Richard CanfieldPodcast Host and IBC Advisor, Ascendant Financial · Authorized Infinite Banking Practitioner | Author of 4 Books

This Small Business Tax Change Is A SILENT KILLER

7 May 2024 · 1 min

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Short excerpt from a YouTube video by Richard Canfield arguing that reductions to small business tax deductions ('the grind down') act as a 'silent killer' for small businesses because the effects are indirect and require accounting interpretation. The speaker links low interest rates to buying frenzies and inflated real estate prices in markets such as Toronto and Vancouver, and notes that the rise of cryptocurrencies over the past decade increased capital-gain-oriented activity. Overall the clip connects tax-rule changes, real estate inflation, and crypto-driven capital gains as interrelated risks for small-business owners and investors.

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The grind down to the small business tax deduction, I think is the silent killer that's in there a little bit, because it's not directly necessarily stated. You have to have the accounting professional kind of interpret how these changes are going to impact things. And I think our listeners really need to recognize what you just stated. It has such a tremendous impact. Thinking about a low interest rate environment leads to buying frenzy and increased real estate prices in several hot markets and become overinflated globally markets in as far as real estate is considered in the world, the Toronto marketplace, the Vancouver marketplace, you see a spike in asset asset values of these types of things, the introduction of things like crypto over the last 10 years and the expansion of those things, all of which are capital gain oriented things. Unless you're like a day trader type situation.