TOP 20 Tax Deductions & Credits in Canada! - REDUCE YOUR TAX BILL

Here is a list of 20 Canadian tax deductions and tax credits for 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
My Other Tax Content:
► How Taxes Work in Canada: • How Taxes Work in Cana...
► How to File Your Taxes for Free: • How To File Your Taxes...
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#taxseason #canadiantaxes #taxes
Video Chapters:
0:00 - Intro
0:46 - Tax Deductions
1:38 - RRSP Deduction
3:38 - FHSA Deduction
5:09 - RPP & PRPP
6:01 - Alimony Deduction
6:42 - Child Care Deduction
7:46 - Moving Deductions
8:42 - Interest Deduction
9:35 - Self-Employment
11:03 - Capital Losses
12:08 - Tax Credits
12:59 - Basic Personal Amount
14:07 - Charitable Tax Credit
15:00 - Grocery Rebate
16:03 - Disability Tax Credit
16:58 - Tuition Tax Credit
17:34 - Student Loan Credit
18:37 - WFH Credit
19:11 - Home Buyer's Credit
20:20 - Home Accessibility Credit
20:43 - Medical Expenses Credit
22:03 - Climate Action
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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]

Get ready for the 2023 tax season with this master list of tax deductions and credits! ► How Taxes Work in Canada: kzbin.info/www/bejne/nWS6YZZmZal6kJo ► My FREE Stock Investing Course (Previously $200): skl.sh/3ODk1tN -Griffin

[@khaledfkry5541]

I have question related to tax credit refund transfer. I graduated 2014. Contributed in 2023 to rrsp to the point is going to get refund 536.57 cad. Doing tax through turbo tax. This year there is question , would you like transfer of unused credit your . You have 1340 unused credit. What amount of non refundable unused credits is transferring to you??? So can I apply this unused credit to be used for 2023 so I can get more refund from the amount I contributed to the rrsp.? Or it will automatically will used for the next tax year 2025 for 2024 tax. So should I specify 0 or 1340 for the amount to be transferred? Is this credit is going to expire at any point if not used. And why it is not used automatically used this year Thanks again for all ur video's

[@augustosilva8903]

You helped me a lot on filing my first Tax Return in Canada. Thank you. Liked, subscribed and shared with success!!

[@GriffinMilks]

Awesome! Thank you!

[@stanmatej35]

well spoken , informative, thanks !

[@arjunkannan6527]

This is such an amazing video. I've learnt so much! Thank you!

[@GriffinMilks]

You’re welcome! Thanks for watching

[@AndrewOMalley]

Life-changing, thank you for posting this 🙏🏽

[@GriffinMilks]

Glad it was helpful!

[@hamzy]

This is such an informative video. Thank you so much!

[@GriffinMilks]

Glad it was helpful!

[@91rss]

someone mentioned regarding schooling It has to be a Canadian registered school, so out of country schooling is out. so specialized training you cant get in Canada, is unclaimable they said.

[@sukhwindergrewal1391]

thankyou

[@michelledoyle1755]

thank you!!!!!

[@GriffinMilks]

You're welcome!

[@C-ZARS_PALACE]

Great video🎉: qustion regarding the home buyers credit. Purchased a home this year with my common law partner. She sold her home, ive never owned a home. Can we still put in for the home vuyers credit ?

[@GriffinMilks]

This should answer your question: www.advisor.ca/tax/tax-strategies/fhsas-and-the-role-of-spouses/

[@C-ZARS_PALACE]

@@GriffinMilks that's awesome thanks man ! Great content to its much appreciated :)

[@ahmedboubaker8514]

If my work insurance reimburses partly my medical expenses, would only the remaining part of the expenses (that I paid for) be reimbursed or the whole expenses?

[@sagarcpatel]

I think the remaining part of expenses (Out of pocket expenses) would be reimbursed.

[@GuidanceByDanielle]

For travel medical simplified method if it's over 40kms one way do you enter the total round trip in kms or just the one way kms?

[@user-bo7de6by4d]

What shocks me the most is that canadian government taxes even really small income. How can I survive making 50K/annually AND paying taxes from this sum?

[@GriffinMilks]

In this day, you can’t!

[@breezybre2670]

Better yet.. .why should you get a free ride?

[@WilhelmFreidrich]

​@@breezybre2670free ride is for welfare recipients and new immigrants (free housing).

[@_latrixsolix44_35]

50% or more of your income becomes your mortgage or rent at 50K salary and under - livelihood is impossible

[@unendingseeker4274]

@@breezybre2670as if you are offering your personal plate 😂

[@gopaldanielrai8343]

Hi. My wife and I bought our primary residential home in 2007. So far we have not taken advantage of credits. Can we get credits in 2023 tax filing?

[@GriffinMilks]

No you can only claim the first time homebuyer tax credit the first year

[@m.ramos93]

I’m really confused over the term non refundable tax credit vs a refundable tax credit. Let’s say im eligible for DTC as caregiver. I already paid $20,000 in taxes ( T4) do I get $9,000 back ?

[@GriffinMilks]

Well you would have had to claim the tax credit on your return to benefit from it. If you have 20k tax owing, either of the credits would simply reduce your taxable income by $9k. refundable credits will give you an amount of cash back if you had brought down your taxes owed to zero.

[@m.ramos93]

@@GriffinMilks I already paid them I guess since they are showing in my T4 through the company I work for. I was told to claim line 318 for tax credit

[@amnindergill6741]

Can i apply for first home buyer tax credit for previous years?

[@GriffinMilks]

No, only in the year you bought the home

[@aluminiumiodide]

the work from home credit isnt entirely eliminated for 2023, you should fix that

[@GriffinMilks]

The set fixed amount is gone. It’s not on receipts.

[@bethanyfrances]

It is now a deduction that allows you to claim a percentage of utilities, rent etc. You need a signed T2200 form from your employer and you need to figure out how big your home office is as a percentage of your entire home but it's definitely worth looking into, especially for renters: www.canada.ca/en/revenue-agency/services/tax/individuals/topics/about-your-tax-return/tax-return/completing-a-tax-return/deductions-credits-expenses/line-22900-other-employment-expenses/work-space-home-expenses.html

[@griffinmilksenfrancais]

🎉🎉