How Taxes Work in Canada | LOWER YOUR TAX BILL

How to lower your tax bill in Canada during the 2023 tax season. Enjoy! ► Open a Wealthsimple Tax Account (Same account as Wealthsimple Trade): wealthsimple.sjv.io/yxYA3
► My FREE Stock Investing Course (Previously $200): skl.sh/3ODk1tN
► Book a Call with me: clarity.fm/griffinmilks
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#taxseason #canadiantaxes #taxes
Video Chapters:
0:00 - Intro
0:53 - Basics of Canadian Taxes
6:13 - Online Tax Calculator
7:59 - Types of Income
12:25 - Tax Credits & Deductions
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Disclaimer: This video description contains affiliate links, meaning that if you click on a product link, I may receive a commission at no additional cost to you. I do not promote products, services or companies I have not personally used or those which I do not recommend. All opinions are my own.

[@GriffinMilks]

In today's video, we speak about the basics of Canadian taxation that can allow you to strategize a lwoer tax burden this upcoming tax season. Enjoy! Learn how to file your taxes for free in Canada here: kzbin.info/www/bejne/eYbFqI2CgNdpi9U -Griffin

[@jadehamelin9825]

Great video! Thanks for the relevant information

[@GriffinMilks]

Glad it was helpful!

[@kenlikness]

The largest legal tax break I am aware of is when buying dividend stocks use your RRSP to recoup losses if they go down. Do NOT make the mistake of using it for all your stock purchases. If you make a profit pay the taxes due on it; otherwise write down your losses with your RRSP.

[@lookingforwardto]

Thank you for nicely presented. But for newcomers, who have no income right now, only have some deposited money into savings account. Received some interest income from savings. Should such people be liable to pay any tax?

[@GriffinMilks]

Yes, you'll have to at the very least file a return, even if tax isn't to be paid.

[@chineduogbonna6947]

Thanks for detailed tax education. I invest using contracts for difference (CFD), through OANDA brokerage. These are leveraged products 1:50. The broker loans money to trader and charges interest ONLY if positions are held overnight . These charges called holding costs or overnight financing charges. Do you know if these charges are tax deductible expenses?

[@GriffinMilks]

I don't. I would contact a CPA. They should have that answer for you immediately. thanks for watching

[@derektale6383]

At 5:00 in the video, I think in example 2, the top heading should say $110 000 instead of $100 000, seemed a bit confusing at first how it got to the third tax bracket

[@GriffinMilks]

Hey Derek, good eye, you're right. Typo'd it when screen recoding that bit. Thanks for watching and hope you still found the rest pertinent!

[@ParmidaAtighechian]

Hey, was wondering if you have knowledge on how to handle your Canadian taxes when you live in the US and also maybe how to pick a CPA and how much is reasonable to expect to pay them and how much they can help in decision making during the year as well? If you can make a video about some of these questions I really appreciate it

[@GriffinMilks]

I’ll look into it for future content but don’t have much experience in that field for the moment

[@Ryedor]

Are the payouts from ETFs classed as eligible dividends ? I'm confused . lol

[@GriffinMilks]

No they are not. Eligible dividends are from private companies mostly. ETF and stock dividends are non-eligible and are taxed far less even… i could see how the screen recording I used might be confusing. Hope you understand!

[@sothealeng9957]

Hi I’m a mechanic apprentice and I bought a lot of tool for my job. can you tell me how to write off The tool please? And I’ve heard I need my boss to sign a form first me is it true?

[@GriffinMilks]

You;d most likely have to amortize the tools, as they aren't recurring expenses. Not sure about the form. I'd ask an accountant quickly

[@jblover2009]

Can you show how to calculate your loss if you use wealthaimple for investments?

[@GriffinMilks]

You should be able to access performance reports and statements!

[@vicgill1980]

At least when it comes to taxes…Canada has to be near the top!!

[@GriffinMilks]

Yea, gotta be at the top for something... :/