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Thank you so much,clear,concise, one of the best video on this matter!!!You just gained a new subscriber and I ve already shared it❤

Thanks, great video. A lot of things I learnt and I’m 32 years old. Wish I knew this earlier

60 k for home it is not just 35K?

Who is donating less than $200 in a year that's crazy

Despite my comments well made video keep it up we need more of people like you here in Canada

I dislike your transition from business expenses to home child care what the **** dude?

People who do not understand simple fractional math and refuse a raise because they'll pay more in tax deserve their station in life which is dwindling away slowly

This financial knowledge is very informative. Most people have very little clue on how to maximize that money working hard for them, instead of just working hard for their money.

For the sake of which account to store an emergency fund in, which would be better, a HISA or a HISA ETF?

The video is made well AND HIGHLIGHTS that the over paying the 🇨🇦 gov for 35milllions 🇨🇦s is that THEY collect & earn the interest and not the Canadian in their own personal interest bearing account 👎😡

The rise in tax rates is why I decided to roll over my 401k to a Roth IRA. I don’t want to be 59 and paying taxes on withdrawals from my retirement account.

This is by far the most directly impactful, knowledge full video I've watched on TH-cam this year! OMG! Thank you, THANK YOU! Please and please make MORE! I'm subscribed now. Superb pace of narration too. Sometimes youtube can use its algorithm for good 😂

What a complex scam designed to screw as many people as possible

Step 1: Moves out of Canada

Hi Lee, thank you for providing such valuable content. I had one question. For the contributions that I make My company will contribute to the DPSP account instead of the RRSP account and it says withdrawal is not possible in DPSP account. Any idea on this?

Family trust. Enjoy ❤

Great vid but I wish you calculated the opportunity cost of the 10k down. It’s the only missing factor in all these comparisons.

RRSPs are not free money. It's money you lost until you die or become so poor that the money you pull from it to survive is taxed lower, but still taxed. My mother had RRSP's when she died, but also made money that year, so I had to pay HER ENTIRE RRSPS to the government.

You may not pay taxes now on RRSP's now, but eventually, you'll end up paying taxes for it when you're older! It's death & taxes! They'll get you either way & you can't avoid it! One way to save on taxes is VOTE CONSERVATIVE in the next election! They'll remove the quadruple carbon taxes, reduce income taxes, and save on the GST for any new house below $1M. They want to stimulate the economy to bring back investors and improve economic confidence by creating jobs & industries to keep and attract professional workers!

I think your plant needs water or sun or both

Hi there, great video - I am an accountant. Everything here was great tips but in regards to employer matched RRSP contributions, these are added to income as a box 40 tax benefit and then deducted off - its a net zero game. Only the employees contribution truly reduces taxable income. Well put together video, well spoke and great presentation, keep up the good work!

Great video! You forgot the negotiable potential with the cash payment. Usually, this can bring a lot of value.

no kidding. if you can read you should already know this. what a stupid generation.

At 22:55 he said taxable income would be 200K when you depreciate. This is not 100% correct. It is actually broken up into two parts: Recapture and Capital gain. His recapture would be 600K purchase price less UCC of 500K= 100K added to income. Then the Capital gains would be the 700K sale less 600K purchase = 100K capital gain, then we take the 50% inclusion so we will then have 50K in taxable capital gain.

Guess you have to make much more than I do to get ANY benefit at all!!! That sucks!

Why use $70K all the time? Most people i know make 50k or less!!!

Very well explained! Ty

This is why buisness owners get zero respect from me. They complain about how crappy things are but wont pay a single cent to fund changes. I think if you refuse to help out the society you take money out of then you dont deserve the benifits it pays for. Im sick of hearing that cops wont do there jobs or roads wont get fixed from greedy people who refuse to pay one single cent towards it!

This is mostly true but not completely accurate.

Imagine thinking "income tax" is acceptable.

Under the registered part something that is definitely NOT true is getting a bonus and dropping your income down. Your ie $100000-$90000. I was in this position last year. I got a $10k bonus sent right to a RRSP the actual RRSP was around $6700 and no tax refund. I learned a lesson on that for sure. And to make it worse if I “needed” the money this year I would be taxed my regular rate again. So that 10k RRSP is about $3700 if I need the money now

During my working years (retired now), I asked my HR payroll to take an additional $100 per pay (every two weeks) in extra taxes. I saw this as a form of "forced savings". I know it goes againts rules of investing right away, but because of a defined benefit pension at work I was limited in the amount of RRSP room due to the provision of pension adjustments. I was still able to maximize my RRSP contibutions (used my tax refund for RRSP contributions). But having the extra taken off had 2 benefits: (1) always getting a good tax return, and (2) since my take home pay was reduced, the actual gap between my income during my working years and my retirement income was smaller.

I learned more in 25min than I ever knew about taxes. thank you!

2:40 This sounds like misinformation. There are detailed payroll tables for every pay amount and pay period type (daily weekly monthly etc) for all of tax, CPP, EI and QPP, right to the penny, and all payroll software uses these tables, which are among the first next-year info to come out in any given year. Nobody takes "a little bit extra". You get a refund becase your non-refundable tax credits reduce your taxable income, which was taxed at what you made, so you end up paying more taxes than you have to most of the time. If NRTC's were factored in to tax rates no one would get a refund.

what calculator in wealthsimple did you use?

Great video!!! Tons of useful info!

Fck Commi Canada and its over priced tax BS

I am sorry- the subject of the video is “ Hidden tax credits”. What credits from that you presented are hidden.? They all unhidden on CRA website

Never claim CCA on rentals, that's crazy unless you have prices on properties collapsing, this is not going to be happening anytime soon.

I hate taxes.

Thank you, what an excellent video you made! I will be sharing this with my friends. Just a thought, have you considered doing a video for those of us in Quebec? I'd love to see that.

Wait, wait wait.....first you say 'a company you work for takes more than required taxes'....fine that's understood, then you say 'if you have a second job, that employer doesn't likely know about the others.....they will take less taxes...." That makes zero sense. Isn't it more likely that the second job is part-time and simply take off less tax because of said 'part-time' income status?

I heard CRA paid some money to the scammer, can anyone confirm it?

Im single, no kids, family. Funny, I'm in lower tax bracket, under 50K have a small PSP, I opted to collect CPP at 62 to supplement my income, No raises in my company in past 5 years. Wham! ! tax time, I ended paying CRA $3,000K. I asked why, because I'm at highet tax bracket now. There is no break for single people. I can't even start drawing down RSP now more taxes . I literally have to retire, be broke before drawing my RSP.

Taxation is theft

Awesome video and superb quality content

Hi, can you please explain how contributing $10,000 to an RRSP equates to a tax refund of $2,912? Thank you!

When you retire, you will be taxed on your registered accounts and get taxes before you can use your retirement funds. My mother saw this and could not get paid from her retirement funds for a year because of the amount of taxation the government takes off the saved money. This is why when I retire, it will be late into my life because the amount paid out by the government in pension is poor, and after taxes, it is like living in poverty in Canada. However, being able to continue to work would allow migration into a cheaper economy and not be as concerned about the government overspending and seeing retirees as their new cash cow. When we looked at the department of my father's estate, we found that the government in that province would only allow $750K to be allotted to the family, and all else would be taxes paid to the government. My father farmed and ran a business; his estate was higher than $750K, which he had paid taxes on all his life. So, the financial consultant moved the holdings into an income trust, which was held as shares with family members. And in this way, the land and possessions could sidestep a major dispersion of taxes. I suspect many people will run into similar capital gains issues with new government rule changes and need to move their holding into a trust so their family will benefit from passing members who worked to build a legacy for their family. The other aspect of a trust is that it knows the border, so it can invest in markets that produce returns that are taxed at a lower rate because a trust is a shareholder corporation.

Dude, you're actually the best man. Thank you for such candid and engaging personal finances tips. You are doing all British Columbians and Canadians a great public service. Thank you.

The best tax avoidance strategy is to do a little work for cash 💰 or barter for an exchange of goods and services and pay no taxes….. This is the only solution to eliminate getting robbed on 100 percent of your income by the establishment.