How to Pay Less Taxes in Canada | 15 Secrets The Taxman Doesn't Want You To Know

[@nomadchad8243]

what now bugs me is that 50-70K used to be a good income and was taxed at 18-22% ish.... now 100 to 150K is a good income and its taxed at 44-50 % . So now It seems were just being punished for making middle class income.

[@GraysonNathan-v8y]

It seems certain stocks are undervalued, flying under the radar despite their potential. You can't help but wonder when the market will recognize their true worth. How can I invest $600K wisely to ensure our future security?

[@LoganGabriel6m]

It's frustrating when market inefficiencies persist, particularly with undervalued stocks. Consider consulting an advisor for smarter investing decisions.

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[@AbigailOliviaq4l]

I just googled her and I'm really impressed with her credentials; I reached out to her since I need all the assistance I can get. I just scheduled a caII.

[@smilesoulhealing]

Thanks for all your informative videos!

[@ThomasCChan]

Wow! Thanks so much for the big support!

[@pbufh]

Damn u rich

[@mervmochizuki6913]

Thanks!

[@ThomasCChan]

Oh hey Merv! Thanks so much!

[@jillybean6604]

the best way is getting a job that pays cash.

[@alvinkoh419]

Yes & No. Either u r in the system or u r out. With no income to show on tax return, u r limited. U cannot buy properties without a mortgage. No landlord wants u cos u have no credit rating. U cannot use credit to invest or buy a car. U r will forever be at the bottom of the food chain.

[@alant383]

If I leave Canada and become a non resident, the CRA charges an additional 10% as "withholding tax " to make a total 25% tax on my CPP and OAS. They effectively tax pensioners a penalty tax for having the cheek to ditch Canada and leave. Is there a way to reduce this so-called withholding tax from 25%??

[@Hannahbenowitz]

The financial system has been artificially pumped for over a decade to ensure big pockets were lined; and now those same hands will make a fortune in the largest transfer of wealth in human history by shorting it on the way down. Inflation does have a roll, but that's to keep everyone panicked, and focused on their bills and expenses, rather than focus on the capital crimes of politicians and corporations,I'm still at a crossroads deciding if to liquidate my $338k stock portfolio, what’s the best way to take advantage of this bear market??

[@JosephineKenney]

Find stocks with yields that exceed the market and stocks that, at the very least, follow the long-term market trend. However, you should get guidance from a financial advisor if you want to create a successful long-term plan

[@FinnBraylon]

I agree, I've been in constant touch with an Investment advisor for approximately 17 months. These days, it's really easy to buy into trending stocks, but the task is determining when to sell or hold. That's where my advisor comes in, to help me with entry and exit points , I've accrued over $337k from an initially stagnant reserve of $148K all within 18 months...

[@HildaBennet]

I need a guide so i can salvage my port-folio due to the massive dips and come up with better strategies. How can one reach this advisor??

[@FinnBraylon]

Google Sonya Lee Mitchell and do your own research. She has portfolio management down to a science

[@crystalcassandra5597]

Thank you so much, this is exactly what I needed right now. I wrote her an email and am waiting for her reply. Hopefully, she responds soon.

[@APICSKH]

This is very much basic information. It should be taught to kids as soon as they want a drivers license. Hopefully young people can understand and learn from videos like these. Well done 👍

[@ThomasCChan]

For sure! Thank yoi

[@mikemoctari9933]

I asked my dog to watch this video,he stated that this video is closer to be called useless than basic

[@APICSKH]

@@mikemoctari9933 Do not underestimate the wisdom and honesty of dogs. They are better than humans.

[@mikemoctari9933]

@APICSKH i identify as a dog till May

[@vm994]

So good teaching! Thank you🙏🏼

[@ShahzainAli-tl8sk]

Thanks for sharing such a video. Much needed. It was so convincing. Nice work.

[@-thomascchan1726]

Thank you!!

[@ConsultAccounting]

Thanks for sharing these tips.

[@ThomasCChan]

Thank you!

[@JaddexCapitalJ]

Thanks for sharing! Although, I would like to add that tax was never meant to be a long term solution to any problem. Now its a way of life smh

[@ThomasCChan]

😁

[@TesterJac]

Awesome video, So much information I’ll Have to re watch. Subscribed.

[@ThomasCChan]

Thank you

[@donhutton920]

Regarding the strategy of borrowing from your HLOC and investing in an income bearing investment. Does the investment have to be in a non-registered account or can it be invested in a registered account such as a TFSA or RRSP? Thank you

[@ThomasCChan]

@donhutton920 if its registered account then you cannot write off the interest. .. Cheers

[@Ramanjanda007]

Great explanation Thomas! ❤

[@ThomasCChan]

Thank you!

[@yassingurhan6204]

Conclusion I got out of this scenario for donations: Seen a video explaining that if a resident of Canada made a million dollars annually, they’d pay half of the income earned in income taxes. So if I were to pay 500k in donations to a charitable organization, I would get a tax credit return for the percentages mentioned above. Federal - 200 x 15% and beyond the 200 dollars(500k in this case) would amount to = 145,230 dollars given back to me Provincial - 200 x 10% and beyond the 200 once again(500k) would amount to = 105,020 Resulting in 250,250 dollars being saved in taxes am I correct ?

[@Ali-lv1pi]

Keep this coming sir!

[@ThomasCChan]

😊👍

[@ThomasCChan]

Hey, hope you guys like this remastered version! Get This free handout - "How to prepare for Retirement During this Global Recession" finance.thomascchan.com/retire1

[@terryevp4084]

Many Thanks Thomas. Great video. I am new subscriber...!!!

[@ThomasCChan]

Welcome Terry!

[@MrFreeze79]

how about opening an offshore company in the cayman islands (or any other income tax free country) ?

[@ThomasCChan]

It might work!

[@hrvfinancial]

Excelent video

[@Jay-le5ok]

So for 8:36 I can’t get my head around it say you made $1400 and decide to donate $700 you got tax deductible of $300 and say your tax rate is 50% than (-700*0.5*0.5)+300 remaining 125 deductible will not be given by cash so your total income is 700 But if you just pay tax on full 1400 then you get to take home 1400*.5*.5=1050 So why would anyone do that?

[@SrikarAnanthula]

This is crazy information.. You are awesome !

[@ThomasCChan]

Hi Srikar. Thanks! Stay tuned for my next video! ☺️

[@SrikarAnanthula]

@@ThomasCChan absolutely! You have great talent.

[@jaysevilla5268]

Please continue it Thomas . Thank you

[@ThomasCChan]

For sure! Next one is coming up this Sunday!

[@11Markiss]

@3:15 how do they take an 1800$ loan every year if I don’t pay them anything

[@UrimonoIma]

Thomas said, "Even with ever increasing taxes, Canada is still in huge deficit". Seems 'someone' needs to learn more from you than any of us here, Thomas.

[@barry1122]

The best way for Canadians to reduce taxes is to stoo electing Liberals.... AXE the TAX

[@evadeanu1]

Great info. Thank you.

[@ThomasCChan]

Thanks Enid!

[@swetalahiri9491]

Very helpful Thomas 😊

[@ThomasCChan]

Glad it helps!

[@ianjaeger4178]

I left and now no more taxes after 50 years

[@torpidfella293]

left to where?

[@westmanspecialtycontractin622]

Smith maneuver for the win

[@WATCHLLS]

Hey Thomas, another great video. Cheers Rob

[@ThomasCChan]

Hey Rob ☺️

[@grasshoppervision1338]

Hi Thomas please do make some video on RESP for children.

[@ThomasCChan]

For sure I have 2 to 3 videos about resp in the Playlist! But yes I will make more!

[@edkolly7147]

RRSP but what about when you have to cash or close at I believe 71 and then you pay how much tax then !

[@ThomasCChan]

Hi Ed. Age 71 is not the end. It just goes to rrif. Where you just need to take around 5% minimum

[@br4180]

What investment should I do to avoid my income raising to much

[@ThomasCChan]

That's a good problem! And try to use different tax advantage accounts.

[@br4180]

@@ThomasCChan like what.

[@ThomasCChan]

@br4180 depending if you are employee self employee or business owner For employees Rrsp can helps reduce the income along with other tax deduction strategies

[@br4180]

@@ThomasCChan retired

[@annienguyen5025]

Thanks

[@ThomasCChan]

You are welcome!

[@raymondtang1262]

Very informative video, especially for someone who would like to legally reduce tax payable.

[@ThomasCChan]

Hey Raymond! Thank you!

[@SuperDia777]

Thank you Thomas for all the great information!! I appreciate all you do for all of us, so you very much!

[@ThomasCChan]

Hi Maureen! Glad you like it!! 😃

[@karangupta617]

Hello, Can you please tell me if I would have to pay cadanian income taxe on my income in India if I am working in Canada for a Canadian company.

[@shakilsheikh]

Thanks Thomas for sharing another informative video and sharing all the tips. God bless you!👍

[@ThomasCChan]

Hi Suhail, glad you like this! 😃 Please share it to more friends!

[@Ciceronne]

Hey ... You don't have an affiliate link for the book ? Would like to buy it and wanted to go through your link #support😊

[@ThomasCChan]

Hi Ciprian! Thanks so much for the kind offer.! Yeah I rarely do affiliate, so it doesn't lose its intention.

[@BAMInternational3]

Excellent insight and tips

[@ThomasCChan]

Thank you!

[@bobsagrt369]

Just a note Thomas I thought of mentioning that you did not discuss. At age 65 you can income split your RRSP funds with your spouse when you convert some or all of the funds to a RRIF.

[@ThomasCChan]

That's correct 😉🎉

[@DanielKierstead-lf7bx]

2:45

[@DanielKierstead-lf7bx]

Get er done

[@kingminato5219]

Is it possible in quebec ?

[@rockford717]

@5:54..... key!

[@guanacoyyz9646]

Hey Thomas, such a great and informational video!!! Thanks for bringing to surface these ways to save $$$. Really good to know you can add the "interest of borrowing" when investing. Have a great day!

[@ThomasCChan]

Awesome! Glad you like it!

[@naserdeen8210]

With all respect . I don’t know how Canadians accepted this reality 😮in which point in history people gave up their rights so easily 😂

[@Lucaf1bengal]

I loved this. Thank you!!

[@ThomasCChan]

Glad you like it! Please check out my other videos too!

[@jerrysy2264]

When filing taxes, it’s always asked if you have property outside canada. How are properties / piece of land outside canada treated by cra? Hope you can make a video. Thanks

[@ThomasCChan]

For sure! Happy to!

[@manuelabeltran]

​@@ThomasCChandid you make the video about owning property outside of canada? And what about having an airbnb outside of canada?

[@ThomasCChan]

@@manuelabeltran hi not as of this moment! But I can put it in my list!

[@manuelabeltran]

​@@ThomasCChanyes, please, will be very much appreciated!

[@galactic904]

Maybe i'm wrong here, but in todays world, the young generation like the gen-Z likes to see their investments in shorter time frames like in a 15 to 20 years growth. The Dave Ramsey Show on youtube gives out 15 to 20 years investment plans, but i know it's a US financial planning show.

[@ThomasCChan]

For sure. With today's social media Influence. Younger tend to look for a boom in short time frame. But in my 2 cents. We first need to have the foundation first.

[@christianduval9067]

I have a manufacturing faclity...I'm paid by dividend.....I pay ZERO income tax......since 2013.....and collect all benefit

[@ThomasCChan]

Cool! Business and dividend is one of the effective way!

[@ronbonora7872]

yeah sure, if something happens to your business and you owe, say payroll taxes, any dividend stripping would be taxes directly on you the director mate.....it is all never roses....LOL

[@ronbonora7872]

it is called director's liability!

[@WATCHLLS]

Not sure if you realize it, but only paying yourself in dividends will effect the amount of CPP benefit’s at age 65. As your CPP benefit’s are based on employment income.

[@christianduval9067]

@@WATCHLLS The CPP calculate your benefit base on the best 10 years of working....... You can also ask the CPP to send you a report of your contribution with the amount you will received at your retirement.

[@aurielsmith8753]

Hi Thomas...great content. ..thank you. ..can you give information on how to withdraw your RRSPS without paying or lowering the withholding tax especially when you retire early. ..thank you

[@ThomasCChan]

Hi Auriel, Let's have a chat to see if it's applies to your situation. www.thomascchan.com/thomas

[@aurielsmith8753]

Ok I will check out the link below

[@WATCHLLS]

Hey Ariel, if you or a family member is eligible for the disability tax credit you can withdraw money from an RRSP and receive the taxes back via the DTC. Also if you have a low income year move RRSP funds to your TFSA as the first $15000 of income is tax free (basic exemption) Some folks who have a large RRSP will even retire at 60 and remove funds from there RRSP from age 60 to 65 at a very low or tax free income level.

[@jundeng3776]

Hi, i like you explain the tax strategies which are very helpful and informative. ❤

[@ThomasCChan]

Excellent! Happy to hear that! Please share to.your friends too 😀

[@urballzrheek]

The first 3 mins of this video are just straight facts

[@dearjohnkim]

Hi Thomas , I find your videos very informative and hope to work with you in the future. I have two questions. If I am only renting, and buy a rental property, can I assign the rental property as my principal residence to avoid capital gain tax even though I wouldn’t live there? Secondly, would there be any tax implication to invest in ON if I live in BC? Thank you very much in advance!

[@ThomasCChan]

Hi John. Thanks and sounds good 1. You can't rent out the property and call principal residence. As you needs to reside. Cra can easily proof if you use record living in there. Yes as in they will be using On tax bracket instead of bc

[@kimscott8176]

I figured it out. I left.

[@DJDOUBLE077]

🤣...I'm about to leave as well. There are far better countries to live in while making progress at the same time.

[@SquidlyFishBeans]

I charge CRA interest now? 😂

[@xxChacaronXX]

Tip #1 if you don’t avoid death then you get to pay no taxes! 😂

[@ThomasCChan]

😆

[@everydayfun9531]

As someone who recently became a Canadian I don't wanna pay alot of taxes but I do wanna help stimulate this economy and give more people jobs and stuff like that etc!

[@ThomasCChan]

For sure! We want to pay what we should but at the same time get to know what tactics to pay the unnecessary

[@BohemianLifer]

It seems like you are paying to fund failing foreign wars now, not much use since our citizen safety and border security is not being adhered to; which is the only reason to pay taxes.

[@Loseinpoker]

I love the video but I hate to burst your bubble: this video will not apply to 90% of the Canadians. I know cause I am a Financial Planner for one of the Big5. Most of these ideas either produce way too little result or carries a big enough risk that unless you have a portfolio of over 2-3 million liquid asset; it simply won't be applicable. You will be shocked how many people I meet in a daily bases that still think investing is better than paying off their credit card debt.

[@TommyFink-y6c]

Lewis Kimberly Perez Jose Allen Frank

[@djdynieldaniel1395]

Quote: This is a tax on tax and more taxes on taxes.

[@beginmoves]

RRSP really ? Not in my experience. Why would the taxman not want us to know. ? We pay his salary. He should be transparent. Get a new taxman.

[@Psychiatrick]

The BIGGEST secret is .... there is no valid Income Tax Law ... failure to comply with s. 54 of the constitution Act 1867 ....

[@pbufh]

I want to collect welfare and not pay taxes. Please help me.

[@celticstephenhill]

Yo dawg, I heard you like paying taxes, so I put a tax on the carbon tax to go with the other 3 taxes I tax you! -Liberals

[@tysonnesland13]

Move

[@danrook5757]

If u are a vampire or zombie, this does not apply

[@ghosthunter7258]

Wtf do you mean by zombie or vampire??? Wtf

[@AnhTuPhucDerrickHoangCanada]

a subject pays taxes lol😅😊

[@philipanderegg5973]

You could leave Canada lol would defo reduce your tax bill

[@arnoldvosloo220]

Kind of disingenuous/clickbait to say that "the taxman" doesn't want you to know about RRSPs

[@glenbucket]

By the way it's FEWER taxes and LESS tax. Just saying.

[@ThomasCChan]

Thank you!

[@AR-el1km]

Please speak English.

[@ktefccre]

🐱👍

[@ThomasCChan]

😀

[@nimeshprabhakar3361]

HINDI VIDEO

[@mikemoctari9933]

Thank you for wasting my time.

[@rickfredericks957]

4 There are four secrets Not 15 Click bait

[@WATCHLLS]

Thomas has a wealth of great content in his video’s. No click bait from Thomas.

[@alexandraroels7137]

😂😂😂😂😂😂

[@Platinumdose420]

?? why would i want to pay less?? services like hospitals and other healthcare professionals need our taxes so they can get paied and live a happy life.. why are you only thinking about yourself and not others? esecially with covid in 2019 these people deserve to get the money they work for

[@james_costeno]

Donate your money then. The system abuses the money it gets from us. Why enable the abusers?

[@robintants3680]

Others are ok but Charity tricks is very unacceptable we Canadians are having food 2 times instead of 3 times… and now a days many people came to our home in the name of charity… giving 100 to save 15 is foolish….

[@aw2589]

That makes no sense to me. An individual shouldn't contribute to charities as a tax write off ...because others are struggling?

[@BalwinderSingh-hx4qm]

[@leonelbourque2004]

Thanks!

[@ThomasCChan]

Hey Leonel. Thanks so much!

[@chaysamaratunga6918]

Valuable information Thank you Thomas!

[@ThomasCChan]

@@chaysamaratunga6918 thank you!

[@gaila.8830]

Thank for the informative video 😊

[@ThomasCChan]

Thank you!

[@bennylegacy154]

Thanks!

[@ThomasCChan]

@@bennylegacy154thank you for the kind support!