Your hidden partner

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Your Hidden PartnerYour Hidden Partner

How to handle your taxes

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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