4 Major Obstacles to Building Tax-Efficient Wealth

The 4 obstacles that could be holding you back and what you can do to overcome them

Ken Green
7 min readJun 2, 2020


“Wealth is not his that has it, but his that enjoys it.” — Benjamin Franklin

Building wealth is hard. This is why most people never achieve financial freedom.

If you search online, you will find millions and millions of books on how to build wealth. You will see the different types of strategies discussed. Some will even say it is easy.

Most will suggest some simple steps to take to achieve financial freedom and the list goes on and on and on.

So, why do most people never achieve financial freedom despite the number of resources available?

The answer is “Obstacles.”

Obstacles prevent most people from building and growing their wealth. To be clear, there could be millions of obstacles. Some within our control and others outside of our control.

There is no way I can tackle all possible obstacles here. Instead, I focus on 4 key financial obstacles that prevent most people from building tax-efficient wealth.

1. Taxes

“The best things in life are free, but sooner or later the government will find a way to tax them.” — Anonymous

Most Canadians will consider housing costs as their biggest expense.

Unfortunately, they are wrong!

According to a recent report from the Fraser Institute, the average Canadian family spent 43.6 percent of their income on taxes in 2018, more than they spent on housing and other expenses combined.

Can you imagine that? This is significant. The average family’s total tax bill at 44 percent is double the amount they’re paying on housing costs each year.

So, if taxes are our biggest expenses, why is it that most people don’t pay attention to it? Why is it that most Canadians and the news media get it all wrong?



Ken Green

Ken is a Chartered Professional Accountant practicing in Canada. He provides tax, personal, and business financial services. https://linktr.ee/KenGreenca