I’m the founder of Wealth Hacker Academy.
I’m an entrepreneur, an accountant, a published author, a public speaker and a real estate investor. And most importantly, a wealth hacker.
Let me tell you about my story.
Eight years ago, I decided to go out on my own after years of boredom at my corporate job as a number cruncher. I was going to use the income from real estate to pay for the lifestyle I wanted.
So, I become a real estate agent and joined a real estate team.
I did very well that first year as a realtor or so I thought...
Even though I was trained as an accountant, I wasn’t prepared when it came tax time.
I didn’t know what type of receipts to keep. I didn’t know what type of expenses I can claim. I didn’t know how much of the deductions I could make. With my background, it wasn’t difficult for me to pick up the knowledge.
But the worst part was when I completed by tax return, I owed money I didn’t have! I had not factored in the taxes I had to pay so didn’t save any money for taxes owing.
What did I do? I had to go out and find two more deals to cover my HST and income tax owing.
This wasn’t supposed to happen.
This was a major wakeup call for me. It challenged me to research, learn and find answers for the many Realtors I work with.
What we don’t know can cost us - time, money and heartache.
It’s up to us to handle all the details. Is this what you’re facing?
You may be wondering, “Why do I need to know about tax deductions as I already have an accountant?”
Or “Why do I need to know about bookkeeping?” I already have someone doing the books.
As capable as your accountants and bookkeepers are, you’re the one in charge of your business…you are the one who will sign off on your tax returns.
If you ever get audited, you’re the one on the hook with CRA if things aren’t done properly.
Even if you don’t think you’ll be handling your books yourself… you should be educated enough to ask the right questions.
You should know enough to keep all the receipts, so you don’t have to pay a dime more than you’re legally required.
This got me thinking. As real estate agents and business owners, our lives are very busy.