Year-end tax planning  

Jackie is joined by Lianne on this episode of live at 5 to discuss tax planning and gearing up for the new year. This is an important time of the year to start looking at how much income tax you are paying and to consider strategies that help you to keep more of your hard-earned money in your pocket. You can decide to pay way less to CRA in the new year just by planning. Stay tuned for all the tips shared by wealth expert Lianne Hannaway. 

Tell me about your journey to now becoming a wealth expert 

Lianne grew up in Winnipeg with a dream to own a shoe store one day but eventually ended up on a path to becoming a CPA. Raised by immigrant parents, Lianne had a zeal to become financially independent. She has worked with various reputable successful organizations over the years until she decided it was time to pursue her dream of helping small business owners to build successful lives and/businesses by creating a strong financial path.  Her business Wealthnuvo, is very passionate about helping women grow their businesses with a strong financial backing, so they are set up for long- term success.  

What are some of the tips women need to know as they plan for the new year? 

The first thing is itemizing your expenses and getting a handle of what you are spending on because not every dollar that goes through your business is treated equally. Log all expenses according to categories and ensure that they all are the best use of your funds.  Also, organize to work with an accountant, be sure to get a good accountant that can guide you through the process of paying as little taxes as possible and to help you  plan ahead for the tax bill so its not a surprise. 

 Have your accountant get you on a program that keeps you on top of your taxes. Remember that accountants have different niches, some are good at taxes, others are more analytical while some are more tax filers. Figure out which type of accountant you need so you engage the right accountant and one that understands your industry. For business owners, it is important to get an accountant that can help you streamline all the numbers and review those with you monthly or quarterly. Doing this doesn’t just save you taxes but gives you an idea of where your business is and what you can or cannot afford as you continue to grow.  

How can you identify a good accountant? 

Ask questions! What kind of clients do you work with, how do you like to work, what are the ways you plan to engage with me, how often are we going to meet, what comes out of our meetings? These are questions that need to be answered for you to decide to go ahead with an accountant. Asking will help you vet out the most suitable accountant for your business as opposed to just getting an accountant that will only help file your taxes when it is time. You want to choose an accountant that makes you comfortable enough to have honest conversations about your business and personal finances and get support in return.  

Why do you think women find it hard to have conversations about finances? 

Women were never really taught about money and the system does not necessarily support them when it comes to conversations about finances. From a young age many women are taught not to value the work they do and struggle to charge what they are worth for their services when they start a business. Now women must unlearn some of those narratives and navigate this new reality. It can be tough because they have a high tendency to go right back into that shell and mindset. With more and more successful women in business, there are great examples women can learn from and be motivated to start taking the right financial steps for their future. Financial traumas are real and everyone needs to be intentional about wealth creation and building sustainable successful businesses that pay them what they deserve. 

Take charge of your money today and let us help you build your financial fortress in these uncertain times. We are happy to have a 30-minute conversation where we delve into a customized retirement plan for you. Please reach out to jody.euloth@askjackie.ca. Also, feel free to share your questions with us here or on our social platforms