Paul Adeyeye 🇨🇦
@DeyeyePaul
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Author I Business Consultant |Salescoach| Canadian Licensed Insurance Advisor | Financial Educator | NOT Investment Advice
Toronto, Ontario
Joined February 2014
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Understanding the tax system is an important part of your financial planning. Two major factors determine your tax brackets in Canada; where you live and what you earn. Canada practices both Federal and Provincial taxes. Canada 2024 Tax Rates and Brackets. A thread.
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Congratulations! Your study visa has been approved. The Canadian financial system is probably different from what you are used to. How to manage your finances in Canada as an international student. A worthy thread.
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So this happened, it’s official. Thank you Canada! To God be the glory.
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You never go wrong with personal development. It is the biggest investment you can offer yourself
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Canada has one of the highest tax rates in the world. To be financially free, you need to know your tax bracket. Two major factors determine your tax brackets; the province you reside in and how much you earn. Find out your tax bracket here. A thread!
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This is Akin Ajisegiri, my brother in law. He’s been missing since Monday. Last seen 5:30pm at Abraham Adesanya estate Lekki Lagos. Please call 08033262377 or report to any police station if you have any info. Please Retweet
#helpfindakin
@4Qhen
@Gidi_Traffic
@OdogwuEq
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When you arrive in Canada, you will need to open a bank account. Chances are you will open two types of account: a savings account and a checking account. You need to know the difference between a savings account and a checking account so you won’t mix them up.
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The tax rates are changing across all provinces in Canada for the year 2023. You must pay attention to your taxes to gain financial stability. This thread provides all the tax changes across Canada for the year 2023.
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I am an advocate of business ownership in Canada because of the numerous advantages it offers. However, there are levels to business ownership. Sole proprietorship, partnership, and incorporation. To enjoy maximum advantages, you need to be incorporated. A worthy thread!
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Business owners enjoy a lot of tax advantages in Canada, but only a few maximize the opportunity. A strategy helps you invest towards retirement and gives you multiple tax advantages. The strategy is called an insured retirement plan. This thread will be worth your time.
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Tech bro with two jobs when he sees how much he's owing CRA after tax filing.
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Thankful for 2023:
My family and I became Canadian citizens.
Experienced and survived flight turbulence that lasted for 2 hours.
I launched The Thriving Immigrant podcast.
My business hit a milestone.
Provided financial education to tens of thousands of Canadians.
A big thank
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How to purchase a property in your business name as incorporation. If your business is incorporated, you will enjoy this thread.
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Married in Canada?
Consider the following:
Get Life, disability, and Illness Insurance, and make your spouse the beneficiary.
Make your spouse a successor holder, not just a beneficiary to your TFSA and FHSA accounts.
Set up a living trust.
Talk about your finances regularly.
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Credit cards are great if you understand how to use them to your advantage. They have a lot of benefits that you probably don’t know about. These benefits can save you thousands of dollars. Here’s a list of some hidden benefits of credit cards. A thread.
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Canada is a business-friendly country. The advantages of being a business owner in Canada are enormous. From being able to adjust their prices to the inflation rate to multiple tax advantages. Here’s a thread on expenses that you can claim as business expenses.
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Achieving $5,000 in savings a year is hard until you redefine the goal as saving $200 per paycheck. Most people get paid biweekly in Canada. That’s about 26 paychecks a year. Saving is good, but you cannot save your way to wealth. You must invest to beat inflation. A 🧵
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My ordeal with SARS. A thread. May 12 2017, I was on my way home from work and I got stopped by some wild looking men. They requested to search my car and they found stocks of medications in my booth. I was a medical rep.
#EndSARSProtest
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It’s a double celebration. Happy Resurrection Birthday to me.
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If you haven’t seen How to get Rich on Netflix, please go watch it. You will be more financially educated. You are welcome.
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The immigrant’s challenges are in phases. From finding a place to rent to finding schools for your kids to finding a job, then realizing that in Canada, access to a car is a necessity. There are various options for getting a car. Should you lease, finance, or buy outrightly? 🧵
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Invest in yourself first, you can’t pour from an empty cup.
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Why you should keep your real estate property in a family trust rather than a will. If you reside in North America, especially if you are a business owner, you need to know how to preserve and pass wealth to your kids and avoid death taxes. A 🧵
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The Canada Child Benefit CCB is a tax-free monthly payment made to eligible families to help them with the cost of raising kids under the age of 18. You can receive a maximum annual benefit of $6,833 per child under the age of 6. Everything about CCB 🧵
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You can be young without money but you can’t be old without it. When you are young, you are rich in time and energy. Use your time and energy as tools to make the money that you need now and in the future. Your future self will be thankful.
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I just completed day 1 of one of the most powerful workshop
#rethinkandgrowrich
I have ever had. The trainer
@PaulOMahony
is so knowledgeable yet humble 😎😃.We are turning the
#coronavirus
pandemic into a great opportunity.
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We are in a technical recession but just don’t realize it, more shocks to come says Bank of America. In times like these, you need to pay attention to your debts and your credit card management. Everything you should know about credit cards. A thread!
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Dear Canadians, it’s the RRSP season and you probably must have heard about RRSP loans. I understand it can be confusing. What's an RRSP loan? Do you need it? Should you take it if offered? Here’s all you need to know about RRSP loans. A thread.
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One of those that has made 2017 worthwhile is
@MaleekBerry
. He has given us beautiful sound!
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If you are a Canadian parent or planning to relocate to Canada and wants to know about the RESP investment plan, this is for you.
THREAD
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There's something called SPOUSAL RRSP in Canada but most people don't know about it. It's a great strategy to reduce family taxes and works best when a large disparity exists between you and your spouse's income. Everything you need to know about RRSP 🧵
#Canada
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Your personal finance strategy is incomplete without a good budgeting plan. If you are in Canada or thinking of coming to Canada, this will help you.
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But can we just give it to
@wandecoal
for consistency of more than a decade... vocals still strong till tomorrow
#BBNaija
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Good morning from Ontario Canada. My new followers, thank you for the follow. My name is Paul, and I tweet about entrepreneurship, personal finance, and development. I break complex financial concepts into pieces for Canadians. Let’s build a financially literate community.✌️ 🙏
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If you are a professional planning to relocate to Canada, two pieces of advice I will give you are:
1. Be open-minded; being a successful lawyer/Dr back home doesn’t mean that’s the only thing you can do to be successful.
2. Be strategic with your network. Your circle matters.
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58% of Black Friday purchases are impulse buys.
52% of black Friday shoppers end up regretting their purchases.
Buyers are most likely to regret 25% of electronics, 24% of clothing, and 15% of home and kitchen purchases.
Here’s a 🧵 on how not to run into debt this Black Friday.
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In 2024:
1. Avoid making God your last resort.
2. Forgive yourself for your past mistakes.
3. Take responsibility for your life.
4. Be proactive about your health. Check your blood sugar, cholesterol, blood pressure, and BMI regularly. Women should talk to their doctor about
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While I highly value friendships, I’m beginning to realize that not every friendship is meant to last forever. They can be seasonal and that's ok. Certain friends enter your life during specific seasons, and you both exchange values and move on. Others remain constant throughout
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Someone with over 10 years of experience relocates abroad, can't find a job in a familiar field, gathers knowledge, and transitions into an entirely new career. In less than 2 years, they are thriving in their new career. Immigrants are strong. If you are one, take your flowers.
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I have learnt more from people I haven’t met physically,
@MomentsWithBren
is one. Thank you! I have notifications set for her tweets. Technology has so many advantages if you focus on what is right and important. Leverage the opportunity and improve your life.
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2 weeks ago, I visited Texas. I was so excited not because I was visiting Texas for the first time but because I was visiting as a Canadian citizen. The blue passport vibes. My trip started with a lot of excitement but ended with a lot of reflections. My first flight turbulence.
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Dear Canadians, it’s the RRSP season and you probably must have heard about RRSP loans. I understand it can be confusing. What's an RRSP loan? Do you need it? Should you take an RRSP loan? Here’s all you need to know about RRSP loans. A thread.
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@_The_Immortal
I treated malaria at least every quarter back in Nigeria... whenever I celebrate my anniversary here, I celebrate malaria free years. You are spot on bro
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The Tax-free savings account contribution limit for 2024 is $7,000. However, the total TFSA contribution room can be confusing for immigrants. Here's a guide on how much contribution room you have based on your year of arrival in Canada. Thread 🧵
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Every new day on earth is a bonus from God.
His grace found and kept me.
I don't take this grace for granted.
Here's to making impacts, and creating beautiful memories.
Happy Birthday, Paul.
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Guess who will be speaking to Entrepreneurship Management Students of George Brown College Toronto today?
You guessed right.
Yours sincerely. Well done, Paul. 👏
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Opening a bank account: You will need to open a checking and a saving account. A checking account is for everyday purchases such as buying groceries and paying bills. A savings account is savings, spending every day from a savings account might attract charges. Keep your huge sum
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One of the many reasons why Canada is a beautiful country is its robust paid maternity leave package of up to 76 weeks which is available for both parents and not only mothers. Everything you need to know about Canadian maternity leave and how much you can earn 🧵
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No lies here. Canada is the 2nd largest country by landmass, with a population of less than 40 million. To make it worse, the proportion of seniors in the Canadian population will rise from 16.9% to 21.0% over the next ten years.
See, take your time.
The empty spaces in Canada🇨🇦 cannot be filled in 30 years with the little I have seen.
Tell your neighbour:
'There's a space for you'
RT
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Did you know that you can claim moving expenses when filing your taxes in Canada? If you moved to work or to run a business at a new location, or you moved to study courses as a full-time student enrolled in a post-secondary program. This thread is for you.
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“Saving money is usually associated with sacrifice. However, you can associate it with freedom rather than limitation, realizing one truth: living below your current means increases your future means. The money you save today increases your purchasing power of tomorrow.”
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If you’ve received your first paycheck for the year, you might have noticed that it's a bit smaller than what you expected. If you haven't received it yet, get ready for a little blow, but before you start blaming your employer or HR, CPP changes might be the reason. A thread 🧵
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Since you are likely to make Canada your home, start learning about RRSP, TFSA, FHSA, RESP, insurance, taxes, and more. Welcome to Canada. May the land favor you and yours. Cheers to a life of abundance.
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Amidst all the troubles going in the world, At exactly 5:32 est 30th of may, I became a dad for the second time. Mom, baby and brother doing well. Grateful to God for this bundle of joy. It’s a duduke something
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“There will always be someone who can’t see your worth, don’t let it be you.”
-Mel Robbins
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Canada is such a beautiful country. Citizens and PRs enjoy free healthcare. However, that benevolence is not extended to visitors. If your parents or friends are visiting you in Canada, do yourself a favor by getting travel medical insurance for them. You deserve peace of mind.
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According to the 2023 International housing affordability survey by Demographics, 2 out of the world's top 10 least affordable housing markets are in Canada. Vancouver and Toronto. The government introduced FHSA in the 2023 budget. Here's a thread on how to combine FHSA, RRSP,
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The temperature is falling, and as we approach the winter season, it's crucial to take a closer look at your financial goals. Here's a valuable thread to guide you in finishing the year on a strong note and getting ready for a successful new year ahead.
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“Avoid taking the path of least resistance. Don’t assume that what worked yesterday is right for tomorrow. Be present but think ahead.”
@sam_adeyemi
I have my copy.
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Have a healthy sleep pattern. Studies show that men who sleep for 4 to 5 hours a day have testosterone levels of ten years older. Recommended daily dose of sleep is 7 to 8 hours. It helps cognition, immune system and prevents aging.
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When next you are negotiating your salary, have this in mind and make sure you are in the upper part of your tax bracket. Which province would you love to live in?
If you enjoyed this, please share, RT, and like.
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If you earn less than $83,200 per year, you shouldn’t be living in Toronto. Something is not right.
Toronto’s rent crisis: Minimum wage would have to hit $40 an hour for workers to be able to afford to live here, report finds
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@TundeTASH
I wrote my first book “The A-Plus Entrepreneur” and it got adopted by George brown college Toronto as part of the school resource for their entrepreneurship program. Massive win!
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Waking up every morning is one of the most underrated privileges. It’s a miracle that we can never thank God enough for.
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Nobody deserves to lose their job, especially in Canada where bills are paid daily. However, the economy has been pressured lately and there have been more layoffs. Job loss comes with anxiety and emotional instability. Here are some tips to help you navigate the situation. 🧵
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If you enjoyed this thread, kindly RT, share, save and follow me for more financial tips.
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@MomentsWithBren
hope you are good. Just checking, don’t forget to take care of yourself while we
#EndSARS
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Canada offers free healthcare for its citizens. However, free healthcare is not extended to visitors. If someone is visiting you, please get travel healthcare insurance. The news I’ve been getting lately is disturbing. Transfer the risk, It’s not worth it. Be smart.
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This is for students in Canada. Learn about all the available grants and check your eligibility. You are welcome.
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Living abroad doesn’t automatically mean you’re in a better financial position.
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If you are married with kids or have plans to get married and raise kids. Do yourself a favor by getting life insurance. However, no company can insure your life, they are only protecting your potential income with life insurance. Life is already tough when you are able to work.
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@asemota
Spot on sir! I said something like this a few days ago.
You can be young without money but you can’t be old without it. When you are young, you are rich in time and energy. Use your time and energy as tools to make the money that you need now and in the future. Your future self will be thankful.
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The TFSA contribution room for 2024 is $7,000. The 2023 contribution limit is $6,500. The lifetime contribution limit is now $95,000. The lifetime contribution limit is only applicable if you were up to 18 years old in 2009 and you’ve been a Canadian resident since then. TFSA 🧵
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Immigration is a big plus for Canada. Canada needs it to support the aging population. I'm always excited at every announcement of new ITAs. However, I am concerned about the cost of living, especially the housing crisis in Ontario. The government needs to build more homes.
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I always recommend saving at least 3 to 6 months of your income as emergency funds. Emergencies like job loss can happen, and having some money to spend while waiting for another opportunity is key. The more money you have saved, the less desperate you will be to accept just any
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It's a known fact that investing is a great way to make your money work for you. However, most people don't know how to start. Investing can be complicated but it doesn’t have to. Here are the different types of investment in Canada. A thread.
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I had the privilege of hosting
@TheTaxHeroes
on The Thriving Immigrant Podcast where he shared powerful insights on maximizing taxes, especially for Canadian immigrants. It's a must-listen! Available on Youtube, Apple and Spotify.
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Did you know that water damage is one of the leading causes of home insurance claims across Canada? The freezing season is here. Don’t forget to turn off and drain outdoor water lines to avoid pipe bursts. Water damage is costly. Here’s a 🧵 on how to manage your finances during
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Things you can do with your tax refunds:
1. Pay off high-interest debts.
2. Build Emergency Funds.
3. Buy Life Insurance.
4. Invest in your career.
5. Book a vacation.
6. Start a side hustle.
7. Learn a new skill.
8. Fund your retirement.
9. Open RESP for your kids.
10. Prepay
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@TundeTASH
1. No excuses by Brian Tracy
2. How to win friends and influence people by Dale Carnegie.
3. Atomic habits by James Clear
4. The psychology of money by Morgan Housel
5. High Performance Habits by Brendon Burchard
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42% of small businesses in Canada are owned by baby boomers. By 2030, the last of this generation will be retiring. In the US, over 75 million baby boomers are also set to retire by 2030, and they own more than 60% of small businesses. However, starting a business from scratch is
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Did you know you can easily increase your paycheck by filling out the T1213 form? If you always get tax refunds from CRA every year, you can get your refund in advance by spreading them on your paychecks. Canadian residents, this is for you. 🧵
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Thank you for being an inspiration.
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Whatever the outcome of the election is, Peter Obi is a winner because winning is not just about taking the trophy. It’s about giving hope to the people. Hope is a big deal, hope is life. Thank you
@PeterObi
for giving hope to the people. God bless Nigeria.
#NigeriaElections2023
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The Federal Marginal Tax Brackets in Canada are changing and you might realize some tax savings in 2023. However, the CPP deduction is also changing, but this time it’s going up. You will notice more deductions in your paycheck towards CPP. Here’s a thread on the details.
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If you have a life insurance policy, please share the details with someone you trust. You may fall ill and forget to fund the account where the premium is taken from, which may lead to losing the policy especially if the insurance company can’t reach you.
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Credit cards: You might be eligible for a credit card. Credit cards are one of the easiest ways to build a credit score, so take it but understand how to use it so you can set yourself up for a great credit score early enough. You are most likely to be offered a secured credit
We are in a technical recession but just don’t realize it, more shocks to come says Bank of America. In times like these, you need to pay attention to your debts and your credit card management. Everything you should know about credit cards. A thread!
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As much as I’m an advocate of healthy living. Eat right, exercise, and sleep well. We can’t rule out the fact that there’s a lot about being healthy that’s not within human control. May your health never be challenged. If you are sick, May the Lord perfect your healing.
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Canada’s Federal
#budget2024
is out. It is about fairness for every generation. The government is building more homes, smarter and faster. Also, reducing the cost of living, creating more jobs for Gen Zs and millennials, and growing the economy. What does it mean for you? A 🧵
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Whether you are considering buying your first home or thinking of buying more. This is probably the best article you will ever come across about mortgages in Canada. It’s very detailed and comprehensive.
Read and enjoy.
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When it comes to investment plans in Canada, whether short-term or long-term, one of the most frequently asked questions by my clients is RRSP or TFSA? Which should I invest in? This thread is an excellent guide.
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Wealth building is an interesting concept. We spend our lives working so we can make money and live a comfortable life. We keep shifting the goalpost, attaching our happiness to the next big cheque.
Wealth is beyond having a lot of money. There are 5 types of wealth. A thread.
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Tax-Free Savings Account; TFSA is one of the greatest opportunities to build wealth in Canada but the “savings” in its name has been misleading. TFSA is not a savings account. It’s an investment account. Everything you need to know about TFSA. 🧵
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Take advantage of student discounts: Many businesses, including restaurants, movie theaters, public transportation, offer discounted rates to students. Always carry your student identification card proudly. Never be shy to introduce yourself as a student.
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@EmemXavierAtat
@aproko_doctor
Pupils start learning coding from age 4 in Canada 🇨🇦. How visionary? That’s like the lingua Franca of the future. Imagine a university graduate that can’t speak or write English in this age, that’s how I see coding knowledge in the nearest future. You should know the basics.
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A reminder that your emergency funds should be saved, not invested. If you decide to invest, consider low-risk options like High-Interest Savings Accounts and GICs. An emergency fund serves no purpose if you can't access your money when you need it.
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Your dreams will come true. God will come through for you.
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Your credit card is not your emergency fund.
The longer it takes you to pay your debt, the more money it costs you.
You can’t save your way to wealth, you must invest.
Your biggest asset is your ability to make money. Protect and grow it aggressively.
God blesses the diligent.
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When the pandemic hit 2 years ago, it looked like the world was ending, but here we are today and the world hasn’t ended. Whether it's inflation or recession, it's a season and this too shall pass. This is the time to be visionary and strategic. What should you be doing now? 🧵
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