Do This to Legally Pay LESS TAXES in Canada

[@TwainRyanLee]

Part 2 on more hidden ways to reduce taxes: kzbin.info/www/bejne/i6GQXnmrar6NncU&ab_channel=TwainRyanLee

[@jfyhou]

I am not a professional accountant but I think I know more about personal tax than 99% of Canadians. This video is very well made. Even I learned something from it.

[@TwainRyanLee]

Awesome glad you enjoyed it!

... ya, be a good slave ... income tax is extortion/theft ... go all cash income and stop paying slave tax which the government (govern=control/mente=mind....duhh)

[@onlychild4332]

@@TwainRyanLee I am widow and have not worked in Canada. I have inherited my husband’s rrsp How can I take out Money from rrsp with less tax cut?

[@Guanyinhennasea]

Wow you so smart, loser.

[@Guanyinhennasea]

Literally knew everything in this video that was applicable to me. So saved nothing. And guess what, I dont think i know more that 99% of most Canadians, you Conceited nerd clown.

[@grantw49gw]

Very well explained. Should be mandatory for every Canadian to watch. I have never seen Canadian personal taxes so well explained. Kudos!

[@TwainRyanLee]

Thanks glad you enjoyed it!

[@paulgrabowski]

I learned more in 25min than I ever knew about taxes. thank you!

[@TwainRyanLee]

Thanks glad it was helpful!

[@VFX_My_Life]

This video should be taught to every single Canadian during high school (14-18) and AGAIN at 22-25 (and likely again at 30-40 "if" they reach Canada's new housing vaulting bar in the clouds) Great video

[@TwainRyanLee]

Thanks glad it was helpful!

... ya, be a good slave ... income tax is extortion/theft ... go all cash income and stop paying slave tax which the government (govern=control/mente=mind....duhh)

[@amank.7052]

@@VFX_My_Life it should, but it's not. For a very good reason. Wonder why 😐🤨🤔

[@WeimaranersAreTheBest]

Instead They’ll continue teaching gender dysphoria.

[@VFX_My_Life]

@@amank.7052 It is a big task but for future generations this type of knowledge isn't "new tech" or an innovation, it is necessary knowledge (that should become common knowledge). Education system really needs an overhaul for financial education.

[@Daniel-b1s3s]

The rise in tax rates is why I decided to roll over my 401k to a Roth IRA. I don’t want to be 59 and paying taxes on withdrawals from my retirement account.

[@Toni__Michelle]

Pre-tax contributions can help lower income taxes during your working years, while after-tax contributions can reduce your tax burden in retirement. Both have their advantages, but it’s also smart to save outside traditional retirement plans, such as individual investment accounts or with guidance from a financial advisor.

[@pop005-n3e]

I completely agree. I'm in my mid-40s, getting closer to retirement, with over $2 million in non-retirement funds. I'm debt-free and hold relatively little in my retirement accounts compared to my total portfolio over the last three years. Honestly, you can't ignore the value of a good financial advisor-just make sure to do your homework and find a trustworthy fiduciary.

[@DanöVee]

This is the direction I want to take with my finances as I prepare for retirement. Can you recommend the advisor who helped you get ahead?

[@ThisIsTheInternet]

This is a spam thread with a few bots "conversing" until eventually mentioning the name of a scam financial advisor that will appear legit but isn't. That's why someone is mentioning a 401k on a video about Canada.

[@funkydopefresh6437]

This was an extremely insightful video. Much more detailed than many others on YT for Canada. Keep these videos coming! You unquestionably earned a subscriber. Would love to learn more about Canadian small business tax deductions and the lesser known deductions.

[@TwainRyanLee]

Thanks I appreciate that! More to come

... ya, be a good slave ... income tax is extortion/theft ... go all cash income and stop paying slave tax which the government (govern=control/mente=mind....duhh)

[@peacefulinhabitant1726]

only fools file kzbin.info/www/bejne/bqirm2WsqsidatE

[@dsp4392]

The fact that so many citizen don't understand these basic Canadian tax principles really highlights how preposterously complex it really is. If the government had truly built it for its citizens, it would've, at the very least, had it taught extensively in public schools. Right now the vast majority of people just wing it or delegate their reports to hired accountants, without understanding most of what's happening, to the detriment of their future financial health and security.

[@fastshadow84]

lol really? It’s not difficult to understand. It shows how preposterously lazy and dumb people are.

[@sadmanh0]

how'd you simplify it though? they didn't make it complex for fun, it's a cumulation of decades of policies designed to fit changes in economic conditions.

[@simonh4182]

Tax law are complex for the reason that a lot of people will take advantage of it if it's not written that way. Same way criminal or any other law are complex, to prevent people from cheating the system and commit crime without being held accountable

[@shawnfitzpatrick2954]

@@simonh4182 exactly. If everyone actually paid their taxes honestly, then the tax system could be drastically simplified. As an example under the Mosaic law, and before they became silly and decided to have kings to rule them, they paid a flat 10% to cover the expenses of the temple and Levites. Super simple and easy to understand LOL. Of course the other side of the coin is that the tax system has to be convoluted to help justify the disproportional high wages that our politicians get paid, and it helps to “justify” much of the “need” for the whole accounting profession LOL.

[@deepgrewal9862]

I don’t think there is any youtube video out there that explains it so clearly. Looking forward for more such videos

[@TwainRyanLee]

Thanks a lot for the compliment!

... ya, be a good slave ... income tax is extortion/theft ... go all cash income and stop paying slave tax which the government (govern=control/mente=mind....duhh)

[@simonh4182]

Tax accountant here. There are some misinformation here on CCA on rental property, and I would generally be carefully doing income split outside of RRSP without talking to an actual CPA. Honest advice, if your tax involves complex topics (i.e. mutliple rental property, estate tax, any income splitting (other than RRSP), etc), speak to a CPA. Another thing, you can't "AVOID" tax, that's what GAAR (General Anti-Avoidance Rules) are for, you can use the tax deferral / saving method allowed by the CRA.

[@Fatima_33]

It’s wild how the ‘official rules’ never quite match the unwritten rules everyone actually follows.

[@ChefVlahos]

@@Fatima_33 Until they get caught. This is an argument I often have with new clients, and always starts with "my friend said..."

[@flashmedia8953]

Not all CPAs understand this shit. Most of them are garbage and lack understanding of the advance rules.

[@hughjanus4698]

It's a clickbait video It's not meant to be taking literally.

[@bicbaws]

​@@ChefVlahosThis part especially. Especially with the newly enforced (rules were always there but not enforced) mandatory disclosure requirements especially when it comes to application of tax strategies within the ITA. Since there's not gonna be a client that'll pay me 25k for the service.. why should we risk a 25K fine?

[@MOZParungao]

this is such good information. not enough youtubers are talking about CANADIAN taxes.

[@TwainRyanLee]

Thanks glad you liked it!

[@ianjennings9698]

exactly! I watch podcasters like Dave Ramsey but it generally focus on American finances

[@ms.m715]

Great video. Just one correction - recapture is only up to the original cost. So you will get $100k tax as orignary income (ie. Diff between your UCC and ACB) and the other $100k still as captial gain (i.e. diff between ACB and proceed).

[@talzy]

Hi there, great video - I am an accountant. Everything here was great tips but in regards to employer matched RRSP contributions, these are added to income as a box 40 tax benefit and then deducted off - its a net zero game. Only the employees contribution truly reduces taxable income. Well put together video, well spoke and great presentation, keep up the good work!

[@ОлегЯрмош-п3я]

Thank you. I didn't know that.

[@NEZZBIE]

I have never heard taxes explained so well! I actually understood it for once lol 😊😅

[@TwainRyanLee]

Glad you enjoyed it!

[@munezbuckets830]

Just wanted to share this: KZbin has recommended this video on my home page for the last 4 days. I will click on it, like, and leave a comment so I don't get recommended this again. No problem for helping the algorithm. Have a good one.

[@TwainRyanLee]

Thanks!

[@cjfelarca2249]

Woww I have never subscribed so fast in my life. Thank you for simplifying it enough for us normal folks to actually understand how to survive Canada 😅❤. I just landed my first job after university and want to be more financially successful soo can’t wait for more videos like this 💕

[@TwainRyanLee]

Awesome congrats on your new job and welcome aboard!

[@faramarzh5294]

I was very much impressed by the knowledge included in this video, and he offered it all while not even once asking you to click subscribe, this or that. Like many other listeners I wish I had known all this 10 and 20 years sooner. Good job!

[@TwainRyanLee]

Thanks glad you found it helpful!

[@Donutdrifts]

This gentleman is so thorough 🥰

[@TwainRyanLee]

thanks!

[@decentsimon777]

Instant subscribe! Man youre simply too good at explaining the complex tax structures in simple words. Every question I had was answered in one video and learned many new things. Many thanks for sharing your wealth of knowledge 🙏

[@TwainRyanLee]

Really appreciate your comment and welcome aboard!

[@fantasyguru26]

I think you make a very good point with medical expenses. A lot of taxpayers don't know that. They think they can only claim the medical expense in the year its incurred.

[@brarautorepairs]

It is a rolling 12 months. Just one of those odd rules

[@paulamos1979]

That depends on your total income. I earn over 100k per year, many years I tried to claim medical expenses and received nothing out of it.

[@thevilifyingforce]

It's a fairly significant number to start getting any relief. My wife and I both have autoimmune diseases and her diagnosis required travelling 100km each way to specialists a couple of times a month for a year. Usually we don't reach the threshold. We always track and file it though.

[@fantasyguru26]

@@thevilifyingforce Yes its the lesser of 3% of your net income or $2,759 in 2024. You and your wife can jointly file your respective medical expenses on one return. The travel expenses count because its more than 40 km away from your house. That would include both vehicle and meal costs. Just vehicle costs alone I calculate $2,832 annually ($0.59 x 400 x 12)

[@thevilifyingforce]

@fantasyguru26 my apologies, I didn't provide enough context to the post. Something about my brain wandering away on me. We certainly did get a good claim that year, but usually we don't. Is I guess what I was trying to say.

[@julioponce5973]

Dude that monstera needs some love in the background. Its screaming for wata haha. Thanks for the info

[@shawnfitzpatrick2954]

LOL. Good point!

[@edition819]

Best Video for 2025 Taxes . Thank you & waiting for more of such videos .

[@TwainRyanLee]

Thanks for your kind words! More to come

[@darien1313]

FINALLY A VIDEO WITH ALL THE TRICKS TO HELP SAVE ON TAXES, now I share with my friends ty

[@TwainRyanLee]

Glad it was helpful!

[@TwainRyanLee]

#1 TFSA Mistake Canadians are making: kzbin.info/www/bejne/l6m8l6CBir2lock&ab_channel=TwainRyanLee

[@nghila900]

Very helpful and educational. Thank you.

[@TwainRyanLee]

Thanks glad it was helpful!

[@peterk3599]

Question: do you have a video specifically on TFSA … and if profits made from this account by shares they are considered as revenue to declare ?

[@RonAlexander600]

Looking to see how these ideas will help us with our taxes this year. We had a bad tenant and we lost over 40k.

[@colemcdaniel5468]

Great video Ryan! Thank you. I plan to integrate some of these breaks into my finances. I'm hoping we can get out of this decade of robbery and have a election soon. I have never been so broke in my life! 😮‍💨

[@jordonschwann2107]

This was so simple. You're saving me money. Thank you man. Subbed.

[@TwainRyanLee]

Thanks for the support!

[@thiagobr12]

I believe this is the best video on tax savings I have ever seen. Thank you!

[@TwainRyanLee]

Awesome really appreciate it!

[@t2p5g4]

He missed a lot of important things, and screwed up others. But that is to be expected. Never take your tax tips from a salesman.

[@thiagobr12]

@@t2p5g4 like what?

[@kt311.]

this is the best financial video ive ever seen

[@TwainRyanLee]

Thanks for the kind words!

[@GottaBeAHero]

You explain complex things very well, I somehow enjoyed this way more than I thought I would have 😅 subbed 👍

[@TwainRyanLee]

Welcome aboard!

[@Panda-jv5zo]

U mean all this time my hubby is giving me IOUs I coulda loaned it to him?! 🤯 😂 amazing video saving it for to rewatch

[@arnoldvosloo220]

One edit needed: CCA recapture is limited to the amount of CCA ever taken on the property (hence "recapture"). If you sold the property for more than the original cost, the difference is still a capital gain. So in your rental property example, there's a CCA recapture on the 100k of CCA taken to depreciate the property to 500k, and there's a 100k capital gain because you sold it for $100k more than the purchase price (700-600). You don't add the full 200k as recapture because there's only 100k of CCA to recapture in the first place.

[@OffGridinOntario]

i dont think hes an accountant, missing some knowledge, bet yet still trying to give advice to others lol

[@t2p5g4]

This guy doesn't know much, but he is a salesman, not an accountant. He didn't mention a few other things, like donating your publicly traded securities.

[@Scyllus]

True and capital depreciation is only applied to the buildings but the not land portion.

[@robpet4424]

​​@@Scyllusyou mean "not" the land part

[@Scyllus]

@@robpet4424 good catch.

[@happy-go-lucky3097]

This is by far the most directly impactful, knowledge full video I've watched on KZbin this year! OMG! Thank you, THANK YOU! Please and please make MORE! I'm subscribed now. Superb pace of narration too. Sometimes youtube can use its algorithm for good 😂

[@TwainRyanLee]

Thanks glad you enjoyed it! More to come!

[@peacefulinhabitant1726]

only fools file kzbin.info/www/bejne/bqirm2WsqsidatE

[@marc8867]

This is the kind of stuff that I love to watch. Subscribed :)

[@TwainRyanLee]

Thanks. Welcome aboard

[@larrylefebvre2237]

During my working years (retired now), I asked my HR payroll to take an additional $100 per pay (every two weeks) in extra taxes. I saw this as a form of "forced savings". I know it goes againts rules of investing right away, but because of a defined benefit pension at work I was limited in the amount of RRSP room due to the provision of pension adjustments. I was still able to maximize my RRSP contibutions (used my tax refund for RRSP contributions). But having the extra taken off had 2 benefits: (1) always getting a good tax return, and (2) since my take home pay was reduced, the actual gap between my income during my working years and my retirement income was smaller.

[@flashmedia8953]

that was terrible idea. You could easily transfer your RRSP contribution to your spouse.

[@larrylefebvre2237]

@@flashmedia8953 All of my RRSP contirbutions during my workinmg years were in the form of spousal contibutions. Since we are savers, we are both maxed out of TFSA contibutions.

[@higetz]

It’s very clear, well explained with examples, pros n cons… thank you so much

[@TwainRyanLee]

Thanks glad you enjoyed it

[@victorobando4309]

Very useful video but I wish there was more information and content about any tax benefits from income from dividends and trust accounts.

[@vishalbisani1826]

Your script was very well formatted, as soon as some pointers needed an explanation - it followed. Nice video!

[@TwainRyanLee]

Glad you enjoyed it!

[@NoeleneMahon]

Excellent video Twain! Clear, concise and understandable - thank you! I jumped on midstream and with the US dollars in the video I initially thought info was US based. I thought this might be worth a mention but glad that I hung in to see the rest of your presentation. Great job!

[@TwainRyanLee]

Thanks for hanging in there and glad you enjoyed it!

[@TehPwnerer]

Despite my comments well made video keep it up we need more of people like you here in Canada

[@nicolea5293]

Clear , concise information in easy to understand way. Great video. I am going to binge watch your videos. Congratulations

[@TwainRyanLee]

Thanks glad to hear that!

[@chrispeters8555]

I'm not sure about everyone else... but my parents taught me all this when I was 14 lol

[@Dupedupedean]

Dude you are the GOAT of taxes! Thanks a lot!

[@TwainRyanLee]

Haha thanks glad you found it helpful!

[@AuraOracle-q6i]

Thank you so much for your research and sharing your knowledge with us. There's so much information about the states not too much for Canada. I appreciate this video very much ❤

[@TwainRyanLee]

You are so welcome!

... ya, be a good slave ... income tax is extortion/theft ... go all cash income and stop paying slave tax which the government (govern=control/mente=mind....duhh)

[@CondoManagement-007]

Thank you Twain. Someone who finds themselves unemployed but owes the government taxes from previous tax year and does not have said amount in the month to month operating banking account but does have investments. The question is; if one withdraws from the investments to pay the taxes, does the government still tax the full amount?

[@TwainRyanLee]

Yes the investments will still get taxed as usual, but they can apply for penalty & interest relief with the CRA if they’re experiencing financial hardship

[@CondoManagement-007]

@@TwainRyanLee Thank you

[@jdbuss]

Can't find much fault with what you said, except for the CCA recapture on the rental property. With depreciable properties, the POD for CCA purposes cannot exceed the original capital cost. In this case, $600K. This means that the recapture is only $100K. However, because you sold it for $700K and the cost is $600K, you have a capital gain of $100K. This capital gain is included in income at 50%, so the total amount of income to be added to your taxable income for the year from selling the rental property is $150K, not $200K.

[@AdrianLoganLive]

@7:32 - There's no withdrawal limit, but the withdrawal has to specifically be for purchasing a home though from what I understand. Correct me If I'm wrong.

[@TwainRyanLee]

That’s correct!

[@claum3961]

Thanks for the explanation it's so good the way you talking no to fast easy to understand I like your video

[@TwainRyanLee]

Thanks glad you enjoyed it!

[@titanoftransformation]

Amazing thank you so much for promoting tax relief for the Canadian tax system. Bless you brother love this.

[@TwainRyanLee]

My pleasure! Glad it was helpful

[@jotaux3652]

That first point, I had a client who had an employee that refused a raise because he didn't want to pay more taxes. My client is a good guy so he asked me to do up two different paystubs for the employee so he could see the difference.

[@TwainRyanLee]

Your client is a good person haha. Too many people have missed out on pay raises because they didn’t fully understand how it works

[@valerieurquhart3133]

RRSPs are considered a "tax deduction" in the year they are claimed. In reality, they are a tax deferment until you are compelled to cash them in your "golden years," at which time they become taxable income.

[@TwainRyanLee]

That’s right!

[@flashmedia8953]

not really. Your RRSP will mature at age 71. At that age, you can no longer contribute to your RRSP and you're required to take that money out. The best option you can do for this is to transfer your RRSP into RRIF. From your RRIF, you can have a minimal withdraw amount stated by the Federal government. Anything above the minimum amount will get taxed.

[@joshl.772]

@@flashmedia8953 Yes really. RRIF funds count as taxable income in the year you withdraw them. Anything above the minimum is taxed right away (withholding tax) instead of like an annual income, but you still pay income tax on RRIF withdraws up to the minimum.

[@jtnotmiller]

@@flashmedia8953You still have to include the RRIF income, minimum or not, in your taxable income.

[@jayframes4967]

​@@flashmedia8953No, all RRIF withdrawals are taxable income!

[@Bosal.jouk.nan.zo.]

Thank you so much,clear,concise, one of the best video on this matter!!!You just gained a new subscriber and I ve already shared it❤

[@TwainRyanLee]

Awesome thanks, welcome aboard!

[@RobsRedHotSpot]

You should include the Working Income Tax Benefit, which is a life-saver for lower income Canadians!

[@Panzerbut]

FHSA is great it just has a annual limit of $8000 when you first open it, and ONLY carries forward $8000 per year. Meaning if you open it this year and do not make any deposits for couple years it will cap at $16,000. So for everyone young adult here you can open an account but make no deposits just to have that room available. Also there is a lifetime limit of $40,000.

[@TwainRyanLee]

That’s right. The maximum Carryforward amount is $8000 and this is the max you can “catch up” in any given year

[@PascalineVanoplynus]

Thank you so much for all these well explainded details!

[@TwainRyanLee]

Glad it was helpful!

[@GridlessGrind]

Thanks, great video. A lot of things I learnt and I’m 32 years old. Wish I knew this earlier

[@TwainRyanLee]

Thanks glad it was helpful!

[@joshnashofficial]

Thanks for sharing this information-it was incredibly helpful and gave me a real confidence boost in understanding how to file my taxes here in British Columbia! Navigating tax regulations can feel overwhelming, but your guidance made it so much clearer. I feel much more prepared and informed now-appreciate the support!

[@TwainRyanLee]

You are so welcome!

... ya, be a good slave ... income tax is extortion/theft ... go all cash income and stop paying slave tax which the government (govern=control/mente=mind....duhh)

[@jimc9516]

This is an incredible video, information-dense and super helpful! thank you so much!

[@TwainRyanLee]

Thanks glad you enjoyed it!

[@nobrainsnoheadache2434]

2:40 This sounds like misinformation. There are detailed payroll tables for every pay amount and pay period type (daily weekly monthly etc) for all of tax, CPP, EI and QPP, right to the penny, and all payroll software uses these tables, which are among the first next-year info to come out in any given year. Nobody takes "a little bit extra". You get a refund becase your non-refundable tax credits reduce your taxable income, which was taxed at what you made, so you end up paying more taxes than you have to most of the time. If NRTC's were factored in to tax rates no one would get a refund.

[@cmc1723]

This was fantastic!

[@TwainRyanLee]

Glad it was helpful!

[@mcakey1648]

Nice, well explained video. My spouse and I are retired and have a tfsa and each collect pensions. One of the our pensions is greater than the other so we pretty much just use income splitting to save on taxes. Medical expenses may also be available this year so it was good to hear your information on that. Thanks.

[@helpfulguywhenican]

Good shit, informative, will watch again

[@TwainRyanLee]

Thanks glad you enjoyed it!

[@MrWanhy]

This video is so useful! I’m new to Canada. There are some misconceptions and uncertain tax rules in my mind. You explained them very well! ❤

[@TwainRyanLee]

Glad it was helpful!

[@SusanGaskin]

Thank you, what an excellent video you made! I will be sharing this with my friends. Just a thought, have you considered doing a video for those of us in Quebec? I'd love to see that.

[@willh6574]

Thank you a million times for sharing such an educational video!

[@TwainRyanLee]

Thanks love to hear this!

[@RehanSyedAdvisor]

just missed one thing for RRSPS which is that yes it is 18% of your gross income, although it is up to a maximum set by the CRA (which this years is $31,560). Also, another great way to reduce your taxes payable each year is actually taking advantage of tax-exempt equity life insurance polices that allow you to dump in money just like a TFSA, except that there is no limit, is allowed to grow tax free, and also able to access that money without any tax! Great video overall.

[@steevengingras4087]

Ok, I need more info on this, can you help me out?

[@samuraik-o8s]

Thank you for the informative and comprehensible video! We need more Canadian finance KZbinrs. Keep up the great work ! 👍

[@TwainRyanLee]

Thanks, more to come!

[@cindyglass5827]

Just watched your Video - Excellent ! : ) I have subbed ... Appreciate the ''verbal'' as well as the ''power point'' parts of the vid also - Helps Me to [better] 'grasp' what you're saying / explaining by 'hearing' & ''seeing'' what you've just said ! Thanks again !! HAGD, Cindy : )

[@TwainRyanLee]

Thanks for the support and glad you found it helpful!

[@colddotorisoup]

This was amazing! Would love for more on this content. May I ask, what’s the document noted on 19:49?

[@TwainRyanLee]

Thanks glad you enjoyed it! Here you go: www.canada.ca/en/revenue-agency/services/forms-publications/publications/t4036.html

[@lambergino]

Great video!!! Tons of useful info!

[@TwainRyanLee]

Happy it helped!

[@richardorichefsky650]

Thank you for such an informative and well explained video. 👏

[@TwainRyanLee]

Thanks glad it was helpful!

[@Bigpmcgee]

0:44 It still blows my mind how many people don’t understand this.

[@versastyledio]

Superb video. So much actionable advice!

[@TwainRyanLee]

Glad it was helpful!

[@sreejithsatish4857]

Thanks for creating this video, very helpful for people who are novice in this topic and also helps to provide and ask questions to their tax consultants.

[@TwainRyanLee]

Thanks!

[@jasonagar3460]

I would consider myself pretty knowledgeable, but this video showed me a few tricks I didn't know about.

[@TwainRyanLee]

Awesome that’s what I love to hear

[@pauljones9150]

This is big brain, dense video. Subbed

[@TwainRyanLee]

Thanks for the support!

[@jf6030]

Excellent video. Please talk about the home owners who leave in their home and rent and those who don't rent what are the benefits?

[@colddotorisoup]

Would you be able to make a video talking more about 24:50? Thank you for the wonderful content!

[@sevinkeemusic]

Dude, you're actually the best man. Thank you for such candid and engaging personal finances tips. You are doing all British Columbians and Canadians a great public service. Thank you.

[@TwainRyanLee]

Thanks for the kind words, glad you enjoyed it!

[@peterk3599]

Also how do you calculates the brackets when you live in Quebec where you have to declare your taxes for both gouvernement.

[@spartafisetu1414]

Thanks for that important education content

[@TwainRyanLee]

Glad it was helpful!

[@marytes3758]

You are really great. Thank you for this video

[@TwainRyanLee]

thanks glad you enjoyed it

[@hurrayhu]

Awesome video and superb quality content

[@TwainRyanLee]

Glad you enjoyed it

[@billderksen8421]

Yup! I'm subsribed. Best tax video i've seen.

[@TwainRyanLee]

Thanks welcome aboard!

[@JulianKean]

At 22:55 he said taxable income would be 200K when you depreciate. This is not 100% correct. It is actually broken up into two parts: Recapture and Capital gain. His recapture would be 600K purchase price less UCC of 500K= 100K added to income. Then the Capital gains would be the 700K sale less 600K purchase = 100K capital gain, then we take the 50% inclusion so we will then have 50K in taxable capital gain.

[@nacthenud]

Came to the comments to point out this error.

[@MrHooman]

Great video and very informative. Much appreciated! Subscribed!

[@TwainRyanLee]

Thanks for the support!

[@JAYPATEL-tl6pn]

The video is very useful. But I want to ask what CRA 50-page publication is. Can you provide me that pdf copy so I can refer it.

[@TwainRyanLee]

Thanks! Here you go: www.canada.ca/en/revenue-agency/services/forms-publications/publications/t4036.html

[@ccamarsoni]

Great video. My employer doesn’t match RRSP contributions, but has set up an RPP and matches there. Are there any tax benefits I should be leveraging?

[@ChrisCaledon]

As a self-employed household, you cannot deduct 100% of your purchases as write offs; try 50%. You still shell out at least half. You also pay for your own dental/eyes/prescriptions, etc., unlike 'employees' as well as no Vacation Pay. We pay in to CPP and ALWAYS owe taxes.

[@ynwa3573]

Tax in Canada is crazy high and complicated. Thank you for the video

[@TwainRyanLee]

It really is!

[@robertdoell4321]

Comprehensive but nothing new to myself. I have a B Comm Degree and knew all these tricks.

[@jaydesrosiers5644]

There’s actually a big mistake on the CCA recapture part. On the 600k property which you claimed 100k of CCA, sold 700k. You would have 100k capital gain and 100k in CCA recapture which means 150k taxable income instead of 200k. Good video in a whole !

[@ARJIWNL]

Question: ive been living with my partner for about 8 months now. She owns the condo unit we live in. We will officially be “common law” next week on legal papers. Does this mean i wont be able to use my FHSA when i buy my own house property because ive lived with my common law who already owned a home property?

[@TwainRyanLee]

yes you wont be eligible for FHSA or the RRSP HBP once you become commow law partners

[@vinnypaxienza]

Does employer contributions to RRSP count towards my total contributions?

[@TwainRyanLee]

Yes it does, but employer contributions are taxable benefits that gets added onto your total income so this offsets the tax deductions from it

[@whiitehead]

I remember my mom explaining the tax bracket thing to me when she didn't get the raise that came with her increasing responsibilities. This is what her employer told her. Later she found out the women here were getting paid much less than the men and she left because of this. Fortunately there is pay transparency laws now but every time I hear this, it originates from an employer

[@billpetersen298]

It’s always better, to have an honest employer.

[@jeffreysimpson3109]

the part about capital gains is insane, taking 100% of the the risk and getting sooo much money taken from the government while they had absolutely zero risk... just PAINFUL

[@abdcontractingltd]

Do you have a video for business owners who pay themselves with dividends not salary?

[@bunkerhill4854]

This is a topic applicable only to people who run their business through a corporation. It was not addressed in this video at all.

[@hatefshiran2876]

Things shown in minute 15:40 is highly unrealistic. Never happens in reality. but Thanks for the nice detailed video