Steve Parr
Steve Parr
  • 252
  • 602 224
Big 2024 Canadian Tax Changes: Save Thousands or Pay More?
In this video, Steve breaks down the major tax changes proposed by the Canadian government for 2024. These changes could potentially lead to Canadians paying tens of thousands more in taxes over the next five years. However, there are also ways to save money amidst these changes.
Chapters:
00:00 Introduction
00:40 Capital Gains Changes
02:45 Entrepreneur Incentives
03:41 Example Savings
05:02 Alternative Minimum Tax (AMT) Changes
05:54 Conclusion
In this video, you will learn:
1) How the new capital gains inclusion rate affects your investments
2) The impact of these changes on estate taxes and inheritance
3) Specific changes for corporations and trusts
4) New incentives for entrepreneurs and how to take advantage of them
5) The increased lifetime capital gains exemption rate and how it can save you money
6) Changes to the Alternative Minimum Tax (AMT) and what they mean for you
If you're a Canadian business owner, entrepreneur, or investor, it's crucial to understand these changes and how they could affect you. For personalized advice and guidance, feel free to reach out to us at Parr Business Law.
Don't forget to like, comment, and subscribe to our channel for more valuable content on Canadian business & estate law and tax updates.
Contact us:
Website: www.parrbusinesslaw.com/contact
Email: info@parrbusinesslaw.com
parrbusinesslaw
parrbusinesslaw
linkedin.com/company/parrbusinesslaw
มุมมอง: 312

วีดีโอ

Choosing the Best Business Structure: Tax Savings, Setup Ease, and Liability Explained
มุมมอง 2853 หลายเดือนก่อน
Are you confused about which business structure is best for you? Learn everything you need to know about sole proprietorships, partnerships, corporations, and professional corporations. See which structure offers the most tax savings, easiest setup, and least personal liability. From tax deferral and income splitting to incorporation steps and liability protection, we've got you covered. 0:00 I...
Do Executors Even Get Paid?! Avoid Costly Mistakes in Estate Planning!
มุมมอง 2255 หลายเดือนก่อน
Being an executor can be a daunting task, filled with legal responsibilities and potential pitfalls. Along with this, so many questions arise. How much does the executor of a will get paid? How long does it take to execute a will? What are the challenges of an executor? In this video, we break down the most common questions and issues you might face as an executor. Learn how to navigate compens...
What Does An Executor Do? What Are The Primary Duties Of An Executor Of A Will?
มุมมอง 8125 หลายเดือนก่อน
Are you ready to become an executor but unsure where to start? Don't worry, we've got you covered! 💼 Dive into our essential guide and become the executor everyone trusts! What are the primary duties of an executor of a will? What are the main responsibilities of an executor of a will? What can an executor not do? What are the obligations of an executor? There are so many questions, and we're h...
The Secret to Saving $30,000 on Probate Fees!!! How to Minimize Estate Taxes?
มุมมอง 1785 หลายเดือนก่อน
The Secret to Saving $30,000 on Probate Fees!!! How to Minimize Estate Taxes?
Retire Sooner: Essential Financial Strategies for High Earning Healthcare Professionals!
มุมมอง 1696 หลายเดือนก่อน
Retire Sooner: Essential Financial Strategies for High Earning Healthcare Professionals!
How I Built A Successful Law Firm Without Ever Working At One!
มุมมอง 2559 หลายเดือนก่อน
How I Built A Successful Law Firm Without Ever Working At One!
Unlocking Tax Secrets: Maximize Your Capital Gains Exemption in Canada!
มุมมอง 463ปีที่แล้ว
Unlocking Tax Secrets: Maximize Your Capital Gains Exemption in Canada!
The TRUTH About Your Assets: PROTECT Your WEALTH!
มุมมอง 219ปีที่แล้ว
The TRUTH About Your Assets: PROTECT Your WEALTH!
Start Your Business the RIGHT Way | Avoid These 5 Common Legal Mistakes Today!
มุมมอง 126ปีที่แล้ว
Start Your Business the RIGHT Way | Avoid These 5 Common Legal Mistakes Today!
You're an Executor - Now What?!
มุมมอง 51ปีที่แล้ว
You're an Executor - Now What?!
Your Company's Share Structure | A Step-by-Step Walkthrough to SUCCESS!
มุมมอง 556ปีที่แล้ว
Your Company's Share Structure | A Step-by-Step Walkthrough to SUCCESS!
Incapacity Planning: Prepare for the Future and Protect Your Decision-Making
มุมมอง 72ปีที่แล้ว
Incapacity Planning: Prepare for the Future and Protect Your Decision-Making
Insurance & Shareholders' Agreements with Marissa Elliot of Elsay Wealth
มุมมอง 107ปีที่แล้ว
Insurance & Shareholders' Agreements with Marissa Elliot of Elsay Wealth
UNLOCK Business Wealth: Key Strategies for Owners!
มุมมอง 290ปีที่แล้ว
UNLOCK Business Wealth: Key Strategies for Owners!
Deciphering Tax Implications: When a Shareholder Passes Away
มุมมอง 129ปีที่แล้ว
Deciphering Tax Implications: When a Shareholder Passes Away
New 2024 Trust Tax Changes: How Bare Trusts Impact Real Estate & Tax Planning!
มุมมอง 2Kปีที่แล้ว
New 2024 Trust Tax Changes: How Bare Trusts Impact Real Estate & Tax Planning!
MASTERING Retained Earnings: Surplus Strips & TAX-SAVING Secrets!
มุมมอง 799ปีที่แล้ว
MASTERING Retained Earnings: Surplus Strips & TAX-SAVING Secrets!
Unlocking Income Splitting: AVOIDING TOSI Pitfalls & MAXIMIZING BENEFITS!
มุมมอง 207ปีที่แล้ว
Unlocking Income Splitting: AVOIDING TOSI Pitfalls & MAXIMIZING BENEFITS!
Demystifying Family Trusts: Benefits, Drawbacks, & Tax Advantages!
มุมมอง 2Kปีที่แล้ว
Demystifying Family Trusts: Benefits, Drawbacks, & Tax Advantages!
Unlocking Business Success: Dive into Shareholder Agreements with Mehul Gandhi!
มุมมอง 266ปีที่แล้ว
Unlocking Business Success: Dive into Shareholder Agreements with Mehul Gandhi!
BRANDING MISTAKE 101: Trademark vs Incorporation - Which REALLY Protects You?
มุมมอง 74ปีที่แล้ว
BRANDING MISTAKE 101: Trademark vs Incorporation - Which REALLY Protects You?
Do You REALLY Need a Trademark Agent? DIY vs Hiring Pros!
มุมมอง 48ปีที่แล้ว
Do You REALLY Need a Trademark Agent? DIY vs Hiring Pros!
Trademark Registration: U.S. vs Canada - Do You Need Both?
มุมมอง 515ปีที่แล้ว
Trademark Registration: U.S. vs Canada - Do You Need Both?
Your DREAM Business Name is TAKEN - NOW WHAT?!
มุมมอง 81ปีที่แล้ว
Your DREAM Business Name is TAKEN - NOW WHAT?!
How to PROTECT & Enforce YOUR BRAND Using Trademarks!
มุมมอง 71ปีที่แล้ว
How to PROTECT & Enforce YOUR BRAND Using Trademarks!
UNLOCKING the Secrets of Trademarks: How to Make Yours STAND OUT!
มุมมอง 117ปีที่แล้ว
UNLOCKING the Secrets of Trademarks: How to Make Yours STAND OUT!
The SECRET to Strong Trademarks: What You NEED to Know!
มุมมอง 27ปีที่แล้ว
The SECRET to Strong Trademarks: What You NEED to Know!
TRADEMARKS 101: How FAST Can You Get YOURS?
มุมมอง 59ปีที่แล้ว
TRADEMARKS 101: How FAST Can You Get YOURS?
What is a Trademark? Unraveling the Brand SECRET!
มุมมอง 77ปีที่แล้ว
What is a Trademark? Unraveling the Brand SECRET!

ความคิดเห็น

  • @PeterSammarco-n8m
    @PeterSammarco-n8m 11 วันที่ผ่านมา

    Tax Reform for Families and Seniors Families shouldn’t lose their wealth due to high taxes, especially after death. We need to protect family legacies and ensure that financial freedom is achievable for everyone. #TaxReform #FinancialFreedom © Peter Sammarco

  • @MehakpreetSingh-bd9vb
    @MehakpreetSingh-bd9vb 11 วันที่ผ่านมา

    Actually Im on my work permit which is expiring in next 3 and half month still i can get one year contract from my employer?

  • @stingchameleon1
    @stingchameleon1 17 วันที่ผ่านมา

    If my office is in Newfoundland but I fly to work for a Client in Alberta do I need to register my corporation there also?

  • @thegreypath1777
    @thegreypath1777 20 วันที่ผ่านมา

    MOST people need a Will! Get yours done. STOP procrastinating.

  • @Cableman-hr2uu
    @Cableman-hr2uu 20 วันที่ผ่านมา

    Would you please explain if a couple owns their principal residence under joint tenancy and if one of them dies, the other will own the property through right of survivorship, under this condition, does the deceased needs to report to the CRA in the last return OR does this condition considered as selling half of the property and also needs to file the T2091 form ? and if selling the principal residence doesn't require to pay capital gain tax, does it mean there is no need to file the capital gain form ?

  • @HotWins247
    @HotWins247 22 วันที่ผ่านมา

    Would my mail order bride qualify for LCGE?

  • @veronicafells2932
    @veronicafells2932 หลายเดือนก่อน

    I have a few questions

  • @levibeernaert8582
    @levibeernaert8582 หลายเดือนก่อน

    How are you giving away more equity than 100%? That makes no sense😂

  • @Carlec-cx7lh
    @Carlec-cx7lh หลายเดือนก่อน

    👩🏼‍🍼🫰🏼🦚🦚🦚🦚

  • @clarap4614
    @clarap4614 หลายเดือนก่อน

    hey guys thank you so much for the video. The information out there is quite confusing, according to the Paris convention + the common law rights shouldn't any trademark registered and being used in the US (specially if it has online presence) be also protected in Canada? Thank you for your work!

    • @OneBananaTwoLemons
      @OneBananaTwoLemons 8 วันที่ผ่านมา

      90 Percent of world provides security to trademark registered through wipo but usa , Canada, eu , Australia are so greedy and bully that they want extra extortion money lol

  • @DaddyDaddyOGDick
    @DaddyDaddyOGDick หลายเดือนก่อน

    I need your help please. I received a big inheritance from a late relative in Canada and I haven't been able to access it.

  • @NolanGrover
    @NolanGrover หลายเดือนก่อน

    Dude THANK YOU for the info and I love the content! ❤🙏 When I came to your TH-cam account and clicked on your most recent short, I had to scroll to the first short you made where you mentioned probates. I think you should add a “PART 1” or “PART 7” to the caption/ description, it would be slightly easier to consume BUT still amazing content nonetheless. Keep up the great work!

  • @namelessshem6382
    @namelessshem6382 หลายเดือนก่อน

    Speaking a language I don't comprehend 😂

  • @joanmu1053
    @joanmu1053 หลายเดือนก่อน

    Thank you

  • @MadOldMan-ck5wq
    @MadOldMan-ck5wq 2 หลายเดือนก่อน

    testing

  • @MadOldMan-ck5wq
    @MadOldMan-ck5wq 2 หลายเดือนก่อน

    Is it True these are easy to forge so NICER is returning Legalese to defend vulnerable families from Financial Elder Abusers with the Latin Law Permission Validation Trust certified Crime Interdiction Administration?

  • @cookrileyw
    @cookrileyw 2 หลายเดือนก่อน

    Intellectual property does not exist. Traded marks does serve a useful function because pretending to be some else or something else is fraud. While, creating a patient or copy right creates scarcity where there was none, ideas are fundamentally non competitive. Owning something that is infinity copyable is an absurdity and at a technical level really is an infrigment on the right of others to use his own physical property. A person ought to have the right to the full permutation set of his property ( assuming there is no evil being done with it). Make no mistake, I believe authors and creators ought to be supported, donated to or sponsored. But to treat them as demigods on high. While scientists and academics who add similar or superior value to society's repertoire of material gambits is an absurdity and morally incohesive.

  • @NorthernTrapper
    @NorthernTrapper 2 หลายเดือนก่อน

    Informative video thanks.

  • @tristanblackwood1917
    @tristanblackwood1917 2 หลายเดือนก่อน

    TFSA with a beneficiary designation too

  • @ericsingh2588
    @ericsingh2588 2 หลายเดือนก่อน

    This is a nightmare do not ever do this or if you do this don’t use siblings to be in charge of a another siblings fund period

    • @parrbusinesslaw
      @parrbusinesslaw 2 หลายเดือนก่อน

      Management of funds for a family member can create conflict. Where that is a possibility but a trust is still needed for some of the purposes described here, consider appointing a professional trustee (e.g. a trust company such as Heritage Trust or trust companies operated by the Big 5 banks). Having an independent professional manage the trust can mitigate conflict.

  • @eloipecquet
    @eloipecquet 2 หลายเดือนก่อน

    In this scénario, is the 199$ considered capital gain or regular income ?

  • @exia78
    @exia78 2 หลายเดือนก่อน

    Thanks. Really good information 👍.

  • @roxmedia445
    @roxmedia445 3 หลายเดือนก่อน

    Steve great content

  • @shankare2286
    @shankare2286 3 หลายเดือนก่อน

    Thank you for making it simple to understand. I just have a doubt regarding the taxation part of the ESOPs. So you mentioned that they can be taxed when they are vested. And that depending on the rules the tax can also be filed at the time of selling the shares instead of the point in time when they were vested. But I guess, and think, and feel, unless the tax rate changes, the person is going to be paying the same amount of tax overall

  • @divyeshkumarbalar7732
    @divyeshkumarbalar7732 4 หลายเดือนก่อน

    Thanks for the quality content

  • @CVEIWKID
    @CVEIWKID 4 หลายเดือนก่อน

    You'll own nothing and be happy

  • @minalshah6777
    @minalshah6777 4 หลายเดือนก่อน

    Hi steve, very well explained. are there any specific compliances to be done when ESOP pool is created?? for a private corporation?? any filings needs to be done???

  • @kinrade12
    @kinrade12 4 หลายเดือนก่อน

    If you bought a property with silent investors but only you were on paper as the beneficial owner how could you update your documents to legally show your investors own their respective percentage of the property?

    • @parrbusinesslaw
      @parrbusinesslaw 4 หลายเดือนก่อน

      Hi there, that's a complicated question - if you're in BC, feel free to contact us. www.parrbusinesslaw.com

  • @patrickhebert5328
    @patrickhebert5328 4 หลายเดือนก่อน

    Very informative and to the point. Well done.

  • @Ehtizan-Editor-002
    @Ehtizan-Editor-002 5 หลายเดือนก่อน

    Hey Steve, I just watched your video and I must say that it was really informative and well-made. I was wondering if I could help you edit your videos and repurpose your long videos into highly engaging shorts? I can also make high CTR thumbnails for your channel

  • @HotWins247
    @HotWins247 5 หลายเดือนก่อน

    I have a wife, but can I put my girlfriend in the family trust instead?

    • @MadOldMan-ck5wq
      @MadOldMan-ck5wq 2 หลายเดือนก่อน

      You're the boss yes and may you rest in peace!

  • @russellgray3303
    @russellgray3303 5 หลายเดือนก่อน

    I like your video presentation. It is informative too, at the same time. Thanks a lot for your guidance!

    • @parrbusinesslaw
      @parrbusinesslaw 5 หลายเดือนก่อน

      Glad you liked it! Stay tuned for new videos!

  • @wackyl5692
    @wackyl5692 5 หลายเดือนก่อน

    How long do they have to do so??

  • @wackyl5692
    @wackyl5692 5 หลายเดือนก่อน

    What if your executrix is stone walking you and refuses to answer your communication and has not sent me a notice of ANYTHING happening?! Is there some rule that they are not allowed to have communication with the only beneficiary Do I contact them at their home or workplace or get a lawyer?

    • @steveparr5580
      @steveparr5580 5 หลายเดือนก่อน

      Definitely contact an estates lawyer. Every situation is quite unique. It would be helpful for you to get advice on your specific situation by an experienced estates lawyer in your jurisdiction.

  • @tristanblackwood1917
    @tristanblackwood1917 5 หลายเดือนก่อน

    TFSA with a named beneficiary also bypasses probate.

  • @DWELskateboards
    @DWELskateboards 5 หลายเดือนก่อน

    How fo we find people who can do these things ?

    • @parrbusinesslaw
      @parrbusinesslaw 5 หลายเดือนก่อน

      Hey there, if you are in Canada we can help you, you just need to fill out this form: www.parrbusinesslaw.com/contact

  • @HengRang-hv3he
    @HengRang-hv3he 5 หลายเดือนก่อน

    Human Resources People from all walks of life not only call Trinity home, but choose to work at our campuses across the country. With locations in Deerfield, California, Wisconsin, and Florida, we are strategically positioned to educate men and women to engage in God’s redemptive work in the world by cultivating academic excellence, Christian faithfulness, and lifelong learning. Take a look at our current Faculty and Staff openings. If one strikes your interest, we would love to hear from you. Trinity offers competitive wage and benefits packages, as well as a great Christian work environment. Trinity International University is a private, not-for-profit university affiliated with the Evangelical Free Church of America (EFCA). Trinity is committed to compliance with all applicable federal and state nondiscrimination regulations. As a private religious institution, Trinity reserves the right to exercise preference on the basis of religion in all employment decisions. Women and minority candidates are encouraged to apply. Faculty and staff of Trinity International University affirm the Statement of Faith of the EFCA. If you have any questions, contact the Human Resources office via email at hr@tiu.edu. FACULTY & STAFF OPENINGS Information for Employers Trinity students and alumni exemplify intelligence, integrity, and initiative. We have a reputation for producing graduates with strong leadership and academic success and our students and alumni are in high demand at local, national, and international businesses and organizations. Our graduates are prepared for a quick transition into the corporate world. We do this by helping them build a strong base of knowledge while providing valuable practical experience. TIU graduates quickly establish themselves as dependable team players dedicated to high productivity and excellence. Bottom line: Trinity employees hit the ground running! As a member of the Illinois Small College Placement Association (ISCPA), our office allows you personal care through direct contact with our staff as well as the potential of connecting with all 60,000 students within our consortium network. If you are looking to hire a Trinity student for full-time or part-time employment, including babysitting, please contact us! POST A JOB OPENING TIU Logo 2065 Half Day Road, Deerfield, IL 60015 800.822.3225 facebook-icon twitter-icon youtube-icon SCHOOLS Trinity International University Trinity Evangelical Divinity School Trinity Law School TIU-Online RESOURCES Privacy Policy Title IV Disclosures Employment Contact Us Title IX Catalog OTHER LINKS myTIU Canvas Law School Student Portal Academic Centers

  • @robertbridgen2950
    @robertbridgen2950 5 หลายเดือนก่อน

    How about Principal Residence Exemption on death and the home is left to my family.

    • @parrbusinesslaw
      @parrbusinesslaw 5 หลายเดือนก่อน

      This is not advice for your situation, but hypothetically if the property qualified for the PRE at death of the property owner, then the Estate doesn't pay capital gains tax (nor do the beneficiaries of the home). It's a tax-free disposition. Contact us for guidance on your specific situation www.parrbusinesslaw.com/contact

  • @Wasnt-1
    @Wasnt-1 5 หลายเดือนก่อน

    also preferred stocks is better if a company pays dividends as you can set a fixed dividend per share even if the stock goes down the only downside is if the stock goes up you're not be able to gain the increase in dividend payment

  • @jamessteers
    @jamessteers 5 หลายเดือนก่อน

    Not really true. My employees pay haven't suffered in this economy. My profit as the owner has been cut 70%. But I will always put there needs above my own.

  • @JackWard66
    @JackWard66 6 หลายเดือนก่อน

    Thanks so much Steve. Here are my confusions and apologies as I've never done this before. 1. I sold my home in September and moved briefly into a cabin for two months until I bought my current home in November. 2. Do I register both? Where do I put them in my forms? 3. What are they expecting me to put down? Address and final sale price and date? Thanks in advance!

    • @parrbusinesslaw
      @parrbusinesslaw 6 หลายเดือนก่อน

      Thanks for your inquiry! Your specific questions require advice; please ask your accountant.

  • @mathinabeevi5993
    @mathinabeevi5993 6 หลายเดือนก่อน

    Please help me

    • @parrbusinesslaw
      @parrbusinesslaw 6 หลายเดือนก่อน

      Hi there, please fill out this form and we will reach out to you: www.parrbusinesslaw.com/contact

  • @lpearcey2881
    @lpearcey2881 6 หลายเดือนก่อน

    You know America does this too right? They just use a third party the IRS which also has to be paid for.

  • @sirloin869
    @sirloin869 6 หลายเดือนก่อน

    fake, and gaye...

  • @sirloin869
    @sirloin869 6 หลายเดือนก่อน

    fake, and gaye...

  • @MadOldMan-ck5wq
    @MadOldMan-ck5wq 6 หลายเดือนก่อน

    This old man says the truth is Fiduciary Security Allied Legal Professionals Permission Ledger Interdiction Living Trust Prebate Probate Nickel or Dime alternative to DIY litigation Quarter avoids the Inheritance administration crime.

  • @MadOldMan-ck5wq
    @MadOldMan-ck5wq 6 หลายเดือนก่อน

    Congratulations consider being a forgery proof permission ledger validation Trust Lawyer they earn 850% more than estate planners with the Prebate Probate Nickel or Dime solution to DIY litigation Quarter.

  • @L1Ght_67
    @L1Ght_67 6 หลายเดือนก่อน

    Sounds like they just renamed the tax 🤔

    • @parrbusinesslaw
      @parrbusinesslaw 6 หลายเดือนก่อน

      Yes more or less. Tax at death is the "biggest tax event" of any individual's life. Basically CRA's last kick at the can to get what they can.

  • @melissalaverdure6687
    @melissalaverdure6687 6 หลายเดือนก่อน

    If you register federally, do you also need to register provincially?

    • @parrbusinesslaw
      @parrbusinesslaw 6 หลายเดือนก่อน

      If you register federally, you need to register in any province that you are carrying on business in. Contact us here for more info: www.parrbusinesslaw.com/contact

  • @donniethesportsguy893
    @donniethesportsguy893 6 หลายเดือนก่อน

    Can you explain what the expiration date? Like if you let the expiration date pass you could forfeit or cash out if you do it in before expiration date?

    • @parrbusinesslaw
      @parrbusinesslaw 6 หลายเดือนก่อน

      Look carefully at the language in YOUR agreement, as it will always vary. But in this example, yes I am referring to the expiration of the ability to exercise on the options (e.g. convert the options into shares). In many agreements the expiry period will be somewhere between 7 - 10 years after issuance. Contact us at www.parrbusinesslaw.com/contact for more information!