https://www.propublica.org/video/buy-borrow-die-how-americas-ultrawealthy-stay-that-way
This method works even better in Canada by using the Universal Life policy by investing up to the maximum tax accrual rules (MTAR) line. Ask your advisor about MTAR.
Even better than that, you can borrow to invest by using the split-dollar to fund the policy. The part that goes towards the investment part is tax deductible! Again, ask your advisor how to do it.
For more information on who is using this method other than Americans, study the Pandora Papers.
Method 6, However:
Building wealth legally in Canada, like in any country, requires careful planning, hard work, and financial discipline. There is no one-size-fits-all approach, as the best way to accumulate wealth can vary depending on individual circumstances, goals, and risk tolerance. However, some general strategies can help set you on the right path:
1. Education and Skill Development: Investing in education and skill development can increase your earning potential. Higher education, professional certifications, or gaining specialized skills can lead to better job opportunities and higher income.
2. Budgeting and Saving: Create a budget to track your income and expenses. Prioritize saving a portion of your income regularly. Building a financial safety net and having savings to invest is essential for long-term wealth-building.
3. Investing: Consider various investment options, such as stocks, bonds, ETFs, mutual funds, real estate, or starting a business. Diversifying your investments can help manage risk and increase potential returns.
4. Retirement Savings: Take advantage of tax-advantaged retirement savings accounts like the Registered Retirement Savings Plan (RRSP) or the Tax-Free Savings Account (TFSA). These accounts allow your investments to grow tax-free, helping you build wealth over time.
5. Pay off Debts: Reduce high-interest debts as quickly as possible to free up more money for savings and investments. Prioritize paying off credit card debts and other loans with high-interest rates.
6. Real Estate: Buying a property can be a viable long-term investment in Canada, as real estate tends to appreciate over time. However, it's essential to thoroughly research the market and assess your ability to manage the costs of home ownership. Or use the Co-Ownership method.
7. Entrepreneurship: Starting and growing a successful business can be a significant wealth-building opportunity. However, entrepreneurship comes with inherent risks, so careful planning and market research are crucial.
8. Seek Professional Advice: Consult with financial advisors or experts to tailor a wealth-building strategy that aligns with your goals and risk tolerance. They can offer personalized advice and help you navigate complex financial matters.
9. Avoid Get-Rich-Quick Schemes: Be cautious of any scheme that promises quick and easy wealth with little effort. Legitimate wealth-building takes time, effort, and consistent financial decisions.
10. Learn how to make interest tax-deductible in Canada and learn about leverage investing that is suitable for you.
11. Get Legal advice on how to set up a trust, holding company, and operating company to have all three legal entities work together to provide an income to you with no personal assets.
12. Continuously Educate Yourself: Stay informed about personal finance, investment trends, and economic developments. Being knowledgeable about financial matters can help you make informed decisions and adapt to changing circumstances.
Remember that building wealth is a gradual process, and there are no guarantees of success. It requires patience, discipline, and a long-term perspective. It's essential to set realistic goals, stick to your financial plan, and seek professional advice when needed.
Also, learn how to use the Income Tax Act of Canada. It will either keep you poor if you have a JOB (Just Over Broker) or help you become successful.
Method 5:
Follow the book, "Millionaire Next Door" 
If you don't like reading or it takes too long. Listen to the audio book version for free from your local public library.
Method 4:
Pay yourself first!
Put 10% of your pay cheque into a Tax-Free Savings Account (TFSA). And another 10% into a Retirement Savings Plan (RSP). The day you start your working career.
Learn to live off of 80% of your income.
You can use the TFSA for your down payment to purchase your first apartment, condo, townhouse, or small house to get started.
Then learn how to make your mortgage tax deductible in Canada.
Method 3:
Watch this video and learn:
https://youtu.be/vgmbq5JPTvY?si=7edzwG6CzlLiHsMe
Method 2:
Watch this video to understand why you might want to stop making additional principal payments on your mortgage. Learn how to take advantage of the ability to borrow against your home or real estate properties at low-interest rates to build wealth efficiently. This strategy works when the interest rate on your mortgage is lower than the rate of return on your investments. Recommend to watch video in full screen mode on a laptop or TV.
Method 1:
Buy. Borrow. Die. | How The Rich Stay Rich
Warning: This is for US Tax Law
Check with your Tax Advisor first.