happy to discuss larger philosophical issues about life, work, income and spending in another thread
Reserch in Flow Thru shares. PM me if you wat some more info.
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Driller the thriller
Quote:Sure I will.
Originally posted by desi_driller
Reserch in Flow Thru shares. PM me if you wat some more info.
Question - does this strategy require me to continue investing in these funds every year, year after year?
If I divert my RRSP from other types of funds into this type, my asset allocation will go out the window and I will end up having 100% of my RRSP in mining and energy stocks.
Is that a good thing?
Can you share your personal experience?
Is that what you are doing and is that working well for you?
Does anyone have any other ideas?
Are you in a position to request your employer to part or all of your salary by means of consultation payments? That can help.
If there is a possibility- let me know and I can suggest a few things - including offshore planning.
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Chandresh
Advice is free – lessons I charge for!!
Posts: 1920
Location: British Columbia
Posted on: 06-09-07 21:20:41
Location: British Columbia
Posted on: 06-09-07 21:20:41
Quote:
Originally posted by OneIsACrowd
I am trying to improve my situation such that I'm not working 14 hr. days to fund the luxurious lifestlye of non tax payers.
Hope you understand and can provide suggestions.
While I agree that some people find ways to save on taxes, they are very useful.
It is tax dollars that go into social programs such as EI, old age pension, CPP, federally funded employment programs, Military etc.
Yes - now you are working and dont have to worry about those things..but theyt are a safety net. Its ok to think about others who benefit from these things and are grateful.
I work in a government system where I see people who do seem to abuse the system..but I also see countless people who are grateful and who really need the support.
Your tax dollars help others. yes it hurts to pay so much..but you are *really* doing ok.
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~ Morning rain
Quote:Yes I understand that.
Originally posted by morning_rain
It is tax dollars that go into social programs such as EI, old age pension, CPP, federally funded employment programs, Military etc.
Yes - now you are working and dont have to worry about those things..but theyt are a safety net. Its ok to think about others who benefit from these things and are grateful.
I work in a government system where I see people who do seem to abuse the system..but I also see countless people who are grateful and who really need the support.
I have no bones with social programs and such - my contention is seeing people who can write off their taxes while leading a lavish lifestyle.
My neighbor, for instance, gets a GST credit as well as 3 times more CCTB for his kids than I do for mine.
Essentially, this is a "reverse" transfer of income from the taxpayers to the non tax payers.
Anyhow, this gets into larger philosophical and sociological discussions and I'm happy to have that discussion.
For now, I am interested in reducing my taxes by legal means.
