ACCOUNTANT EXPLAINS Important TAX CHANGES in CANADA for 2024 | TFSA, RRSP, FHSA, CPP & Tax Brackets

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00:00 Intro
00:57 New Shocking Changes
03:15 TFSA
04:38 RRSP
06:22 FHSA
08:04 CPP
10:49 Tax Brackets
Disclaimer: Note this video is not financial nor accounting/tax advice and should be used for entertainment purposes only. Consult with your own financial advisor, accountant and/or tax advisor for advice related to your specific situation.
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WHO AM I:
Gabrielle is a CPA and Tax Expert, as well as the founder of Balance + Wealth CPA, a licensed CPA firm that specializes in Tax. Prior to starting her business, Gabrielle worked as a Tax Manager at one of the Big 4 Accounting Firms for 7+ years, advising Fortune 500 companies. Gabrielle posts weekly videos on personal finance, business finance, and tax tips.
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[@skyzsolstice]

Hard to find canadian spefcific finance content, please continue doing more of these

[@Cafeallday222]

Seriously, I’m so glad this popped up. US stuff is everywhere and not useful for me but this is ☺️

[@DosntMatter666]

I agree

[@everythingelse6316]

I don't know how I stumbled on to your content Gabrielle but I so appreciate the Canadian based information, the details, and how you summarized the information. This is a big contribution and help for so many Canadians. Continued success!

[@anastaciagawili]

Your channel is truly a help for many Canadians.

[@RamenGirlASMR]

Time STAMP ⏲️ 🏡 🍁 NEW changes 1.02 TFSA 3:16 RRSP 4:38 FHSA 6:23 CPP 8:04 Tax Brakcets 10:49

[@jvhnfleming]

Thank you for this video!!! So helpful in understanding more of the tax code. You helped in this video more than my accountant had in the last two years. As an artist who is self-employed and works short term contracts, I appreciate this so much!

[@Cafeallday222]

Thank you. We need more Canadian content like this! 🍁

[@TRX2015]

Crisp and straight to the point.. Thank you!

[@Starfang_Wanderer]

Your video found me and honestly, instant follow. This was a great video and very informative. Would love to see some videos detailing a tax breakdown for contract workers in Canada/Ontario. Write offs/tax breaks, HST payments, CPP/EI contributions and how to budget on a wavering income. Thank you so much ❤

[@justinw2141]

7:37 the FHSA is an investment account, meaning it can grow beyond the 40k. If it grows to 50-60k or more then you can use the full amount.

[@dereksniper]

Was wondering about this. Ty

[@TheNewGreenIsBlue]

Of course. And if you don't buy a home, it can get converted into an RRSP.

[@mstefa007]

I didn’t hear it but FHSA is limited to 15 years at which point it must be used or transferred to rrsp

[@randomrazr]

does it really meake a dent though when homes are a million range in t.o

[@randomrazr]

can u use it after u purchase ur first home ot pay off mortageg@@TheNewGreenIsBlue

[@Michael_darvill]

This is great. I will be directing clients to this video thank you!

[@20thcenturyboy85]

Super video! Fantastic job Gabrielle!

[@user-rs5lu2ds2h]

Excellent video as usual from Gabriella! Thank you so much!

[@sp90009]

Thanks, useful information! I didn't know that you can carry forward unused FHSA room.

[@tomkoolman]

Thank you for the information Gab. I need an accountant like you.

[@paulbernard2094]

Nice to have specific Canadian content around education for taxes. I just sub’d. Thanks for posting.

[@nelfmo910]

Thank you, Gabrielle!

[@miketriggiano983]

Great video! thanks for posting!

[@husamfahmi7499]

Fantastically succinct explanation! Also, the graphics and little examples were pretty helpful. Subscribed. Thank you 🍁

[@cpattullo1]

Very well articulated. Nicely done.

[@ovalplace9264]

Thank you, I literally paused the video and submitted an application for a FHSA account. I didn’t know it existed!

[@naimaan7194]

Thank you 🙏 happy to find a Canadian financial analyst ❤

[@GordoBlue]

Great summary for tax season! Thanks

[@n7offtank]

We are near the deadline for RRSP contribution and your video popped up on my recommendation; soooo timely! Thank you for this video

[@GabrielleTalksMoney]

perfect, make sure to watch my new video going live tmrw for RRSPs!

[@RaviBee]

Succinct, to to the point, and very useful! Thanks, Gabrielle!

[@Sam5Jack]

New subscriber. I love seeing young people making their mark in Canada. Very professional.

[@johnjunji8443]

great video! Thank you!

[@barbarahenn-pander5872]

I would prefer each point to have an example of how and when to use TFSA vs RRSP. THX FIR TGE INFO!

[@AppleTreeResources-gr5to8]

This is amazing. Thank you so much for taking the time to make this video!!!

[@GabrielleTalksMoney]

you're welcome!

[@amomchilov]

Another notable change is that the faster "flat rate method" for calculating "T777S Statement of Employment Expenses for Working at Home Due to COVID-19" was temporary, and only applies to 2022 but got discontinued for 2023

[@calbonchan9385]

Thank you for sharing!

[@VShah67]

This was really great/useful, hope you make a video for every year to come!

[@Cmbuie123]

Clear, concise, well done !!! C. Buie

[@georgebeckons539]

I'm young and no parents to teach me taxes so this kind of stuff is super helpful!

[@mikeach1681]

Thank you for sharing your expertise.

[@stephaniegrabau7289]

What a wealth of knowledge thanks so much for putting this together

[@GabrielleTalksMoney]

you're welcome :)

[@kristinabk17]

So well explained. Thank you so much!

[@user-us4tv3pm6e]

Awesome video always learning a lot!

[@rkmuralikrishnan]

Amazing summary and very clear, thank you 🙏🏼

[@dylantemperton]

Thanks for the information - very helpful!

[@kyuchangjo]

Thanks for the summary 😊 great reminder 😊

[@TheHansoost]

Nice job, Gabrielle. Thank you.

[@user-wy7io5ll7e]

This is brilliant, thank you so much!

[@ll_distribution]

Clear, valuable information, thank you for your video!

[@tatiana.lifeinglow]

Thank you for the video!

[@FreedomIsMyReligion]

I love your channel Gabrielle! Thank you for the great info on this video. Got a new subscribe! Cheers!

[@YoonSKim-jq8gx]

definitely, you are korean, thank you for your all effort

[@Thewestslope]

Nice concise summary!

[@lanietvtheservicepreneur]

Thanks for this. Instant follow:)

[@Vgojanovich]

Thank you so much for this receive. I have made them twice and each time perfect. 🇨🇦

[@andreeat4002]

Thank you for the video. Very useful information. You are very articulate.

[@Safi363]

Great work!

[@helsabradford5737]

I agree with everyone saying it’s great to finally find pertinent and concise information for Canadians! I subscribed after a few seconds. I’m from Quebec. So if you could include more info/data for that province amongst the others, that would be super appreciated! Thank you!!

[@dofungames2833]

Thank you for this insightful content

[@ayejaye]

Thank you!

[@ananditagangwar9988]

FANTASTIC VIDEO AND INFORMATION! THANK YOU

[@lolypopy26]

Amazing ! Thank you

[@codyblee]

This should be a mandatory watch in Canada

[@georgealbertacanadaeh1038]

Great Job!

[@charcoa1]

Thank you for this very helpful video! Will subscribe.

[@stardustmkm7377]

Thank you for the helpful video 😊

[@CarbonatedTurtle]

Thanks for the detailed information. The FHSA is a complete joke though since $40k doesn't even put a dent in a down payment in this country anymore. There are two types of people in this country. People who already own their homes and people who have so much money that they don't need to bother with an FHSA to buy their first home.

[@dealman3312]

Well presented video Start your own enterprise and move out of the E quadrant

[@DMccloudy]

Very educational and helpful :)

[@trendingnews9671]

Thanks for the information

[@so1zy]

Thank you this was very informative

[@shaunp4802]

I had to subscribe.... lol. This was damn good:)!

[@brittsrogers]

Great content!

[@vctrchu]

Short and concise. Great Video again. Thank you Gabrielle!

[@GabrielleTalksMoney]

Thank you!

[@user-wg2vw3mz1v]

​@@GabrielleTalksMoney Yup, excellent value-for-time ratio.

[@cinderchey]

Please include rdsp

[@janaiyer4280]

Thank you very much for the info Gabrielle!

[@Tita.tita173]

Great video thank you 😊

[@JMaki-mr2mh]

You are right. Those with airbnb's are shocked by the changes. Sometimes the over contribution penalties also surprise people, when they start contributing more as they get older.

[@TubeDeviant]

Thank you for the informative videos..!!

[@roozkhosh5749]

Your content is super useful, to the point and beneficial for all Canadians. Thank you for your time & effort that you put into making these much needed videos. If you could speak a little more calmly & clearly it would be much appreciated. I found my brain was racing to catch up with the speed of your speech and processing the info efficiently. Please don't stop though. Your content is much needed & appreciated by Canadians.

[@berbice25]

Thank you for the tax tips.

[@latoniamoodley7562]

I learnt a lot, thank you for the information

[@jas_bataille]

This is really good info. The max limit of 40K in the FHSA however, is completely absurd, as many down payments on houses are over 40K...

[@amosburke511]

Considering that a lot of people are working later in life, what are the chances that the Federal Government will change the rules insofar as when one has to convert their RRSP to an RRIF..from 71 to 75 perhaps?

[@Edscomment]

TFSA is greatest underrated saving tool in Canada 🇨🇦!

[@livingbygrace8112]

Can you break down the income brackets for each province?

[@sylphsylph2118]

to be fair outside doctor and government official its rare to do over 100k...and even those are often at 80 to 95k

[@michaelsong7522]

Gabrielle, you are so lovely ! 💕

[@user-iz2qq9kg9w]

Nice to have canadian content. Thank you! New sub 🎉🎉

[@Lysgreenthumb]

Thank you 😊

[@geofiggy]

Thanks Gabrielle. 🤟🏼🖖🏼

[@danielk1898]

Do you have videos on family trust?

[@bryontosoff]

Very informative and helpful

[@harissonbond7499]

Go over 2024 tax benefits I'd love to hear if there was any changes made or not

[@joeycmore]

Thanks for clarifying. Is it possible to explain the new trust rules for '24?

[@kaurmal8791]

Can you do a video on estate planning?

[@annalee2441]

Thank you for the tax info

[@jns2572]

Thank you!!! I do hope the CRA will have an automatic tax filing when you have a one source of income, like an employee's or retiree's salary. That will makes our life easier as software's for tax fillings are getting more expensive, also the tax consultants. Please let us know if this is available.

[@johnwong9128]

Very good and informative video. The only thing that unless the rules changed relatively recently, i noticed is that you should clarify that with the FHSA, only a maximum of $8k from the previous year can be carried forward so if you open a FHSA in 2023 and don't contribute for 4 years and then in 2027 you can't contribute $50k, you can only contribute $16k (this is unlike the TFSA where you can carry forward the previous unused accumulated amount).

[@peachulemon]

1:24 NIIIICE hope this reduces the ammount of people willing to buy a condo to rent out

[@CanadianGunsNgear]

Ridiculous how much tax we pay, cpp amount is also crazy

[@tatonka411]

Can you please discuss the separation from ON QC and the test of Canada's CPA licensing? It seems insane.

[@user-is2kb9kq8i]

Dont forget they take a quator of your income, then you goto the store and pay more taxes, food prices being higher also means that percentage they take costs you more as well.

[@deanlee8150]

@7:30 I believe that the FHSA withdraw is the $40k (contributions) plus growth, so that (hopefully) the tax free withdraw would be substantially more than just $40k!

[@GabrielleTalksMoney]

Yes, i did mention "original" contributions being 40k!

[@mercuryelite]

This is important to clarify. Video says "withdrawal" is $40k in FHSA as compared to $35k in RRSP. That is incorrect.

[@GabrielleTalksMoney]

​@mercuryelite can you clarify what is incorrect?

[@stephaniegrabau7289]

@@GabrielleTalksMoneylol I don’t think so 😂

[@stephaniegrabau7289]

⁠@@GabrielleTalksMoneywhat an excellent tip I didn’t get how to use the FHSA and dismissed my banker when she tried to bring it up! Thank you 🙏

[@BlcknWinc]

amazing 👏🏿

[@Roham]

Subscribed !