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Sometimes I am glad to be in the UK where taxes are automatic.

Math question for you: For persons, not corporations, selling a ‘second’ property, and we sell the property (sale closes after June 25/2024) for say, $750k, which is the going rate in our neighbourhood, but bought the property for $125k in 1998, do we use the most recent city/municipality assessed value of the property, say an assessed value of $500k 26 years later, if we didn’t have an unbiased assessment done at the sale date, then, is the capital gain math formula that we ‘made $250k’, divide by half (50%) so we keep $125k in the bank and the remaining $125k is taxed at 67%, meaning that .67 x $125 = $83,750 going to CRA and the remaining $41,250 going into your bank account with the other $125k? Finally, as part of the math calculation for a second property, would we still be able to reduce this, for example, $250k gain, by subtracting the realtor’s fees which will be significant at approx 7% of the sale, legal fees, and whatever other expenses there were… is this math formula correct?

Hey, I love your channel, I watched a couple of your videos on leasing a car. Can you tell me if I should lease or finance a 29k OTD price car thats brand new and has 466$ monthly payment for 2 years on lease or 500$ for 7 years financing? I would not want the car after 2 years tho, so do you think as a sole proprietor I can write it off as a business expense. and what do you think is the best option for me lease or finance? thanks for the content

Hello! so 50% can go to my CDA and the other 50% is taxable at what rate? Thank you

Even the Joker pays his taxes.

Canada is a tax machine that has a goal of keeping you debt challenged

This first home savings account is a registered account, correct? Like an RRSP? But, you’re saying unlike an RRSP where you are taxed on withdrawals, you are not taxed on withdrawals for a home purchasethe as long as the funds are used for a first time home purchase with set criteria?

Good point about how many people have accumulated $60k in RRSP, and haven’t bought a home in four years… I guess there must be a few or why else did the govt introduce this offer? The nice thing here is you are borrowing from yourself and not a bank or a parent or a child or whoever…

This is great information. Thanks for explaining.

I hear you. So many accountants are out money because they just can't charge clients for work they've done when it turns out those clients now don't have to file. The CRA is rewarding procrastinators.

😳🇨🇦🤪🇨🇦🙄🇨🇦🤡🇨🇦😡

😑 Promo-SM

Instead of getting a tax credit, i got around 2500 owing after claiming for search and rescue volunteer. Im a member of casara and have more than 200 hrs. Im disappointed.

The "it is!" Is so amazing

I think there's a lot more things that shouldn't be tax write offs that are.

Hi, Albertan here. Just wondering regarding this weird legislation. In your opinion, do everyday, plain Jane homeowners of one property, their principal residence, one home owner, do you think these people have to file a return by April 30. PS I appreciate your honest reporting on your youtube channel.

I like quick informative videos. For RRSPs remember --> Save your marginal tax rate on the way in, --> Pay your average tax rate on the way out. I expect to be 25% better off by saving 43% marginal (20% avg.) and paying an estimated 18% average (38% marginal) in retirement. Cheers🍻

This guy is an idiot

First to like the video and make comments.

First to view the video. What is GST?

Didn't know you were Canadian until 5:49. Glad the Simpsons American satire makes sense to you guys too.

Omg. What no PAYE out of your income each pay day

You haven't seen that one before? Were you raised in a test tube?

2:50 2023 here. I had HUGE support payments. Have to file in paper every year cause they just couldn’t believe it

How recently was the law about clothing put into place? I ask because one of my bosses at a restaurant I used to work at would buy dress shirts and get the company logo embroidered on them so he could write them off as a work uniform. That being said, it was almost 20 years ago.

Like a take off from the Seinfeld clip. Both fantastic

Do more simpsons reaction!

So as an esthetician doing facials waxing etc. What WOULDN'T count for me?

You can write of clothing such as work boots and uniforms

Dude accountants think they are smarter then everyone. 🎉you are smarter then a fictional character

So what I learned from this Video is We have to pay money to people we never met for, the privilege of being allowed to make money in the first place... only to hopefully save some money for the future so that we can buy things we want and pay even more taxes to these people we never met for the privilege of being able to buy stuff and then pay even more money for the privilege of being able to own stuff every year because for some reason having stuff in a pile in a specific lot is a privilege too. Also, these people we never met know exactly how much we are supposed to pay but have a big complex system that you can screw up and get thrown in jail over.

Yakko’s World but only the countries that have been visited by or lived in by at least one Simpson (this includes Cuba, Scotland, India and Iceland!)

So American tax and Canadian are the same

you can too write off clothing, just not clothing for appearance sake. example say im a welder and i need boots and clothing to protect me. WRITE OFF. choose words wisely and more people can actually understand what a write off is. saying broad things like you cant write off clothing is a bad explanation

this is a redo of a seinfield skit

Hey brian i am a truck driver and i am away from my home at least 2 days. how do i fill out this TL2 form? is it possible to do a video on this ?

Someone should have shown this video to George Santos. 😂

@AlbertaWideVirtualAccounting, you inform us that skin care products (and suits for doctors) are not deductible. That said, what if a person is employed in the entertainment industry as a model or actor and their appearance is directly linked to their ability to earn? Wouldn't products like make-up, hair dye and other cosmetics then be legitimate business expenses seeing that they directly impact the ability of the model/actor to earn? Wouldn't a self-employed person in such industry be able to (successfully?) argue their case for writing off such expenses? I think another possible equivalent would be physical therapy for professional weight-lifters and gymnasts - wouldn't they be able to successfully justify that, without regular "preventative" physical treatment (i.e. that keeps their body in paramount shape) their ability to earn would be severely impacted? All said, thanks for the light, clear and very entertaining explanation!

How many people from Mexico work here and no have no pappers at all. What is our government going to do about how may imagrents come here and work without a sin card?

*TAXATION IS THEFT AND THE IRS SHOULD BE ABOLISHED ALONG WITH THE ACCOUNTING INDUSTRY!*

I really hope you do more of these type react videos when you have time ❤️

I wonder what some of the more interesting items that can or cannot be written off per the income tax act are? That could be a pretty funny video 🇨🇦

👀 𝙥𝙧𝙤𝙢𝙤𝙨𝙢

ayyyy!!!😁 season 2 coming in two weeks!!

Now, it just isn't true that only "million dollar" tax issues result in jail time. In the United States, you can go to federal prison for 10 years over failure to pay a $200 tax. Not multiple failures, either; a single failure. The National Firearms Act of 1934 stipulates that possession of any item regulated by it requires a tax stamp worth $200, issued by the Department of the Treasury. Failure to obtain this tax stamp - that is, failing to pay the $200 excise tax - will result in a fine of $200,000 and imprisonment of 10 years in federal prison (in almost all cases, the fine will be waived and a greatly reduced sentence will be offered in exchange for a plea of "guilty"). If it were _any_ other tax, the penalty would be that you pay the $200 you owe, but this one gets special treatment. Why? Because the government said so.

As the old saying goes: "A smart person can dodge the police, but only a fool tries to cheat the taxman."

Can you explain to me how HBO Max removing a dozen original animated shows counts as a write-off?

Hello, TH-cam recommended your video. Fun Fact: Here in Brasil, due the "Non-human person" status of dogs, we are just few steps away from to be able to declare dogs as dependents and even under health insurance!

What always killed me is when they are grilling Homer about the tax return, it's painfully obvious that they haven't even opened up the tax return envelope yet.

"Why, everything! Policemen, trees, sunshine, and let's not forget the folks who just don't feel like working, God bless' em!" I didn't get this line as a kid. As an adult, it's so true, especially nowadays 😂