Canadian Tax Guide: How to Calculate Your Income Tax

Welcome to my free tax course covering the Tax System, Types of Income, Tax Related Documents, Payroll Deductions, and Calculating Income Taxes. This course is designed to help you understand the basics of the Canadian tax system. I will guide you through the different types of income, tax-related documents, payroll deductions, and calculating income taxes. Whether you’re a student, a professional, or just someone who wants to learn more about taxes, this course is perfect for you. Enroll now and start your journey towards becoming a tax expert!
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0:00 Income Tax Basics - Intro
1:23 Canada’s Tax System
4:00 Types of Income in Canada
6:09 Tax Related Documents in Canada
10:52 Payroll Reductions (CPP, EI, Taxes)
13:19 Calculating Incomes Taxes in Canada
In this course, I will cover the following topics:
The Tax System: I will explain how the Canadian tax system works, including the different types of taxes and how they are collected.
Types of Income: I will discuss the different types of income that are subject to taxation, including employment income, business income, and investment income.
Tax Related Documents: I will explain the different tax-related documents that you need to know about, including T4 slips, T5 slips, and the T1 General tax return.
Payroll Deductions: I will discuss the different types of payroll deductions that are taken from your paycheque, including income tax, Canada Pension Plan (CPP) contributions, and Employment Insurance (EI) premiums.
Calculating Income Taxes: I will show you how to calculate your income taxes using the tax brackets and rates that are set by the Canadian government.
By the end of this course, you will have a solid understanding of the Canadian tax system and how to calculate your income taxes. You will be equipped with the knowledge and skills to file your taxes with confidence.
Disclaimer: This channel is for education purposes only and opinions expressed in this video are based on personal research and should be treated as such. These are not instructions, suggestions, nor directions as to how to handle your money. The facts and figures presented in this video are up-to-date based on the recording. These may have changed based on when you watch the video, please, always do your own due diligence! The description of this video includes Affiliate links (I get paid at no cost to you for trying out a particular service.) #FreeTaxCourse #CanadianIncomeTax #TaxesInCanada

[@DanishGhaziCPA]

Canadian Tax Guide Part 1: How to Reduce Your Tax Bill in Canada kzbin.info/www/bejne/rIKyg31pg791h7M

[@petermaringola8193]

Hello. Thank you for making these educating Videos. I missed two CRA Instalments Payments. Sep15/23 and Dec 15/23 both payments were for $49,053 (Total $98106). I thought that my 2023 net tax owing for 2023 will be less than $3000.00 ,so I disregarded the notice. I did a rough draft of my 2023 Income taxes yesterday and found Out that I will Need to Pay Around $5600. Can you please show an example of how the CRA would calculate the Instalment Interest and Instalment Penalty? I searched the CRA Website and found the example too confusing . Sincerely, Peter

[@DanishGhaziCPA]

Great question, feel free to reach out on the matter here: asqme.com/@DanishGhaziCPA