How to Pay Less Tax in Canada - Tips from a CPA

Joe from Avalon gives you 29 rapid-fire tips so you can pay less tax and take advantage of government incentives available to you. Check it out, your wallet will thank you!
✅ Download the Tax Saving Checklist Here: avalonaccounting.typeform.com...
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🎥 CONTENTS OF THIS VIDEO
00:00 - Intro
00:15 - Detailed Tax Saving Checklist
00:49 - 1. Get Informed About Taxes
01:11 - 2. File and Pay Your Taxes On Time
02:19 - 3. Claim the GST/HST Credit
02:59 - 4. The Ontario Trillium Benefit
03:14 - 5. The First-Time Home Buyers' Tax Credit
03:34 - 6. The Home Accessibility Tax Credit (HATC)
03:58 - 7. The Multigenerational Home Renovation Tax Credit (MHRTC)
05:04 - 8. Deduct Medical Expenses
05:28 - 9. Deduct Child Care Expenses
06:04 - 10. The Canada Child Benefit (CCB)
06:31 - 11. The Child Disability Benefit
07:07 - 12. Claim the Canada Caregiver Credit
07:56 - 13. Registered Education Savings Plan
08:29 - 14. Tax-Free Savings Accounts
09:02 - 15. First Home Savings Account
09:36 - 16. Registered Education Savings Plan
10:36 - 17. The Canada Training Credit
11:05 - 18. The Tuition Tax Credit
11:42 - 19. Student Loan Interest
12:32 - 20. Charitable Donations
13:13 - 21. The Digital News Subscription Tax Credit
13:45 - 22. Claim Moving Expenses
14:12 - 23. Deduct eligible Work from Home Expenses
14:38 - 24. Claiming Investment Losses
15:27 - 25. The Climate Action Incentive
15:59 - 27. Political Contribution Tax Credits
16:20 - 28. Disability Tax Credit
16:55 - 29. Claim Other Employment Expenses
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🔗 MENTIONED IN THIS VIDEO
► Detailed Tax Saving Checklist
avalonaccounting.typeform.com...
► Tax Deadlines
• Save Money and Avoid P...
► RRSP Tax Savings
• RRSP Contributions - H...
► A Guide to FHSA
• FHSA Canada - A Guide ...
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🅰️ AVALON ACCOUNTING
Avalon is a virtual accounting firm located in Canada. We aim to be THE online accounting department for small businesses in Canada.
We provide online bookkeeping, accounting services and expert financial advice for small businesses.
We are on a mission to educate small business owners through our KZbin channel, blog and free resources. Check out our links below to dive in.
► Website: www.avalonaccounting.ca/
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🧑‍🏫 ONLINE COURSES
► Take your business to the next level with our online courses.
www.avalonaccounting.ca/courses
📈 BOOKKEEPING AND TAX FOR FREELANCERS
► This course teaches sole proprietors how to simplify bookkeeping and taxes.
www.avalonaccounting.ca/cours...

[@Sparaxis11]

Great info. What city are you in? Where do I find your checklists?

[@raymondmagpayo4666]

Great video. Thanks

[@angelsanchezfamily]

Avalon, excellent video, good Job, thank teach us about tax law and take advantage of Income tax, congratulations, God bless you and you Family, take care and have a great day 🙏🏽🤝👍🏽

[@Snakebloke]

As an Englishman, ive always fancied moving my software business to Calgary so...😂

[@user-kx3se2qx8h]

hey could you do a video on Benefit Companies in bc love your content!

[@NanceeDroo]

One more question about UHT, I saw on the fed govt website re UHT, that Cdn citizens who have more than one home may also have to input some info on a webpage identifying the location of their home(s) whereby the end result states whether or not a home’s LOCATION is exempt or not exempt. I believe this LOCATION/EXEMPT form must also be submitted with one’s UHT documentation.

[@MJ-cg8vp]

Thanks Joe! Great tips. For the moving expense, please let me know if one can claim it in this scenario. Say Jane planned to move to AB from SK to find better work opportunities, and she resigned from her current job in SK and moved to AB without a job offer. Two months after living in AB, she found a new job in AB. Can Jane claim the moving expense in this case? She did not move for work, but the move intended to find a better employment opportunity.

[@NanceeDroo]

Hello Joe, thanks for sharing your knowledge about Cdn income taxes. I watched your vid on the (complicated) UHT, but the one question that still is nagging me is this: does the average Cdn citizen who owns just one home, whether paid for or still paying for their home via a mortgage, the only home they have, that they either live in themselves (or with their family members) or one house they own, are these Cdn citizens required to file a report by April 30 stating they own a home that they live in?

[@zshn]

If I moved from USA to Canada, can I claim that under Moving Expenses?

[@joaniemarjoriemarriott342]

There is conflict of income tax filing dates. Small businesses have until June 15th to file but this conflicts with the due date to file for eligibility for GST & similar rebates and GIS allowances. Those items are based on filing your personal tax return on April 30th. Obviously one can not always influence having one's small business information income statement available by a few days before April 3oth. CRA benefits don't have any sense of humour on this filing conflict and are amazingly fast at cutting off one's GIS and GST type rebates. Then even after having one's T1 processed it usually takes a few months to collect one's now overdue rebates and allowances. The Service Canada site will show the payments as pending, LOL that just means the payment is the the pipeline for the next regularly scheduled payment date. This conflict could easily be rectified by CRA especially as many people with this particular issue face it every single year.

[@mikepahwa7937]

Joe can you pls do a video on capital gains taxes, how they are taxed, credits in a small corporation and capital dividend account election etc

[@AvalonAccounting]

Hey Mike, that's a great suggestion, I'll add this to our list! Thanks for sticking with us :)

[@nojack9738]

Are controlled tips taxable? Or any tips is taxed? Thank You.

[@fuelaccountants7061]

Yes - tips are taxable income, not matter how you receive them.