With Tax Day on the horizon, tax tips, tricks, and hacks are being shared more than ever. From making charitable donations to incorporating and running everything through a company, word on the street is that the wealthy use particular tax strategies to minimize the amount of tax they owe.But while it might be tempting to try them, making the wrong decision about your taxes is an expensive mistake that can cost you many times more than what you would have paid initially.To help make sure you’re on the right track, tax specialist Réginald Pierre-Louis is back for part two of our tax myth series. Réginald has more than ten years of practice in the field and has a great way of making complex taxation rules and legislation more understandable so you can make sure you’re filing accurately.In this episode, Marcelo and Réginald talk about why it’s challenging to define a threshold for richness, how facts and feelings shape our perspective, what research shows about who pays the most taxes, and why many of the commonly shared “rich people” tax strategies might not be suitable for you.Thank you for listening!Key Topics:Why it’s so hard to come up with a definition of a rich person (1:37)How facts and feelings shape our perspective on wealth and poverty (7:25)People on both ends of the wealth spectrum are abusing the system (10:25)Surprising income statistics across Canada (12:35)Myth #1: The rich don’t pay taxes (16:33)Tax distribution across income levels (19:21)Myth #2: When wealthy people make charitable donations, they’re doing it because they’ll get it back on their tax return (22:00)Myth #3: I’ll create a company for myself like the rich do so I can get tax savings (26:18)Myth #4: I can include my personal expenses within my company (31:32)Myth #5: My corporation can pay a salary to my spouse and children, and since they have a lower tax rate, I’ll pay less in taxes (35:58)Myth #6: My company should own my home (37:07)Myth #7: I’m saving money in my business by paying cash and avoiding sales taxes (43:05)Mentioned in this Episode:Réginald Pierre-Louis on LinkedInTulett, Matthews & AssociatesKeith Matthews’ Book | The Empowered Investor: A Guide to Building Better PortfoliosThanks for Listening!Be sure to subscribe on Apple, Google, Spotify, or wherever you get your podcasts. And feel free to drop us a line at lawrence@tma-invest.com or 514-695-0096 ext.112 Follow Tulett, Matthews & Associates on social media on LinkedIn, Facebook, and more! Follow The Empowered Investor on