@@KoalasFromCanada I'll be making a whole video on the best savings accounts but the best one in Canada right now is EQ Bank which offers 1.50% interest with no monthly fees and no minimum balance! Use my referral link below to sign up 👇 api.fintelconnect.com/t/l/5f0699315cf09e001bd26973
@@CanadianTShirt great information. im in my 40s but learned about taxes, FTSA and RRSP (to go aggressive) thru your videos. Listened to others but they werent nearly as good as yours. well done.
@@chrisosmond7110 Thank you so much everyone for those warm wishes! I really do appreciate it and I'm happy that my videos have been helpful over the years! 🙏
This video saved my bacon. I'm in my late 50's and I never filed a return myself. I always was lucky enough to have a relative do it. This year, I left it to close to the deadline and my relative fell ill and couldn't do it for me. Watching this video gave me the confidence I needed to do it myself. In the end, it was pretty straight forward and I did my wife's return too. All done in under 2 hours for this first-timer. Thanks so much for the great video, it was super helpful. TurboTax is awesome.
Way to go sir! I know how scary it can seem at first but once you go through it yourself, you'll see it's not that bad! I'm really happy to hear that my video was helpful! =)
Now this is real information... My 7yr old was following along with this video, He now has more knowledge about doing taxes than most adults do!!!!! Thanks and keep it up :)
That is so freaking adorable! I hope your 7 year old wasn't bored to death! 😅 But thank you so much for those kind words, I'm so happy to hear that you found it helpful! =)
Great coverage of this! I love how there are so many creators that cover these topics yet they all have their own way. You seem so excited about it almost as if you going to jump out of my phone! LOL
haha thanks Nate! I get super excited and passionate when I talk about investing and taking charge of your financial future! I'm glad that my energy comes across on screen! 😁
Hey Adrian. I only just discovered your channel a couple of weeks ago, but wow! I have learned more about taxes, RRSPs, TSFAs, Stocks and ETFs from watching your videos than I have through any other source. Fantastic information and advice! I haven't yet finished all of your videos yet, but every single one I have watched thus far has been incredibly informative and eye-opening. Please keep the videos coming.
Also please ignore the previous two messages, they were NOT from me! They were a SCAM account impersonating me with the same name and profile pic.... This is the third impersonator I've found in my comments this month... 😡 This is very important: any comments from ME will have my name highlighted in dark grey. Only the owner of the channel has their name highlighted, everyone else just has regular text for their name. So if you see "Canadian in a T-Shirt" without the highlighting, that is NOT me! If you see anything suspicious, click on their name and it will take you to an empty channel with zero subscribers so that is clearly a scam and PLEASE report them! Also, I will NEVER give out my phone number or email address or any contact info! So if you see that, it's a scam! Be safe out there! =)
hahaha well thanks Michelle for joining us from south of the border! I'm not sure how useful a tutorial on Canadian Tax Filing will be for you but check out some of my investing videos which will provide value no matter where you live! =)
Hi Adrian, thanks for putting this together in the easiest way possible. Its very helpful for new tax filers like me. I have a question, in TurboTax, where do I put the disability tax credit? Does it go under medical expenses? I have a son with autism and each year I used to provide the details of his therapy expenses to the accountant while filing tax returns. This year I am planning on doing it by myself. Thanks.
I'm glad you're giving it a shot doing it yourself! Once you do it once, you'll realize it's simpler than it seems! So I'm assuming you have the T2201 Disability Tax Credit Certificate correct? For specialized forms like that click on the Find button at the top right and search "Disability Amount" That's where you enter the details and TurboTax handles it for you =)
Just found your channel looking for Turbo Tax advice for beginners. Am retirement age and appreciate all the info. Has helped a lot. Wondering if you can do a video on how to read a Investment statement. Specifically Mutual fund RRSP and TFSA statement. Cheers!
Absolutely I can do that! There's a lot to discuss! I would recommend watching my latest videos on the dangers of Mutual Funds, I hope you find it helpful! =) ua-cam.com/video/1jp7wMHHn84/v-deo.html
Canadian in a T-shirt is my favorite Canadian investing Channel. I appreciate all the valuable content you uploaded on your channel. It really helped us a lot. Thank you :)
You should mention that there a free option for the online version of TurboTax/TurboImpôt. I did my taxes with the free version, it covers everything that the paying one does (in your video). I don't know how many declarations you can make with the free option, but I only needed one. It prepared my federal and my provincial (Québec) at the same time. if you choose the free option, there is no hidden cost, it's really free. Very easy to use.
@@CanadianTShirt It's not limited (maybe for the number of declarations but not for the service). I paid 35$ last year for the premier service (got complicated investments and I transfered my documents from Arc. This year I use the free one it 's exactly the same thing, the same service., You should try it.
Can you make a new video in this year 2023. It seems like there are few changes in TurboTax. I filed my tax previous year using your video and it helped a lot. Thanks. :)
I have so many other video topics I want to get to, I'm not sure if I will make an updated tutorial for 2023 but let me know if you have any questions you'd like me to cover =)
@@CanadianTShirt No worries, I had some doubts regarding RRSP, but your other RRSP videos made it super clear. So no worries. 😊 Your this video helped me to file my taxes for 2021 and also 2022. A big thank you. 🙏🏻
I think we are not supposed to select "Did you have expense related to your employment" if it's not written in the contract that they have to incur some expense in order to get the income
Thank you so much this is well detailed and so clear to follow.I am gonna do my taxes on my own this year coz I have been using the H&R Block & I pay them for their services but twice they have been missing out a lot of details and CRA has to reassess my returns, so no more relying on them.
I think it is SUCH a powerful step to do your own taxes. This way it forces you to understand exactly where you money is going and it allows you to reevaluate and maybe come up with tax strategies that you didn't even know you were missing! I hope my video tutorial helps you do it on your own! =)
I have never done the paper form method and I certainly would NOT recommend it for anything. Especially not for a beginner. Use the software, it will save you days of work....
Great review! Was really hoping you would've covered investment income... dealing with Questrade and trying to figure out ACB and the inaccurate T5008's is such a nightmare and I'm almost ready to break down and pay to get my taxes done for the first time ever. Only one other Canadian has covered this, but it wasn't a clear enough walkthrough. I can't believe this hasn't been covered previously... with how many people are now using Questrade for the first time. If you're able to cover this so people can still do their own taxes, it would be monumental!
Hey Matt! There is TON of info I have to cover before I get to the tax filing tutorial so I need to make a few investments tax videos before that tutorial comes out! Otherwise, that video won't really make sense to anyone who doesn't already know how investments are taxed but don't worry, those tax videos are definitely coming! =)
Thanks for sharing this knowledge. It has taken me way to long to get started at learning this stuff and I definitely missed out in my 20's. Never too late to get started.
It's my pleasure Damien! I'm so happy that my videos have been helpful and you're right! It's NEVER too late to get started and take control of your financial future! =)
Thank you for this tutorial. I will be doing my own taxes from now on instead of paying H&R Block close to $500 to do my T4 and small business tax returns 👍👍
Great video! If people use the link to download the TurboTax software. Please remind them that they will need to go in their e-mail to download the software.
Thanks Abdulla! I haven't heard about that REIT, I usually only invest with larger REITs with a market cap above $1 Billion but I will check it out! =)
That video will definitely be coming but there are a LOT of business topics I want to cover before I get to the business tax filing tutorial, otherwise it really won't make sense! =)
Have you created a video showing how to file taxes for investors? My main question is if we should report the TFSA income even thought it's not taxed. Thank you!
I will be making a whole video about that soon but the answer is nope! You do NOT need to file tax returns or declare anything inside your tax sheltered accounts since it is tax-free! So you don't report any of your income from your TFSA, RRSP or RESP =)
Can you do a video on how to file tax if you have investment property and investments (both Canadian and US stocks?). I can't seem to find any videos. Thanks.
That video is certainly coming, stay tuned! Good news is that if you have investments in a tax-sheltered account like a TFSA, RRSP or RESP then you don't have to file taxes or declare anything. But if you have investments in a non-registered account like a Margin account then you will have to pay taxes on dividends and capital gains. I'll break it down soon =)
Great video: A question i always have: Should I invest in a spousal RRSP or a TFSA? Our current marginal tax rate is 43.5% and my spouse is at 29.5%. We both have government DB retirement plans. Also should we continue buy RRSPs into retirement if we retire at 55? 65?
That's a very difficult question to answer since it depends on so many factors! I will be making a whole video comparing the TFSA vs RRSP based on several scenarios. Since you are currently at a high marginal tax rate (higher than your expected retirement income) an RRSP might be the better option. Again this depends on a bunch of factors, there isn't a clear winner for everyone! I hope that helps! =)
I will definitely get there but first I have a lot more details to get to in my Business Series which I JUST launched today! Check out the latest video =)
Hi Adrian, love the videos (just subscribed too). Looking forward to more videos like these, especially the ones for small businesses (as is my situation).
New Subscriber!! Literally thank you for this haha. Not going to lie first time doing my own taxes usually get my dads' tax person to do it. This was so helpful.
You got it Keke! Hey there's no shame in that, I think most 20 years still have their parents doing their taxes for them 😅 It's important to learn how to do them yourself and hopefully my video broke it down and showed you that it's not so bad! 😁
That's totally fine! If it gives you peace of mind and the gift of time, go for it! But doing your own tax return is much easier than most people believe and you can save yourself a lot of money doing it on your own! Plus it is rewarding when you fully understand your financial situation rather than relying on someone else =)
I'll be making a video about QuestWealth coming up but basically I think it's a great option for people who wants a purely passive, hands-off approach to investing. You just put your money in and they make all the decisions but they also charge you a fee of 0.5%, this is still MUCH cheaper than Mutual Funds! I enjoy investing and researching stocks and being fully in control of my investments so I like the DIY approach instead if you want a hands-off alternative, I think QuestWealth is great and well worth the small management fee =)
@@CanadianTShirt yes the video was really helpful and the discount too😂👍🏻 I have already filed 2 returns using it and wondering can I file using this version for next year since I have 6 returns left?
I'm so excited to have just found this channel! I'm only just getting started watching and your tax information episodes are fabulous! It's always hard to find good Canadian focused resources like these. Thank you!
If you have a dependent child, you just have to enter their net income (it will usually be very low) so it helps if you file their tax return first. I hope that helps! =)
Thanks Adrian. Very useful video with lots of information. Waiting for your next video on how to add all info about interest or capital earned in stocks, ETFs, etc.
Thanks for the step by step tutorial, is it possible to go through the steps involving the "Unused Tuition fees and educational amounts carried forward from prior years"? I am still having trouble understanding the tax stuff involving tuition. Thank you again!
I can make a dedicated video to tuition credits! It can get confusing especially since there are both federal AND provincial credits, so I would only cover the federal ones to benefit everyone. Your school will provide you a T2202 form that you enter. And if your income is low enough that you have unused tax credits, you can carry it forward to a later year or transfer it to your parent or spouse! =)
Hey Adrian. What happens if you put money in your TFSA - RRSP account but then removed in the new year? Do you still claim the payment you made in 2022? And withdrew in 2023?
TFSA withdrawals and contributions aren't a part of your tax return at all. It won't affect your tax bill at all (as long as you don't exceed your limit) With the RRSP, whenever you contribute money you can claim that tax deduction and REDUCE your tax bill. But on the flip-side, if you withdraw from your RRSP you will be fully taxed on that withdrawal amount as if it was regular income. That's why you should NOT withdraw from your RRSP until you are retired and in a much smaller tax bracket! Check out my RRSP Explained videos all about how RRSP Withdrawals are taxed =) ua-cam.com/video/gcYlQl6hF6w/v-deo.html
Can you make a video explaining how options work? Whether it’s good way to make money or not? And step by step walk through on how to invest in options? Best Regards
Hey Rabie! I personally don't invest in options and I don't recommend it for beginners. It is far more complicated and risky than buying and holding stocks and ETFs. If you don't know what you are doing, it is MUCH easier to lose money so don't blindly jump into it. Maybe in the future, I might play around with options but for now, I only want to make videos on things which I have extensive, personal experience with. I hope that helps! =)
@@CanadianTShirt That’s great, thank you for the explanation, and what about crypto currencies such as bitcoins, ethereum, etc... Do you recommend start investing in these or not ? Regards
Exactly what I was looking for, your videos are gold, have learned a lot through them so thanks! I recently opened a margin account with quest trade and was wondering if you have a video regarding investment strategies for that type of account. I've seen you've touched on that topic on your tax deferred account series
I have touched upon the Margin account in several of my videos such as my TFSA MISTAKES vid but I haven't made a dedicated Margin account video just yet, but it is certainly coming! =)
Thank you for making this video Adrian. It's very helpful. I am getting issues on your link to turbotax. At first it lands on a page that shows 10% off on the product. I selected downloadable standard copy and price shown in $31.98 but when it goes to the checkout page, it goes back to 34.99.
Hey Sumit! Can you try clearing your cache, refreshing your browser and trying again! I just tried it on my end, I went all the way to the checkout step and my referral discount was still there! =)
I am so looking forward to your videos for this! :) I'm guessing you will cater the video for Questrade, since I know that's the brokerage you use (I also use QUestrade). @@CanadianTShirt
Depending on how complicated your work expenses become, especially if you are running a side business, you might want to hire an accountant to help you. At least to double check your tax return before you file it =)
@@neopabo don't rush! Make sure you consult with and basically "interview" several accountants and find one that is right for you! Not all accountants are equal, some are very general, some are experts in a particular area! =)
That's a great idea! I don't have any person experience with employee stock options since non of my past jobs ever offered that program but I can definitely make a video if enough people are interested =)
Great content as usual! What are you thoughts on Wealth simple vs Questrade? Wealth simple offers free stocks trades AND sells, while Questrade only offers free trades on the purchase of ETFs. Would you consider switching over?
Overall Questrade is my favourite, WealthSimple is great for purely Canadian investments but NOT for US investments. I'll be making a whole video comparing Questrade and WealthSimple but if you are investing in US investments in your RRSP (which I recommend) then Questrade is the clear winner =) WealthSimple is commission free which is awesome for Canadian investments but it also has some severe limitations and the extra conversion fees on US investments is absolutely brutal....
Thanks you buddy very helpful as per usual, this year I am trying out Wealth simple Tax. As I am sure you know this already that its actually free but you can upgrade your service for 20 $ and it gives you additional support in case there is an issue with your return with the CRA but to be honest I am not worried about that part but the upgrade also provides you 1 free stock I think value is 1$-500$, which is why I did the upgrade. with my luck ill get the 1$ stock but thought it would be fun to try it out at such a low cost. I need to wait 30 days for the stock unfortunately …. Anyways thank you for the video nicely done :)
SimpleTax is also a great product! I just like TurboTax instead since it's a little more comprehensive. And not to be a downer but whenever you see a variable prize-money or signup bonus, you know that 99.98% of them will be the minimum payouts 😅 But if you did receive that free stock, let me know which one it was! And hopefully it made you some money! =)
Being someone who suffers from Forosophobia (fear of filing tax returns), I found this video very helpful. I would appreciate if you would do a video on funds received through inheritance including real estate as well as cash payouts. And if you could create that by the end of the month, that would be great too. LOL
Unfortunately I only like to make videos on topics that I have extensive personal experience with.... I've never earned an inheritance (thankfully) so don't expect a video on that anytime soon. I would suggest you consult a lawyer or accountant who can answer your questions based on your specific circumstances =)
Hi there. Thank you for making this video! I have a question though, if someone is filling taxes for the first time, can he do it electronically ? Thanks so much.
In the meantime, check out my Canadian BUSINESS guide, my purple thumbnail videos! I do cover business tax strategies there! ua-cam.com/play/PLj8bU3AuW2qG-H_x1XPx9kCzRh4FIUzRz.html
Hello! Adrian. First of thank you for helping others for free. I came to Canada in August 2022 and going to file my taxes now. I bought some shares through my Wealthsimple TFSA account in 2023 and do I need to add this when I file my taxes? Also when we are filing for the first time do we have to send hard copies to CRA?
When you talk about your tax return for stocks, dividends and capital gains, will you be able to go into a crypto example as well? Thanks! Love the videos!
Hey Canadian in a T-shirt, thanks a lot for all your explanations, one question, have you cover XGRO and VGRO in any of your videos? the all in one ETF
I get the VGRO question all the time. I think it is a great option for really passive investors, you just put money in, set-it-and-forget-it and like you said, it has incredibly built-in diversification and market exposure. Personally, I avoid these all-in-one packaged ETFs. VGRO is just a collection of 7 ETFs. I would rather just invest in these ETFs directly and in doing so, I can control exactly which account should go where to minimize my taxes rather than just lumping them all in your TFSA and paying the withholding tax as you mentioned. It's a bit more work, but I like having full control of my investments. But for people who don't want the hassle of diversifying their portfolio themselves, I think VGRO is an awesome product and MUCH better than going through a mutual fund! I hope that helps! =)
Yes within the TurboTax software itself, it will prompt you once or twice if you want to upgrade. You don't have to, the Standard version covers investments as well (I stick to Standard) but the more premium versions will just guide you a bit more
Useful filing tax tutorial. Could you also make a tutorial on how to file taxes of non-restricted investment income, e.g. stock, in a foreign country like US? and explain how the tax rates are calculated, thanks!
I haven't made that video just yet but it is certainly coming! Make sure you check out my other Canadian Business videos here! =) ua-cam.com/play/PLj8bU3AuW2qG-H_x1XPx9kCzRh4FIUzRz.html
Hi, great video, thank you! I can’t find your video converging the Home Buyers Plan with Turbo tax? Could you please send me a link? Thanks for your videos!
This is very helpful. Question on rental property that is co-owned with my husband. Do I enter the gross rent on both our returns and the expenses as well and indicate 50% ownership ?
You got it! There is a section where you enter your % ownership and then all expenses and income, you enter the FULL gross amount! Turbotax will automatically take 50% or whatever percentage of those amounts. So if you own 50% and you make $20K in gross rental, you enter exactly that, $20K as gross income. Turbotax will automatically apply the 50% ownership so you will only be taxed on $10K of that income (the same applies for expenses) =)
Please make video, HOW TO REDUCE CAPITAL GAIN TAX FOR NON PRINCIPAL PROPERTY SALES. I have to sell my house in BC after my company transfered me to QC.
I have never sold real estate so I have no personal experience on this matter. My real estate strategy is to continue to buy properties and rent them out, hopefully I'll never need to sell a property since you are inherently losing a lot in fees and taxes. That might change if I start doing house flips. But I would suggest that you speak to a real estate accountant in BC to make sure everything is in order =)
Great videos! I'm learning a lot! I would love if you could explain to us how filing taxes in 2 different countries (1 being Canada of course) actually works! I'm new to it and I feel there is very little information available and not a lot of experts out there.. Thanks!
When you move provinces, that might affect which provincial tax credits you are eligible for! That's why you must report which province you lived in on December 31, 2020 =)
I am soo glad I found your channel..the contentyou create is priceless and soo veryy helpful..Thank youu!! Can you please make a detailed video on how we can save on corporate income? What are the expenses we can show? Can we show some investments? Will that help us save taxes? Can my company give a loan to me? What will be the tax implications? I am sorry for so many questions..But it would be great if you can make a video covering all these points..Thanks a lott for all the information!🙏🏻
You got it Tazeen! I will definitely be making several videos answering these questions! And yes, I'll go over the business expenses (write-offs), how it can reduce your taxes and yes your corporation can lend you money through a shareholder loan. In the meantime, check out my first business video on WHY You Should Start a Business where I answer some of these questions =) ua-cam.com/video/XvrBNnKj52Y/v-deo.html
@@CanadianTShirt thank youuu so much for your reply..just 1 more request pleaseee..please do cover in your video that if 2 people are working on contract should we both incorporate?? Will that save us some money?? Or just 1 incorporation is fine and will not make much of a difference..Thank youuu so muchh!!🙏🏻🙏🏻
@@tazeenshaikh1449 that is an interesting situation but I don't think that incorporating for 2 people would be worth it. It makes it much more complicated and you can't easily split the income between the two of you. When you incorporate together, you divide ownership by the # of shares, so you could be 50/50 but then if next year, one of you is making more money than the other, you are STILL dividing it all 50/50 which isn't fair... Generally speaking, I advise that incorporating is only worth it when your net income exceeds $100K. At that point, the corporate tax savings are worth the extra accounting fees and setup fees for a corporation but I will cover this in an upcoming video! =)
Check out the other videos in my CANADIAN TAX GUIDE 🇨🇦👇
ua-cam.com/play/PLj8bU3AuW2qEA_ik7NOAIkBY02nt7KAPj.html
Learn EVERYTHING about investing with my MILLENNIAL INVESTING GUIDE 👇
ua-cam.com/play/PLj8bU3AuW2qEVri8g-ErBL65ng98iAf5g.html
Hey what High Interest Savings account do you use and which ones would you recommend with no fees
@@KoalasFromCanada I'll be making a whole video on the best savings accounts but the best one in Canada right now is EQ Bank which offers 1.50% interest with no monthly fees and no minimum balance!
Use my referral link below to sign up 👇
api.fintelconnect.com/t/l/5f0699315cf09e001bd26973
@@CanadianTShirt Hi Adrian, when will you be making the video to file investment taxes?
How do you file previous years tax return on turbo tax or wealth simple tax
Everyone should praise this guy for all the free information he gives out... great work! Thanks.
Awwww thank you Naralda! I really appreciate those kind words and I'm just happy that so many of you guys appreciate my opinion on these topics! 🙏
Agreed. This should be shown in schools so young one's will know how to file their own taxes.
Blessings eh
@@CanadianTShirt great information. im in my 40s but learned about taxes, FTSA and RRSP (to go aggressive) thru your videos. Listened to others but they werent nearly as good as yours. well done.
@@chrisosmond7110 Thank you so much everyone for those warm wishes! I really do appreciate it and I'm happy that my videos have been helpful over the years! 🙏
This video saved my bacon. I'm in my late 50's and I never filed a return myself. I always was lucky enough to have a relative do it. This year, I left it to close to the deadline and my relative fell ill and couldn't do it for me. Watching this video gave me the confidence I needed to do it myself. In the end, it was pretty straight forward and I did my wife's return too. All done in under 2 hours for this first-timer. Thanks so much for the great video, it was super helpful. TurboTax is awesome.
Way to go sir! I know how scary it can seem at first but once you go through it yourself, you'll see it's not that bad! I'm really happy to hear that my video was helpful! =)
Now this is real information... My 7yr old was following along with this video, He now has more knowledge about doing taxes than most adults do!!!!! Thanks and keep it up :)
That is so freaking adorable! I hope your 7 year old wasn't bored to death! 😅
But thank you so much for those kind words, I'm so happy to hear that you found it helpful! =)
God bless you, Adrian. Thanks for educating a newcomer about filing taxes confidently.
It's my pleasure! I'm glad I was able to help and welcome to Canada! =)
Great coverage of this! I love how there are so many creators that cover these topics yet they all have their own way. You seem so excited about it almost as if you going to jump out of my phone! LOL
haha thanks Nate! I get super excited and passionate when I talk about investing and taking charge of your financial future! I'm glad that my energy comes across on screen! 😁
Looks like I'm subscribing. Not only show appreciation. I NEED these videos since school forgot to teach us that taxes exist
Thanks buddy! I really appreciate that and I agree, there really is no excuse why they don't teach this in high school! =)
Personally, I would love to give presentations and teach students these fundamentals! We'll see what the future holds! =)
Hey Adrian. I only just discovered your channel a couple of weeks ago, but wow! I have learned more about taxes, RRSPs, TSFAs, Stocks and ETFs from watching your videos than I have through any other source. Fantastic information and advice! I haven't yet finished all of your videos yet, but every single one I have watched thus far has been incredibly informative and eye-opening. Please keep the videos coming.
Hey buddy! Thanks for your kind words, I really do appreciate that! 🙏
Also please ignore the previous two messages, they were NOT from me! They were a SCAM account impersonating me with the same name and profile pic.... This is the third impersonator I've found in my comments this month... 😡
This is very important: any comments from ME will have my name highlighted in dark grey. Only the owner of the channel has their name highlighted, everyone else just has regular text for their name. So if you see "Canadian in a T-Shirt" without the highlighting, that is NOT me!
If you see anything suspicious, click on their name and it will take you to an empty channel with zero subscribers so that is clearly a scam and PLEASE report them!
Also, I will NEVER give out my phone number or email address or any contact info! So if you see that, it's a scam! Be safe out there! =)
just filed my taxes first time with this guide, can't believe i was paying upwards of $150 for something so simple.
You got it! I know how "scary" filing taxes may seem but once you do it for yourself, you'll see it's so easy! Why pay someone else to do it!
Today's episode of the UA-cam algorithm. As an American I much appreciate knowing UA-cam knows what I want cuz I love Canada 😭🍁🇨🇦
hahaha well thanks Michelle for joining us from south of the border! I'm not sure how useful a tutorial on Canadian Tax Filing will be for you but check out some of my investing videos which will provide value no matter where you live! =)
Not to be repetitive to other comments but... perfect timing. Will dust off my TurboTax login info tonight. Great way to spend a Friday night
I admit, I am a huge finance nerd but that sounds like the PERFECT Friday night! 😆
They need to teach this in school
Thanks buddy! I agree 100% 😁
Hi Adrian, thanks for putting this together in the easiest way possible. Its very helpful for new tax filers like me. I have a question, in TurboTax, where do I put the disability tax credit? Does it go under medical expenses? I have a son with autism and each year I used to provide the details of his therapy expenses to the accountant while filing tax returns. This year I am planning on doing it by myself. Thanks.
Brother dont trust him. He is a conman.
I'm glad you're giving it a shot doing it yourself! Once you do it once, you'll realize it's simpler than it seems! So I'm assuming you have the T2201 Disability Tax Credit Certificate correct? For specialized forms like that click on the Find button at the top right and search "Disability Amount" That's where you enter the details and TurboTax handles it for you =)
Just found your channel looking for Turbo Tax advice for beginners. Am retirement age and appreciate all the info. Has helped a lot. Wondering if you can do a video on how to read a Investment statement. Specifically Mutual fund RRSP and TFSA statement. Cheers!
Absolutely I can do that! There's a lot to discuss! I would recommend watching my latest videos on the dangers of Mutual Funds, I hope you find it helpful! =)
ua-cam.com/video/1jp7wMHHn84/v-deo.html
Canadian in a T-shirt is my favorite Canadian investing Channel. I appreciate all the valuable content you uploaded on your channel. It really helped us a lot.
Thank you :)
Wow! Thanks Johnny! I really appreciate that and I'm so happy that my videos have helped you on your financial journey! 🙏
You should mention that there a free option for the online version of TurboTax/TurboImpôt. I did my taxes with the free version, it covers everything that the paying one does (in your video). I don't know how many declarations you can make with the free option, but I only needed one. It prepared my federal and my provincial (Québec) at the same time. if you choose the free option, there is no hidden cost, it's really free. Very easy to use.
I've never used the free version, I know that it is very limited but if it handled everything you needed, that's great! =)
@@CanadianTShirt It's not limited (maybe for the number of declarations but not for the service). I paid 35$ last year for the premier service (got complicated investments and I transfered my documents from Arc. This year I use the free one it 's exactly the same thing, the same service., You should try it.
Can you make a new video in this year 2023. It seems like there are few changes in TurboTax. I filed my tax previous year using your video and it helped a lot. Thanks. :)
I have so many other video topics I want to get to, I'm not sure if I will make an updated tutorial for 2023 but let me know if you have any questions you'd like me to cover =)
@@CanadianTShirt No worries, I had some doubts regarding RRSP, but your other RRSP videos made it super clear. So no worries. 😊
Your this video helped me to file my taxes for 2021 and also 2022. A big thank you. 🙏🏻
This video is 3 years old but very informative. What's your views on wealth simple tax for filing tax return.
Thank you! I haven't made an updated version of this video since 99% of it is unchanged!
And yes you absolutely can use WealthSimple Tax or UFIle, they're all basically the same steps as TurboTax =)
I think we are not supposed to select "Did you have expense related to your employment" if it's not written in the contract that they have to incur some expense in order to get the income
Hi Adrian Thanks for educating us so much on financial matters! I'm wondering if you uploaded the videoo to file taxes for small business owners??
Hey Vanina! I haven't made that video just yet but it's coming! =)
Thank you so much this is well detailed and so clear to follow.I am gonna do my taxes on my own this year coz I have been using the H&R Block & I pay them for their services but twice they have been missing out a lot of details and CRA has to reassess my returns, so no more relying on them.
I think it is SUCH a powerful step to do your own taxes. This way it forces you to understand exactly where you money is going and it allows you to reevaluate and maybe come up with tax strategies that you didn't even know you were missing! I hope my video tutorial helps you do it on your own! =)
Very timely and helpful as always ! I look forward to your video on filing for investment income/gain taxes. Thanks much !
Thank you and you bet! I'll be making several videos on investment taxation, there's a LOT to cover! =)
Could you do an in-depth tutorial for the form method?
I have never done the paper form method and I certainly would NOT recommend it for anything. Especially not for a beginner. Use the software, it will save you days of work....
Great review! Was really hoping you would've covered investment income... dealing with Questrade and trying to figure out ACB and the inaccurate T5008's is such a nightmare and I'm almost ready to break down and pay to get my taxes done for the first time ever. Only one other Canadian has covered this, but it wasn't a clear enough walkthrough. I can't believe this hasn't been covered previously... with how many people are now using Questrade for the first time. If you're able to cover this so people can still do their own taxes, it would be monumental!
Hey Matt! There is TON of info I have to cover before I get to the tax filing tutorial so I need to make a few investments tax videos before that tutorial comes out! Otherwise, that video won't really make sense to anyone who doesn't already know how investments are taxed but don't worry, those tax videos are definitely coming! =)
Thanks for sharing this knowledge. It has taken me way to long to get started at learning this stuff and I definitely missed out in my 20's. Never too late to get started.
It's my pleasure Damien! I'm so happy that my videos have been helpful and you're right! It's NEVER too late to get started and take control of your financial future! =)
Thank you for this tutorial. I will be doing my own taxes from now on instead of paying H&R Block close to $500 to do my T4 and small business tax returns 👍👍
Oh my goodness! You were paying them $400??? That's criminal...
Ya get the standard Turbotax and share it with your family. I handle all of our tax returns and business tax returns and it only costs me about $20
Adrian can you make a new one using turbo tax premier with investment income options like you alluded to as a "future video" here?? Thanks 🙏
Sure thing! I will be making a ton of videos on how investment income is taxed so stay tuned! =)
Really appreciate it man. Keep crushing it. I'm on your business series and it fantastic. Thanks for all you do
@@waynelangstaff6419 It's my pleasure Wayne! I've got so many videos I want to make and never enough time! 😁
Thanks Adrian! As my way of saying Thank you, I didn't skip your ads, I like and comment 😁
hahaha thanks Geraldine! I hope the ads were at least somewhat useful! =)
Haha.. All investments related and are quite long, but, that's fine😅
This is literally the most informative video I've seen in years. 👏👏
Thanks buddy! That's what I try to do! 😁
Great video! If people use the link to download the TurboTax software. Please remind them that they will need to go in their e-mail to download the software.
You got it! Ya it's a download link so you will need an email address to obtain the link =)
Perfect timing for this video. Filing my taxes this weekend! Thanks Adrian!
It was meant to be! Thanks Pablo, I hope this video helps! =)
Great content Adrian, just wanted to let u know about BTB.UN.TO, payout ratio is around 50% with 7% yield. Really strong numbers hope it helps.
Thanks Abdulla! I haven't heard about that REIT, I usually only invest with larger REITs with a market cap above $1 Billion but I will check it out! =)
when will you make the one on doing taxes for businesses? It's my first year filing and its overwhelming! Love your videos btw!!!
That video will definitely be coming but there are a LOT of business topics I want to cover before I get to the business tax filing tutorial, otherwise it really won't make sense! =)
@@CanadianTShirt Wondering if you ended up making a video for tax filing for self employed people?
Have you created a video showing how to file taxes for investors? My main question is if we should report the TFSA income even thought it's not taxed.
Thank you!
I will be making a whole video about that soon but the answer is nope! You do NOT need to file tax returns or declare anything inside your tax sheltered accounts since it is tax-free! So you don't report any of your income from your TFSA, RRSP or RESP =)
@@CanadianTShirt Thank you so much! Your videos are awesome btw! :)
Can you do a video on how to file tax if you have investment property and investments (both Canadian and US stocks?). I can't seem to find any videos. Thanks.
That video is certainly coming, stay tuned! Good news is that if you have investments in a tax-sheltered account like a TFSA, RRSP or RESP then you don't have to file taxes or declare anything. But if you have investments in a non-registered account like a Margin account then you will have to pay taxes on dividends and capital gains. I'll break it down soon =)
Do you have a video on showing self employed taxes on turbo tax desktop?
I haven't made the self-employed tax video yet but I'm working on it! =)
Hi Adrian, can you please make a video on how to use Questrade statements to file tax. I don’t even know where to start. Please help. Thanks
I will be covering that in an upcoming video! There is a TON to talk about! =)
Great video: A question i always have: Should I invest in a spousal RRSP or a TFSA? Our current marginal tax rate is 43.5% and my spouse is at 29.5%. We both have government DB retirement plans. Also should we continue buy RRSPs into retirement if we retire at 55? 65?
That's a very difficult question to answer since it depends on so many factors! I will be making a whole video comparing the TFSA vs RRSP based on several scenarios. Since you are currently at a high marginal tax rate (higher than your expected retirement income) an RRSP might be the better option. Again this depends on a bunch of factors, there isn't a clear winner for everyone! I hope that helps! =)
Where is your video for filing Business Taxes? Is that up yet?
I haven't made that video just yet but it's coming! There is a TON of info to cover so I'll likely be making multiple videos on the topic! =)
Hey Adrian, great video. When will you do a video on filing business income?
I will definitely get there but first I have a lot more details to get to in my Business Series which I JUST launched today! Check out the latest video =)
Hi Adrian, love the videos (just subscribed too). Looking forward to more videos like these, especially the ones for small businesses (as is my situation).
You go it! More tax tutorials coming up! =)
Love the info, but I can’t imagine how your chiropractor feels about your posture.
haha fair enough! Luckily I can spend these tax savings on my chiropractor bills 😅
Brother I'm just discovering you as a MtLer I hope you are a fulltime YT content creator
Well I'm glad you found me! And yes, I actually quit my full time job over a year ago so now I am a full time entrepreneur and UA-camr =)
@@CanadianTShirt So sweet and well-deserved bro 🤙
Hi Adrian, please advise which video explains the tax filing for non-registered investment account.
Hey Mahmoud! I haven't made that video just yet but it is definitely coming! =)
Adrian please do another video on buying stocks in Canada. Love the way you explain things. Thank you.
You got it Leona! More stock pick videos are coming! =)
New Subscriber!! Literally thank you for this haha. Not going to lie first time doing my own taxes usually get my dads' tax person to do it. This was so helpful.
You got it Keke! Hey there's no shame in that, I think most 20 years still have their parents doing their taxes for them 😅
It's important to learn how to do them yourself and hopefully my video broke it down and showed you that it's not so bad! 😁
I use H&R Block for my income tax return
That's totally fine! If it gives you peace of mind and the gift of time, go for it! But doing your own tax return is much easier than most people believe and you can save yourself a lot of money doing it on your own! Plus it is rewarding when you fully understand your financial situation rather than relying on someone else =)
You're so disciplined with minimal cash in your Questrade accounts! What is your opinion of Questwealth so far?
I'll be making a video about QuestWealth coming up but basically I think it's a great option for people who wants a purely passive, hands-off approach to investing. You just put your money in and they make all the decisions but they also charge you a fee of 0.5%, this is still MUCH cheaper than Mutual Funds! I enjoy investing and researching stocks and being fully in control of my investments so I like the DIY approach instead if you want a hands-off alternative, I think QuestWealth is great and well worth the small management fee =)
@@CanadianTShirt Thanks Adrian! 😊
I am so lucky was planning to file my return tonight.
Thanks Adrian!
Perfect timing! I really hope this video helps guide you along! Happy filing! 🙂
@@CanadianTShirt yes the video was really helpful and the discount too😂👍🏻
I have already filed 2 returns using it and wondering can I file using this version for next year since I have 6 returns left?
I'm so excited to have just found this channel! I'm only just getting started watching and your tax information episodes are fabulous! It's always hard to find good Canadian focused resources like these. Thank you!
Thank you for those kind words! I really appreciate that and I'm glad you found my channel! 🙏
Such a strange tax question but how do I file my OSAP grant on my taxes without it affecting how much I owe for taxes
You'll receive a T4A tax slip where you enter the amount you received. So you declare these numbers but they aren't taxable income =)
Adrian...please advise when you add a dependent child it asks you to enter info from the child's T1. This is confusing.
If you have a dependent child, you just have to enter their net income (it will usually be very low) so it helps if you file their tax return first. I hope that helps! =)
Thank you for your hard work on making this very informative video. Can't wait for more to come!
Thanks buddy! I'm glad you found it helpful! =)
Thanks Adrian. Very useful video with lots of information. Waiting for your next video on how to add all info about interest or capital earned in stocks, ETFs, etc.
You got it! I'll be making several videos on how investment income is taxed, there's a lot to cover! =)
Hi Adrian, Im wondering did you do a a video on how to do taxes for a sole proprietorship/ business taxes?
I haven't made that video just yet but I promise you it's coming! 😁
Thanks for the step by step tutorial, is it possible to go through the steps involving the "Unused Tuition fees and educational amounts carried forward from prior years"? I am still having trouble understanding the tax stuff involving tuition. Thank you again!
I can make a dedicated video to tuition credits! It can get confusing especially since there are both federal AND provincial credits, so I would only cover the federal ones to benefit everyone. Your school will provide you a T2202 form that you enter. And if your income is low enough that you have unused tax credits, you can carry it forward to a later year or transfer it to your parent or spouse! =)
You are the best Adrian, great content thank you!
My pleasure! I'm happy to help! 😁
Hey Adrian. What happens if you put money in your TFSA - RRSP account but then removed in the new year? Do you still claim the payment you made in 2022? And withdrew in 2023?
TFSA withdrawals and contributions aren't a part of your tax return at all. It won't affect your tax bill at all (as long as you don't exceed your limit) With the RRSP, whenever you contribute money you can claim that tax deduction and REDUCE your tax bill. But on the flip-side, if you withdraw from your RRSP you will be fully taxed on that withdrawal amount as if it was regular income. That's why you should NOT withdraw from your RRSP until you are retired and in a much smaller tax bracket! Check out my RRSP Explained videos all about how RRSP Withdrawals are taxed =)
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Can you make a video explaining how options work? Whether it’s good way to make money or not? And step by step walk through on how to invest in options? Best Regards
Hey Rabie! I personally don't invest in options and I don't recommend it for beginners. It is far more complicated and risky than buying and holding stocks and ETFs. If you don't know what you are doing, it is MUCH easier to lose money so don't blindly jump into it. Maybe in the future, I might play around with options but for now, I only want to make videos on things which I have extensive, personal experience with. I hope that helps! =)
@@CanadianTShirt That’s great, thank you for the explanation, and what about crypto currencies such as bitcoins, ethereum, etc... Do you recommend start investing in these or not ? Regards
This is so comprehensive! Thank you so much, Adrian.
I'm happy to help! Hopefully it gives you the courage to do your own taxes this year! It will save you a bunch of money! =)
Exactly what I was looking for, your videos are gold, have learned a lot through them so thanks!
I recently opened a margin account with quest trade and was wondering if you have a video regarding investment strategies for that type of account. I've seen you've touched on that topic on your tax deferred account series
I have touched upon the Margin account in several of my videos such as my TFSA MISTAKES vid but I haven't made a dedicated Margin account video just yet, but it is certainly coming! =)
Very interesting videos for new international students. Thanks for making these.
It's my pleasure! I'm glad you found my tax videos helpful and welcome to Canada! 🇨🇦
Thank you for making this video Adrian. It's very helpful. I am getting issues on your link to turbotax. At first it lands on a page that shows 10% off on the product. I selected downloadable standard copy and price shown in $31.98 but when it goes to the checkout page, it goes back to 34.99.
Hey Sumit! Can you try clearing your cache, refreshing your browser and trying again! I just tried it on my end, I went all the way to the checkout step and my referral discount was still there! =)
I’m confused for tax implications from my investments in non-registered accounts. Where can I find your other videos regarding this? Thank you!
I am making a whole dedicated video on taxes for non-registered investing, there is a lot to cover!
But your brokerage will provide you with all the tax slips you need for your dividends and capital gains including your T3 and T5 slips =)
I am so looking forward to your videos for this! :) I'm guessing you will cater the video for Questrade, since I know that's the brokerage you use (I also use QUestrade). @@CanadianTShirt
Hey Adrian, can you please make a video how the tax companies file taxes and how to determine the citizenship of canada.
Thanks for this information, I have a bit of a complicated situation with my work expenses and I needed a way to take care of it myself.
Depending on how complicated your work expenses become, especially if you are running a side business, you might want to hire an accountant to help you. At least to double check your tax return before you file it =)
@@CanadianTShirt I've had horrible experiences with accountants in the past, but you're probably right :l
@@neopabo don't rush! Make sure you consult with and basically "interview" several accountants and find one that is right for you! Not all accountants are equal, some are very general, some are experts in a particular area! =)
Can you make a video about how employee stock options work, and how they are taxed in Canada? Thanks!
That's a great idea! I don't have any person experience with employee stock options since non of my past jobs ever offered that program but I can definitely make a video if enough people are interested =)
Great content as usual! What are you thoughts on Wealth simple vs Questrade? Wealth simple offers free stocks trades AND sells, while Questrade only offers free trades on the purchase of ETFs. Would you consider switching over?
Overall Questrade is my favourite, WealthSimple is great for purely Canadian investments but NOT for US investments. I'll be making a whole video comparing Questrade and WealthSimple but if you are investing in US investments in your RRSP (which I recommend) then Questrade is the clear winner =)
WealthSimple is commission free which is awesome for Canadian investments but it also has some severe limitations and the extra conversion fees on US investments is absolutely brutal....
Thank you man! Did you do a video on the self emplyed business one?
Absolutely buddy! It's certainly coming and there is a LOT to talk about! =)
@@CanadianTShirt thank you!
@@AmirTavassoly my pleasure 🙂
Thanks you buddy very helpful as per usual, this year I am trying out Wealth simple Tax. As I am sure you know this already that its actually free but you can upgrade your service for 20 $ and it gives you additional support in case there is an issue with your return with the CRA but to be honest I am not worried about that part but the upgrade also provides you 1 free stock I think value is 1$-500$, which is why I did the upgrade. with my luck ill get the 1$ stock but thought it would be fun to try it out at such a low cost. I need to wait 30 days for the stock unfortunately …. Anyways thank you for the video nicely done :)
SimpleTax is also a great product! I just like TurboTax instead since it's a little more comprehensive. And not to be a downer but whenever you see a variable prize-money or signup bonus, you know that 99.98% of them will be the minimum payouts 😅
But if you did receive that free stock, let me know which one it was! And hopefully it made you some money! =)
Thanks Adrian! I have started mine using simpletax. Just wondering when you’re going to upload business income taxes? Thanks!
SimpleTax is also great! I am actually working on my business video now so I will be launching my business series in the next week or two! =)
Hi Adrian which one should I buy for doing a return for income sharing for my wife
Personally I buy TurboTax standard. I am able to share it with my brother, my parents and some friends so it ends up being like $5 per person =)
A great video, very informative content. Thank you Adrian.
Thank you Gul! I'm glad to hear it was helpful! =)
Being someone who suffers from Forosophobia (fear of filing tax returns), I found this video very helpful. I would appreciate if you would do a video on funds received through inheritance including real estate as well as cash payouts. And if you could create that by the end of the month, that would be great too. LOL
Unfortunately I only like to make videos on topics that I have extensive personal experience with.... I've never earned an inheritance (thankfully) so don't expect a video on that anytime soon. I would suggest you consult a lawyer or accountant who can answer your questions based on your specific circumstances =)
@@CanadianTShirt Fair enough. That was likely where my plans would have ended up. Cheers
Hi there. Thank you for making this video! I have a question though, if someone is filling taxes for the first time, can he do it electronically ? Thanks so much.
Absolutely! You can and SHOULD file electronically! It is MUCH easier and faster than doing it by paper....
Thank you Adrian, I was waiting for this. I am looking forward for your new video :p
Thank you Amine! I really hope this video was worth the wait! =)
Is there a video on self-employment? What if it's a loss?
I haven't made a business tax tutorial just yet but it is coming!
In the meantime, check out my Canadian BUSINESS guide, my purple thumbnail videos! I do cover business tax strategies there!
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And yes if you have a loss, you can claim that and reduce your tax bill on your regular employment income =)
Hello! Adrian. First of thank you for helping others for free. I came to Canada in August 2022 and going to file my taxes now. I bought some shares through my Wealthsimple TFSA account in 2023 and do I need to add this when I file my taxes? Also when we are filing for the first time do we have to send hard copies to CRA?
This video had so much of information and so greatly explained!
Thanks Tarvinder! I'm happy to hear that you found value from this tutorial! =)
I'm so glad I stumbled across these videos. If you ❤️ this comment I promise to like and comment on every single video!
When you talk about your tax return for stocks, dividends and capital gains, will you be able to go into a crypto example as well? Thanks! Love the videos!
You got it buddy! There is a TON of things to talk about! =)
@@CanadianTShirt thanks! :D
Hey Canadian in a T-shirt, thanks a lot for all your explanations, one question, have you cover XGRO and VGRO in any of your videos? the all in one ETF
I get the VGRO question all the time. I think it is a great option for really passive investors, you just put money in, set-it-and-forget-it and like you said, it has incredibly built-in diversification and market exposure. Personally, I avoid these all-in-one packaged ETFs. VGRO is just a collection of 7 ETFs. I would rather just invest in these ETFs directly and in doing so, I can control exactly which account should go where to minimize my taxes rather than just lumping them all in your TFSA and paying the withholding tax as you mentioned. It's a bit more work, but I like having full control of my investments. But for people who don't want the hassle of diversifying their portfolio themselves, I think VGRO is an awesome product and MUCH better than going through a mutual fund! I hope that helps! =)
I am your fan!! have you recordedhow to open/run a business here in Canada?
Thank you Daniela! That is actually going to be my next video! I'm hoping to launch my Business series in the next week or two! =)
@@CanadianTShirt Cool I have my notification on. Can't wait to see it!! By the way, great videos. Thank you to share your knowledge.
how to upgrade from Basic to Standard. Do you just pay the difference? We have investments
Yes within the TurboTax software itself, it will prompt you once or twice if you want to upgrade. You don't have to, the Standard version covers investments as well (I stick to Standard) but the more premium versions will just guide you a bit more
And yes you would only be charged the difference
Really interested in the investment file taxes video! I got some summary statements from Questrade without tax slips and not sure how to file those
I will be covering that in my upcoming investment tax series! There is a lot to talk about! =)
Useful filing tax tutorial. Could you also make a tutorial on how to file taxes of non-restricted investment income, e.g. stock, in a foreign country like US? and explain how the tax rates are calculated, thanks!
You got it Len! I will be doing several videos on how investment income is taxed, there is a LOT to cover! =)
Do you have any video for filing business taxes, your videos are super helpful. thank you great channel
I haven't made that video just yet but it is certainly coming! Make sure you check out my other Canadian Business videos here! =)
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@@CanadianTShirt Thanks for making awesome videos, sure will check this playlist :)
Hi, great video, thank you! I can’t find your video converging the Home Buyers Plan with Turbo tax? Could you please send me a link?
Thanks for your videos!
I haven't made a Home Buyers Plan video just yet but you will enter those relevant numbers in the RRSP section =)
Incredible. Thank you and for the value you provide us!
It's my pleasure! I'm so happy to hear that you are finding them helpful! =)
Another well made video, keep it up!
Thanks buddy! I'm glad it was helpful! =)
This is very helpful. Question on rental property that is co-owned with my husband. Do I enter the gross rent on both our returns and the expenses as well and indicate 50% ownership ?
You got it! There is a section where you enter your % ownership and then all expenses and income, you enter the FULL gross amount! Turbotax will automatically take 50% or whatever percentage of those amounts. So if you own 50% and you make $20K in gross rental, you enter exactly that, $20K as gross income. Turbotax will automatically apply the 50% ownership so you will only be taxed on $10K of that income (the same applies for expenses) =)
Hello Adrian, it was amazing. When do you think you will have ready the investment taxes version? thanks!
Thanks Miguel! There are several videos I will be making on investment income taxes so stay tuned for that! There is a lot to talk about! =)
Please make video, HOW TO REDUCE CAPITAL GAIN TAX FOR NON PRINCIPAL PROPERTY SALES.
I have to sell my house in BC after my company transfered me to QC.
I have never sold real estate so I have no personal experience on this matter. My real estate strategy is to continue to buy properties and rent them out, hopefully I'll never need to sell a property since you are inherently losing a lot in fees and taxes. That might change if I start doing house flips. But I would suggest that you speak to a real estate accountant in BC to make sure everything is in order =)
Quick question may be it already answered but thanks for replying in advance. What are pros and cons of filling the tax individually or as a family.
Great videos! I'm learning a lot! I would love if you could explain to us how filing taxes in 2 different countries (1 being Canada of course) actually works! I'm new to it and I feel there is very little information available and not a lot of experts out there.. Thanks!
I don't have experience filing tax returns for another country so I don't want to give advice on that! =)
I hope you can make the video about those with business income soon!
I have a whole bunch of videos on how business income is taxed to get to first! There is a TON to talk about! =)
Can you make video how to fill family tax return please?
That video is definitely coming! =)
Thanks Adrian... was wondering if you would keep your promise of making this video. Thanks & Love your content !!
I try my best to keep my promises! Even if life gets in the way and things get delayed! I hope this video was worth the wait! 😁
I moved to a different province in 2020, how will this affect filing my taxes?
When you move provinces, that might affect which provincial tax credits you are eligible for! That's why you must report which province you lived in on December 31, 2020 =)
I am soo glad I found your channel..the contentyou create is priceless and soo veryy helpful..Thank youu!! Can you please make a detailed video on how we can save on corporate income? What are the expenses we can show? Can we show some investments? Will that help us save taxes? Can my company give a loan to me? What will be the tax implications? I am sorry for so many questions..But it would be great if you can make a video covering all these points..Thanks a lott for all the information!🙏🏻
You got it Tazeen! I will definitely be making several videos answering these questions! And yes, I'll go over the business expenses (write-offs), how it can reduce your taxes and yes your corporation can lend you money through a shareholder loan. In the meantime, check out my first business video on WHY You Should Start a Business where I answer some of these questions =)
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@@CanadianTShirt thank youuu so much for your reply..just 1 more request pleaseee..please do cover in your video that if 2 people are working on contract should we both incorporate?? Will that save us some money?? Or just 1 incorporation is fine and will not make much of a difference..Thank youuu so muchh!!🙏🏻🙏🏻
And yes I have already watched that video you suggested and almost all of them! 😁thank you for the amazing content
@@tazeenshaikh1449 that is an interesting situation but I don't think that incorporating for 2 people would be worth it. It makes it much more complicated and you can't easily split the income between the two of you. When you incorporate together, you divide ownership by the # of shares, so you could be 50/50 but then if next year, one of you is making more money than the other, you are STILL dividing it all 50/50 which isn't fair... Generally speaking, I advise that incorporating is only worth it when your net income exceeds $100K. At that point, the corporate tax savings are worth the extra accounting fees and setup fees for a corporation but I will cover this in an upcoming video! =)