วีดีโอ

I have a question on behalf of my father-in-law. He is going to retire in 2 or 3 years. He has a decent amount of savings. I think it would maybe be a good idea for him as he is a very frugal person. Doesn't spend much. Wouldn't touch his savings over these 2-3 years. Would it be a good idea for him to put a lot of that money into his rrsps to save on his taxes these last few years that he's working? He has a reasonable income around $90, 000 also I'm wondering can you put in more than $32,000 in one year then if you have previously unused contribution room?

Thank you, seamless to follow. Just a minor observation. My home office use is about 20% approx $3000. I see that weather I claim it or not, it has no impact on GSTHST calculation. Even though HST is paid on every home expenditure such as Heat Hydro Repairs etc. Your thoughts

can we gift crypto currency to a family member , without being taxed ?

You’re very good and have the best hair 😂.

I'd love this spreadsheet even more if it has the income statement by the month, I track everything monthly and love to to see where we are at at the end of each month. Is there a way to update this spreadsheet to show a monthly income statement?

Thank you for the helpful info,, Is there any video about the Start-up video/ starting a company? specially about the equity and shares from begining - partnership!

We are two partners on an open work permit. Can we open incorporate company?

❤

Trying to move from the company car to me personally. Can I gift it and avoid taxes in Quebec?

I don’t see the build one for me option on my screen, is this something that has been disabled?

Not sure where you come up with those ideas I'm with td since 2011 they still hold my checks for 2 weeks and are the most expensive in every way. And I have never ever had any death to the government or to the bank.

Thanks you rock ❤️

This was awesome, thanks

I believe that you have to be really desperate or brain dead to invest in these 'savings' programs. All of it will be eaten by inflation. Not talking about the possibility of more dire course of events...

Is tax free capital gain for 2024 tax year would be reduced by the non taxable portion of capital losses for 2023 which was carried backwards for 3 years against previous gains on 2023 tax filing, and I already received a refund from CRA for 2023 losses?

Can you create the holding company or it has to be before the operating company ?

This is very interesting and informative. What is not clear is the withholding tax rate at the time of cashing out at age 71? Everybody talks about that at retirement one would most likely be in a much lower income tax bracket and thus pay much less withholding tax when cashing out. Considering a scenario where I would have $100K in my RRSP account at age 71, when I would have to either close my RRSP and cash out or convert to an annuity plan. Let’s say I opt to cash out. How much withholding tax I would be paying on a $100K withdrawal? Various sources tell me that other than the province of Quebec, the withholding tax rate is 30% which would be $30K in taxes. Is this correct? or Simply put - What is the minimum withholding tax rate I would be paying at age 71 considering I have zero income

one of the best video out there. thank you!

TX!

Hi Joe/Avalon - first I love your content and second I co-own a small consulting company that serves martial arts school owners. I am in dire need of a referral partner for monthly bookkeeping services and YE accounting. My company has a great bookkeeping firm but they are a smaller firm that is already at capacity and not looking to onboard new clients (my clients are not their ideal avatar anyways). I sent an email to your general mail box about setting up a time to discuss further but thought I’d try here too 😊. Thanks for reading and thanks for putting out such great content !

When we are claiming expenses can we claim both GST and HST?

Scammers all the contributing ideas

Thank you! I have been reading nonsense for hours trying to learn about this and you answered all my questions in about 8 minutes! Cheers.

Canadian government a bunch of crooks!

CPP “pension” for most Canadians is a joke when compared with cost of living!

Is this only for canada?

Summary: * Maximum RRSP contribution limit for 2025 increased to $32,240 (up by $930). * TFSA contribution limit for 2025 remains at $7,000, same as 2024. * First Home Savings Account (FHSA) contribution limits unchanged: $8,000 annually, $40,000 lifetime cap. * CPP standard contribution rate remains at 5.95%; maximum pensionable earnings increased to $71,500. * Maximum regular CPP contribution for 2025 is $4,434 for employees, $8,688 for self-employed. * CPP 2.0 contributions apply to income between $71,500 and $81,300, with a maximum contribution of $396. * Federal tax brackets adjusted for inflation; lowest tax bracket now applies to income up to $57,737. * Basic personal amount increased to $16,128 in 2025, up from $15,750 in 2024. * Proposed changes to capital gains tax may increase lifetime capital gains exemption to $1.25 million. * Inclusion rate for capital gains over $250,000 likely to rise to 66.7%. * Temporary GST holiday from December 14, 2024, to February 15, 2025, for various products. * Home Buyers Plan (HBP) allows first-time buyers to withdraw up to $60,000 from RRSPs, increased from $35,000. * Repayment grace period for HBP withdrawals extended to 5 years for selections made between January 1, 2022, and December 31, 2025.

Thanks for gaslighting. Claiming that all those increases are to help Canadians is insane. Did ChatGPT assemble your pitch? Do you know that small businesses don’t sell shares as no sane person would be willing to buy possible liabilities along with them.

5% on some stuff, bite me

Stop putting your money in the Canadian ponzi system. Find alternatives. They will always change the rules to steal from you more and more.

What happens to FHSA if my first home is investment property? I can’t use FHSA for investment property, can I continue contributing to FHSA since i bought my first house as investment but not primary residence?

What happens if I already to FHSA if my first home is investment property? I can’t use FHSA for investment property, can I continue contributing to FHSA since i bought my first house as investment but not primary residence?

The F’in Canadian government needs to keep their grubby hands off retirement funds we worked and paid taxes in our whole working career.

Interesting video! Thank-you!

Nice presentation. Thank-you.

Nice work! Thank-you.

I bought 2 bitcoin at $40,000 wanting to exit with at least $200,000 but at the moment i am worried that bitcoin won't get to $100k in this bull run, as post halving has not seen bitcoin break its ATH. I need advice, should i cashout now and put my money in safe investments or still hangon?

Omg. Just when i thought the gov couldnt screw the working class any harder. Cpp 2.0 are you kidding me? Self employed people just getting killed out here

All I'm hearing is a lot of extortion rules from an organized mafia

Great summary 🎉

Thanks for the breakdown!!

Very helpful video. Thanks. I have a question about the personal service business under corporation and i have learned that the small deduction rule doesnt apply to it. Is CRA strict on this kind of business ?

One final thing, if your business withholds some of the profit, and re-invests the profit into an investment portfolio, the amounts that can be regularly contributed will be larger than if paid from a salary at a higher personal tax rate, and there will be no contribution limits other than how much your business is able to earn, minus the regular income payments that you'll require. Years later, you can pay yourself dividends taken out from the corporate investment portfolio. There is a Financial Post article explaining why corporate investing works better than personal investing. What you can do, will depend on the corporate share structure, and other issues, but if you are a sole owner, it's 100% up to you how the money is managed.

If you can pay yourself a steady salary, then you can alternatively pay yourself a steady dividend just as easily. When paid as dividend, instead of sending a tax portion to the CRA as you would with salary payments, you'll instead place the estimated tax portion into a guaranteed interest earning account that is held by either yourself personally, or held by your corporation (probably best if it's held by the corporation), that way, you will at least be earning interest on what otherwise would have been sent to the CRA for zero return over the year. At your corporation's fiscal year-end, your corporation will have to pay taxes on the profit that was paid out as dividend, and you will use the accumulated money, held in the interest earning account, to remit to the CRA. You will do the same thing for your personal taxes, it will be a final dividend payment for the year. As long as you are disciplined, it will work just fine. As for RRSP and CPP, if your business is performing well, you'll not need CPP in retirement, and you'll earn a growing retirement fund built up from the accumulating business profits (make sure it is held in a well managed investment portfolio). Once you you are older like I am, you will have no interest in saving up money any longer, it'll be time to enjoy your earnings while you still can. You may choose to sell your shares, or if you managed to make yourself redundant, with a self running business that operates without you, then you can continue to collect dividend payments into retirement. You can sit on the BOD to make sure things are being managed well.

Are you sure? I hire-d an accountant. I have not seen any benefit except a MUCH LARGER CHARGES for tax preparation to CRA.

Does owning the corporation which make for ex: 200k and take only 50k salary. Let's say I go for mortgage, does my business income gives me any benefits!?

Tom Callahan?? Brake pads?? 😂 awesome

Im completely new to the worls of business and I have a very specific question about expenses. I am a knit and crochet designer. I run a website where i promote/sell my patterns, do reviews and so forth... is buying yarn to (whether to use when designing the pattern or as an item i am reviewing on the site) a current expense? And then something like knitting needles would be a captial expense? Both are being used a tools for the business as the pattern woild be the product that is being sold.

How exactly are tax gains or losses recorded on your income tax returns for a Day Trader in Canada? Scenario: day trader made 200 trades for the Year. Must each individual trade be documented on the tax return or just the overall gain or loss for the year for all trades as one sum?

Hey great job! Wish I had found your videos sooner! I’m a lawyer who is now taking a tax certificate program and your videos are such a huge help!! Keep up the great work and thanks for doing these.