|As a specialty for Gold Coin’s Clients we have brought a very unique alternative strategy of tax deduction in a proven method of tax deduction and at the same time create a greater wealth for our clients. To understand this program let’s take an example, by which the strategy will be crystal clear to you.|
|There was two friends by the name Tom and Jim, Tom like the traditional method but Jim like the new concepts, let as assume that both were in 30% Tax bracket and both did invest $3000.00 which has 10% rate of return* in RRSP and Alternative strategy plan respectively. Let us understand what happens at the end of one year.|
|Tom’s Plan: RRSP|
|Invested amount $3000.00 and as his tax bracket is 30%, therefore Tax refund $900.00|
|$3000 X 10% = $300|
|Investment Value at the end of one year $3300.00 -|
|Upon withdrawal Tax 100% on MTB $990.00|
|Net amount after Tax = $2,310.00|
|Jim’s Alternative Plan|
|Here you do not have to come up with the full $3000.00 but instead, you need to put $250.00 every month, therefore: -|
|250 X 12 = $3,000 Tax Refund will be $900.00 as the Tax bracket being 30%|
|The sum of $250.00 (Approx)** is the Interest that you pay to service the loan of $50,000.00, so the calculation goes thus: -|
|$50,000.00 X 10% = 5,000 – 750(Tax)|
|Net Amount after Tax $4,250.00|
|Compare $2,310 vc $4,250|
|Thus we see here that Tom made $2,310.00, but Jim made $4,250.00, though they put out the same amount of money, but Jim with ease made more money. Jim has more benefit in his plan over tom's plan. Please call us at 416-283-8899 to understand on a personal level.|
|Smart Tax Saving Strategy Plan|
|Smart Tax Saving Strategy Plan ( STSSP) is the best solution for those Canadian who are on the high Tax bracket and are still paying a lot of tax even after max contribution to their RRSP.
Let us take an example of a Cardiologist whom I met a few months back and I asked Doc. What do you do to reduce your tax, he replied that my accountant is very good all the Doctors are doing their book keeping and tax work done by him, I said excellent ! and I am happy to note that you are very happy & content with your accountant. However how much Tax did you pay last year? He replied, its about $128,000.00. I said, that is a lot of money that you have paid in Tax, I think you should get more tax deduction, so that you can reduce your tax bill. He replied, “HOW MUCH TAX DEDUCTION CAN I GET”? I replied, “How much you do you want !, he said what you mean!!! I replied I can get you as much as you need, if your if your pocket permits, then he said “CAN I GET $100,000 tax deduction” I said sure!
With STSSP, we can provide tax deductions to Canadian in accordance with the tax law, to an amount suitable after having done the KYC and Risk Profile for potential clients.
|*(These numbers are used just for calculation purpose only)
**Interest rate subject change in accordance with Prime rate Change
|To know more about the program give us a call at 416-283-8899 and one of our friendly customer service representatives will put you in contact with a authorized representative.|