How Tax Works in Canada - Income Tax, Sales Tax, Taxable income

#immigration #taxreturn #incometax
Filing taxes in Canada before tax deadline April 30 to get income tax refund. Learn about income tax brackets, income tax, sales tax and how to file a tax return. I will also talk about how to use deductions to reduce your income tax and how you can claim your work from home expenses.
This video is made specifically for newcomers or for those who are filing their first tax return or recently got their first job
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Timestamps:
0:00 Intro
0:40 3 main ideas
1:28 CRA
1:46 Sales Tax
3:32 Income Types
8:30 Know the process
10:26 Federal Tax Brackets
11:31 Provincial Tax Brackets
12:49 Steps to Filing taxes
15:44 Getting Your Refund
16:28 Balance Due
17:13 Reduce Your Tax
19:33 Outro
===Useful links====
Get ready to file your taxes
www.canada.ca/en/services/tax...
Types of income
www.canada.ca/en/financial-co...
FILING YOUR RETURN:
www.wealthsimple.com/en-ca/pr...
Income tax calculator:
We recommend: ca.talent.com/tax-calculator
EY - another great calculator: www.ey.com/en_ca/tax/tax-calc...
Federal and Provincial tax rates
www.canada.ca/en/revenue-agen...
COVID relief tax deduction
www.canada.ca/en/services/tax...
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This channel is curated by Anna and Anastasia, expats from Russia living in Toronto, Canada. We started this channel to share our experience of adapting to a life in a new country after immigration. We talk about personal growth, career and life with a mission to inspire and motivate more people make that change.
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[@michellamontagne6092]

You ladies really have your shit together. I'm a 66 YO Canadian who has lived abroad & in my opinion your videos are very well researched & presented.

[@MakeThatChange]

Thank you Michel for the kind words 🙏

[@ThisisYulia]

I wish you made this video earlier (like 5 years earlier) haha. super helpful as usual 🔥

[@MakeThatChange]

Hehe, let me just go back to my time machine... :D

[@matthewsemenuk8953]

So many of these videos are good for just all Canadian. They didn't really go over too much tax stuff in highschool.

[@MakeThatChange]

💪😢 glad you find them helpful!

[@mrjawadpathan]

Good work there Anastasia and team. Its perfect for everyone specially newcomers like me. Highly underrated channel. Best of luck!

[@MakeThatChange]

Thank you Jawad, your kind words mean a lot - highlight of the morning. I hope you're settling in well?

[@casebeth]

You've done an excellent job explaining tax brackets

[@MakeThatChange]

🙏🙏

[@CJ-yf5cr]

I considered moving to Canada but after watching this video I'm not so sure. I'm from LA and they tax a lot here. It seems like they tax you even more in Canada! 🙄😠😩

[@MakeThatChange]

Now I'm curious to learn more about tax in California!

[@naserdeen8210]

Consider yourself lucky for being in cali

[@krenrocks2781]

Thanks a lot this is so helpful for me since I am newcommer.

[@MakeThatChange]

Glad it helped Kren! Let us know if you have any more questions

[@josiasdeoleo7195]

I can't thank you enough for taking the time to explain all this, God bless you! ♥

[@MakeThatChange]

Glad it was helpful!

[@canadianspirit8405]

Nice job! You seem to master very well the art of canadian income tax👌🇨🇦

[@MakeThatChange]

Thank you! Just getting the basics so far😊

[@Bharathiyyudu.]

Very useful to newcomers, thanks to anastatia u did it well..

[@mahshidlife544]

Very informative. Thank you.

[@MakeThatChange]

Glad it was helpful!

[@homeoffaithentertainment6409]

Very helpful. Thank you

[@MakeThatChange]

🙌🙌

[@Breezy_easy01]

There are lots of details behind the Canadian tax system which you covered briefly. Good job.

[@MakeThatChange]

Thank you. It means a lot.

[@smilesikand]

Thanks, this was super insightful. I learnt a lot of things about the taxation system.

[@MakeThatChange]

Thank you Smile! What was your biggest discovery/surprise?

[@smilesikand]

@@MakeThatChange That the salary tax is the highest tax :)

[@MakeThatChange]

oh yes, that's mind-blowing isn't it!? Food for thought!

[@smilesikand]

@@MakeThatChange absolutely !!

[@prabhakarreddykorem6628]

Very good video. Some great information available.

[@MakeThatChange]

Glad you liked it Prab!

[@pavelskurenok7807]

Very interesting and very informative, thanks 👍

[@MakeThatChange]

Glad it was helpful!

[@SanjayKapoorDelhi]

Thanks a lot for this useful and detailed video. It was wonderfully explained!! Can you do a video on reporting Foreign Income in Canada? And also reporting Income of Spouse living outside Canada? Thanks again

[@MakeThatChange]

Thank is Sanjay!

[@mathlover4994]

Thanks for these very informative videos. I am from France and I am trying to move to Canada. The immigration process is long and hard but I am not giving up.

[@MakeThatChange]

Hey Math! You've got this! What stage are you in? What are the biggest questions you have about moving to Canada? We'd be happy to help any way we can!

[@johnstakos1875]

It took me five years to get familiar with the revenue tax system and you just served everything up in front of our tables simply and accurately. Great job! Since it's seems quite easy for you to get into calculations try some financial or investment topics in order to get sponsorship and more advertisements. You should get paid back for your hard work!

[@MakeThatChange]

Thank you! Thank you for watching. Those topics are in our plan in the future😊

[@johnstakos1875]

@@MakeThatChange Sure, you can actually make it! Please let me suggest you this video Brandon Beavis Investing :Everything you need to know about TFSA/ retirement in Canada

[@almazeliyeva3611]

Thanks a lot,I am going to move. I applied,but I have tonnes of questions)))

[@MakeThatChange]

Please share your questions with us, we will do our best to answer them

[@santhoshsasi5771]

Good video

[@MakeThatChange]

Glad you enjoyed!

[@juniperdog5523]

Great video for both newcomers and long time Canadians. I think that capital gains tax is not paid when you sell your principle residence though. Is that not correct?

[@MakeThatChange]

that is correct!

[@erikB10]

Thank you very much for your videos. I love them 😍 😍 Just to make sure I wrote the points, Payment of salaries are before tax Prices of Goods are before tax Income Taxes are paid on April 30th (yearly) Hope I got these basic points right

[@MakeThatChange]

You are all good, Eric! That's correct!

[@erikB10]

@@MakeThatChange thank you so much for your lovely and Educative videos ❤

[@MakeThatChange]

[@Javlonification]

Very smart girl!

[@MakeThatChange]

🙏🙏

[@alaminfury2533]

Love from Bangladesh 💙😍😍🇧🇩

[@MakeThatChange]

Hugs from Canada 👌👌

[@shijolazarabstransportslim3098]

informative....curious how self-employed save in tax since I'm

[@MakeThatChange]

Well you can reduce your taxable income by subtracting expenses you incur when running a business, this in turn can reduce your overall taxable income.

[@shijolazarabstransportslim3098]

@@MakeThatChange I had an impression regardless of your expenses, I pay taxes to entire revenue generation.

[@MakeThatChange]

No you don't actually, your business expenses get subtracted from your total income. Your Income-Expense, is what you pay taxes on. Check this out! www.canada.ca/en/revenue-agency/services/tax/businesses/small-businesses-self-employed-income/business-income-tax-reporting/business-expenses.html

[@shijolazarabstransportslim3098]

@@MakeThatChange will do. Thanks so much. Was oblivious..u r de best.

[@MakeThatChange]

Any time! Let me know if you have any questions :)

[@jepaux]

There is double imposition for incorporation, you pay almost 24% (PROV + FEDERAL) for incorporates taxes, plus aboves 40K, you pay in personal another 15% on your dividende, Canada is not a country where you can escape from taxes even with an incorporation altought you can deduces as you say some expenses but that's not much for something working in the IT industry, but I like your board where it shows up we pay in Quebec something like 15% above 40k vs 5% in Ontario, this is completly insane for me.

[@MakeThatChange]

24 for corp is still better than 46% that you pay for highest bracket of annual salary or self employed AND you can offset it with deductions

[@jepaux]

still pretty high compare to other Asian country I guess there is no comparaison at that point, if you compare to a country like France for sure it’s low…

[@_Abdelrahman1903]

It’s very confusing… not ur video but the process it self … I’m planing to move there and I’m really don’t understand it

[@MakeThatChange]

Get 25$ and up to 15% cashback with Neo Credit Card api.fintelconnect.com/t/l/64336f1c10055e001cb382df

[@milkdromedaquantic8593]

As mad as France taxes! Mad world!,

[@MakeThatChange]

Welcome to capitalism

[@BEACHDUDE71]

I'll just stay in California 😁

[@MakeThatChange]

🌤️🌴

[@leihejun844]

youtube can't show me a video that people of two different countries married in Canada. I just want to know that two non-blond married each other and they were not from same country. That's what I'm looking for. I'm not blond, don't want a blond girl. running away form my countrymates (Canada has lots of them)

[@MakeThatChange]

Every second couple I know are from different countries, that's the beauty of Canada! :) You just gotta look!

[@neme8382]

bitcoin save us!

[@MakeThatChange]

One day 😉

[@llIIllIlIIllX_XIillIIllIIllIll]

this is soo buzzar !! , why taking 30-50% from the poor hard working employees ??

[@MakeThatChange]

🤷🏻‍♀️

[@LibertyEtiquette]

Why 30-50? If you get 100k, its only 7k taxes, no?

[@llIIllIlIIllX_XIillIIllIIllIll]

@@LibertyEtiquette no, Canada is courrpted right now just like the middle east, on paper if you are earning 15$/h you'd get 30% reduced as a tax, that's not all, if you purchased anything from anywhere you'd pay extra 10% tax rounding up to 40% and if you earn more you'd pay more tax up to 70% so 100k/years means you are poor, anything below that means u are dead!

[@llIIllIlIIllX_XIillIIllIIllIll]

@@LibertyEtiquette Also, Rent is quite high , and not available, you may end up sharing a bed with random strangers, and the prices are going up as they are allowing more people to immigrate while there is no enough houses for everyone, which would make the rent cost reach the sky.