Your hidden partner
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Transcript of Your hidden partner
Sutton UniversityMotivational
Your Hidden PartnerYour Hidden Partner
How to handle your taxes
Sutton UniversityMotivational
Taxes: How much do you owe? Taxes: How much do you owe?
A great many people in the real estate profession suffer from constant anxiety about the amounts they owe Revenue Canada for Income Tax
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Taxes, Taxes, TaxesTaxes, Taxes, Taxes
Why are realtors prone to be the seeming whipping boys of the Tax Department?
The reason may lie in the fact that they forget they have a hidden partner
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What Causes us to “Forget”?What Causes us to “Forget”?
This forgetfulness can be traced to the fact that earnings in the real estate profession are erratic
It seems like it is either a feast or a famine
Only the very high producers seem to be immune to the Tax Department garnishee
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What is the Solution?What is the Solution?
Set aside at least 40% of every sale
This is not as easy as it sounds. You must budget well so that you can make these payments to cover the tax on your sales
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What is the Solution?What is the Solution? Keep track of your sales and
then every month, discuss your position with your Tax Accountant
Remember that your manager and the staff have enough to do without having to deal with the Garnishee from the Tax Department
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Budgeting is the KeyBudgeting is the Key
It may be that you will have to make larger payments during the feast months and more or none during the famine months
Rest assured, a system of budgeting will alleviate a great deal of worry and keep the “hidden partner” from harassing you