If you're a beginner investor or just looking for some tips and tricks, consider downloading my FREE e-book specially made for Canadian Finance: www.canadianfinancepro.com/beginners-investor-handbook
Do what you want! For someone who talks alot ! there are others whos brains FUNCTION like yours that can listen and take it all in or would love to list to a " rant" video .. I hate that term because it is usually used in a negative context or dismissive type of word... because it devalues what you are saying .. when if you just have a LONG IMFORMATIVE video that is great! there is something for everyone ... keep to these but also do what you want! I AM HERE FOR IT :)
Yes, please continue with more episodes on taxes as a Canadian whenever you have the chance to do so. I did the ACB for the activities in my margin account and I'm not even sure I did it correctly (with all the Norbert's Gambit transactions mixed in there too).
@@CanadianFinancePro You were very fortunate, very few students come into contact with an educator that gives them purpose. I like accounting and all, but understanding and retaining the info. is proving very difficult.
Great video, never seen so much explained so clearly...I loved the part where you talked about self employed..do you mind covering more on self employed folks...would be great if you could share a spreadsheet with some formulas:) thanks again...
In the the income taxes and benefit for non-residents and deemed residents of Canada, 2023. I have a question. Under line 129 “ is the federal surtax", how should I calculate , last year was 48% from basic federal tax. How about this year? I cannot find it in the guide.
Still 48%. Are you doing it manually or using a program? www.canada.ca/en/revenue-agency/services/forms-publications/tax-packages-years/general-income-tax-benefit-package/non-residents/5013-g/guide-non-residents-deemed-residents-federal-non-refundable-tax-credits.html
Glad it was helpful! I'm always worried or wondering if my explanations are too complicated or 'jargon heavy'. Since I work in this field, I often don't know how basic to go or 'what do the viewers need help understanding'.
@@CanadianFinancePro For me it is okay, I can grasp it, it’s a little bit advanced, but it is very informative. I need something like this since I came from a tax-free country… thanks Bassem!
This was a tough one, I had to cut out 10-15 minutes of content because it was just too long! I'm wondering if I missed anything important or was unclear, I wanted to talk about filing returns as a couple, but that's a whole other 15 minute video altogether, maybe next week.
I find the Canadian tax system is so complicated. Thanks for the video! I would also want to see a video of you ranting out about the system :) Good work!!!
ahhh I cut out the really dry parts (I act like the current stuff wasn't dry, but it was super dry). I'll need to find a place for the content eventually.
As a Canadian living and working in Singapore for the past 12 years, I don't have to pay Canadian income tax....but, now that I want to return in a few years, I can't re-establish my account with CRA. They have no idea who I am, I can't call the 1-800 number as it only works in Canada, and the online CRA registration doesn't recognize my SIN number. I'm pretty sure they think I'm dead. The CRA really can't deal with Canadians working abroad for any length of time. It's frustrating bcs Singapore is shockingly efficient.
This is the most interesting and easy-to-understand lesson about tax. Thank you so much! Does the tax favorable on CG÷nds works the same on the RRIF withdrawals? I have been wondering that those who are currently in the lowest (or second lowest) tax bracket, contributing RRSP and investing within RRSP account is still beneficial with assuming tax will be higher in 20-30 years when I retire. It seems just investing on non-registered account getting tax credit and 50% amount-tax free is more beneficial....?
Hey Hiroken, glad it helped! But you're right, there isn't much benefit for the lowest and second lowest tax brackets when contributing to an rrsp and then withdrawing from a rrif.
*great video thanks for all the info Bassem , Question if your parents pass away , and you inherit their TSFA accounts full of etf's , do you pay tax on that???*
Thankfully, if you inherit someone's TFSA, the best investing account of all time, its tax free EVEN for the estate. If you inherit your parents' normal trading account, their estate will pay tax then you'll get the remainder, but the TFSA is safe.
Please make that rant video! I love these educational videos and have no doubt a more informal piece would also bring a level of insight and information that would be much appreciated!
haha ok ok its coming, I tried to do one today but I'm not good at ranting on video, I went off on too many tangents, let me put something more thought-out together and I'll release it
Hi, This is a good video. However, as I am new to Canada, I need to know is there any basic exemption limit and what is the time limit when to to file the Income Tax Returns?
The basic exemption is $15K. There is no legal time limit, but there are penalties if you don't pay taxes by April 30 of the following year. If you don't owe tax, there aren't penalties or a deadline, but its recommended to file anyway.
@@Hermiel i now know that this is the amount that is tax free or partially offset the tax payable if your income is higher than the BPA set by federal and provincial governments
Hey, could I open a business account and use that business account to receive salary payments and write off payments tax deductions from my salary if I have a business? Like corp to corp?? I hope this makes sense, I’m very new to this
Do you have a legal corporation set up, like with a registered business number? Your business can write off your salary, but then you have to claim your salary as income personally.
@@CanadianFinancePro firstly thanks for responding I really appreciate it, I think it’ll help if I give you a little back story without over sharing because this is still a comment section 🤣😅 I’m a Canadian born citizen but I’ve lived in Nigeria, America and london for most of my life, I am now looking to move back to Toronto as I now specialize in AWS, I’m a solutions architect. I would hate to receive tax on almost half of my salary. So I do have a businesses in these other countries I’ve lived in and can move them here (Toronto) which is what I’ve always planned to do, so setting up the business and then using the money I get to find that business while legally paying less tax I’m very new to things like this and if you could point me in the right direction I would appreciate it!
Thanks Maclean, I was hoping to get some more interest/views on this bad boy, it took forever to write/film, I need to increase up SEO and thumbnail skills.
It'll be auto added on your tax software. If you look at the (I think) J form of your T1, or if you look at the entire T1, it should provide a break down of all the ins\outs, you should see the Health Premium added to your tax payable.
Yes I know people who do that now :p Hopefully the rules don't change when you retire though .. knowing my luck, as soon as I retire on dividends they'll tax them at 100%.
Capital gains are already 50% tax free, you want to reduce it even more? TFSA, RESP do not count. Tuition credits reduce your overall tax payable, so yes. RRSPs reduce your overall tax payable, so yes here too.
Hello thanks for video I wanted to ask about this scenario since you mentioned that canada is world wide tax Lets say I suddenly aquired a property in another country exaple in asia thru inheritance. Then i registered that as a business on that country -- then i get $500 canadian dollars every month from the property thru rent but the money is given to my siblings and never goes back to my canadian bank it just goes to my siblings as cash that they can use Should i declare that as my income or no?
Hm, so many points to consider. I thinkkkkk, since your business is earning $500, not you, then you should be fine not declaring. You'll only pay tax if you earned income, if your business gives YOU the money, then I believe you'll owe tax. Personally, I wouldn't declare it, but I would need to know all the facts before giving you a 100% answer.
excellent video! Can you touch on how the CRA classifies gains from options selling as either capital gains or business income? I feel like it's a gray area. Thank you!
Its def a grey area, they don't want to create specific rules because then EVERY trades will figure out what the rules are and work around them. If there are 5 rules to be considered business income, its easy to meet 4 and then purposely fail 1, so they make it based on their subjective opinion, its rough. Basically if you a) day trade, b) take out loans to trade, c) have majority of your income come from trading and d) have no other job, then its probably business income :p
Glad it helped! Thankfully there aren't any additional taxes. City taxes are like Property Taxes and Land Transfer Tax (even double LTT if you live downtown Toronto).
I suppose I complicated it with a combination of Employment Income and non-eligible Dividends (my personal situation). Does non-eligible dividends tax get added to the Provincial tax?
Thanks for another solid one. Just curious, my wife and I are about to max out our TFSA’s, so going to open a margin. If she makes half as much as I do, should we open it under her name or does it matter for being taxed?
Big brain strategy right there, the couple taxes is what I had to cut out of this video, it was just another 10 minutes of tax stuff, I'll have to fit that in somewhere, but you're righttttt. What you're doing is indirectly income splitting. Since the TFSAs are close to max, whatever gains/income the LOWER earning spouse makes will obviously be taxed at their personal marginal rate. You will, as a couple, be saving total tax payable, if she earns the new income from the margin account.
Hey Space, on both your T-slips, you paid EI on both and you paid over the maximum? The CRA won't let you overpay, they'll for sure pay you back, did you prepare your own taxes?
@@rpitpatel1004 Ahhh, unfortunately I can't think of many deductions or credits available to salaried employees. The only thing is donations, but you have to spend $$ to get some of it back. I would say RRSP, but I would save the RRSP donations until you're closer to $90K so you get more deductions.
@@CanadianFinancePro Thank you for your valuable answer. I would like to invest 250$ every month. What would you suggest ? I would like to invest for long term but If I need funds should be available to withdraw for home buying or setup new business. If you could give me suggestions that would be much appreciated. Thank you 🙏
Hm, depends where you're considered a permanent resident I think, if you're working in Canada for a year and move back to the US, you'll probably be required to file US taxes and pay them. However, if you were born in the US but worked in Canada for 10 years, you're more Canadian and will probably get away with no US lottery taxes.
As a visa resident, PR or dual citizens, do you pay taxes in Canada for assets or business owned in your ancestral country? Dies the tax treaty exclude you? Pls comment
You're taxed on your world-wide income. If you have foreign business or properties, worth over $100,000, you must report it on T1135. The penalty for not reporting is $25 PER DAY, which is a lot. The Canadian treaties let you reduce your Canadian tax by the amount of foreign tax you've paid, so you won't be double taxed.
Nice video. Looking forward to your next tax videos. If I buy dividend stocks in my margin account and dividends are under 50,000, is it Zero tax in that dividends? If I buy and hold stocks and dividends are tax free, then I don't have to put stocks in my TFSA account for tax free. In summary, either dividend stocks are in Margin or TFSA, people don't pay tax on their dividends when it is under 50,000. Am I understood correctly?
Hey Jun, this is only tax free if you ONLY make $50,000 and its all dividends. If you make other income it will push you above $50K and you will pay tax. If you have zero income right now and you invest in dividend stocks in your margin, the first $50K will be tax free. Depending on where you live, you might have to pay Health Premium... its weird right?
Hi, thanks for the video. Need to know if I have 9 months old baby and I am a student and have spouse who will be working full time, can we claim tax credit ? We will stay in BC.
i tried 3 tax calculations in 3 web links (Fedelity, Wealthsimple and EY)(for employment income tax 39000 $ only, in ON) , the results we different!! why ? which link is giving more trust able amount.
@@CanadianFinancePro thank you but still not the same: For $ 40K - ON Fedelity: $ 5,661 Wealthsimple: Federal Tax: $ 3,240+ Provincial Tax $ 1,770 = $ 5,010 EY: $ 5,399 Why they are giving different figures?!
I am currently in the process of learning how to create a course... A course is coming on Canadian Finance, just need to learn how to put it together and where to host it.
The problem I found with this video is that it doesn't explain the terms. EI premium, CPP and Marginal tax. It just assumes that audience know about these. Not very useful for beginners.
I had to choose what to dive deep into, I didn't want to get too complicated and have information overload. Marginal tax just means your personal tax, maybe I could've been more specific.
Certain scholarships, fellowships, and bursaries are not taxable, such as: - elementary and secondary school scholarships and bursaries - post-secondary school scholarships, fellowships, and bursaries received in 2021 if you are considered a full-time qualifying student for 2020, 2021, or 2022
Rich people are taxed very high in Canada. Immigrants come from Stone age cultured countries and get everything free here. poor people pay less tax and get all the benefits of a rich person gets in Canada. immigrants usually have 5 to 8 children (for some religious reason) they get huge child benefit, free public school for all their kids. Rich are suffering here.
If you're a beginner investor or just looking for some tips and tricks, consider downloading my FREE e-book specially made for Canadian Finance: www.canadianfinancepro.com/beginners-investor-handbook
Do what you want! For someone who talks alot ! there are others whos brains FUNCTION like yours that can listen and take it all in or would love to list to a " rant" video .. I hate that term because it is usually used in a negative context or dismissive type of word... because it devalues what you are saying .. when if you just have a LONG IMFORMATIVE video that is great! there is something for everyone ... keep to these but also do what you want! I AM HERE FOR IT :)
Although this is a 2year old video its still the best one about the tax system in Canada! Thanks for the simple explanation! 👍
Glad it was helpful!
Yes, please continue with more episodes on taxes as a Canadian whenever you have the chance to do so. I did the ACB for the activities in my margin account and I'm not even sure I did it correctly (with all the Norbert's Gambit transactions mixed in there too).
That's the plan, it gets tedious doing all the calcs yourself.
Please make a video for how a single parent can get most benefits from filing the taxes and what types of credits can be applied
Where was this guy when I needed a good accounting teacher
It's actually funny the only reason I got into accounting is bc I had the best acc teacher ever in high school
@@CanadianFinancePro You were very fortunate, very few students come into contact with an educator that gives them purpose. I like accounting and all, but understanding and retaining the info. is proving very difficult.
Great video, never seen so much explained so clearly...I loved the part where you talked about self employed..do you mind covering more on self employed folks...would be great if you could share a spreadsheet with some formulas:) thanks again...
Thanks Ankit, I'll probably have to spend some time talking about self employed folks as well.
In the the income taxes and benefit for non-residents and deemed residents of Canada, 2023. I have a question. Under line 129 “ is the federal surtax", how should I calculate , last year was 48% from basic federal tax. How about this year? I cannot find it in the guide.
Still 48%. Are you doing it manually or using a program?
www.canada.ca/en/revenue-agency/services/forms-publications/tax-packages-years/general-income-tax-benefit-package/non-residents/5013-g/guide-non-residents-deemed-residents-federal-non-refundable-tax-credits.html
Finally I found a very clear explanation on taxes! Thank you Bassem. God bless you🙏… new subscriber here! new in Canada too😀
Glad it was helpful! I'm always worried or wondering if my explanations are too complicated or 'jargon heavy'. Since I work in this field, I often don't know how basic to go or 'what do the viewers need help understanding'.
@@CanadianFinancePro For me it is okay, I can grasp it, it’s a little bit advanced, but it is very informative. I need something like this since I came from a tax-free country… thanks Bassem!
Man, 5 days and no video... got worried, man! :P
Great Video, as usual!
Haha it might be 7 days until the next one :p
This was a tough one, I had to cut out 10-15 minutes of content because it was just too long! I'm wondering if I missed anything important or was unclear, I wanted to talk about filing returns as a couple, but that's a whole other 15 minute video altogether, maybe next week.
I will love that!
Should international students pay both provincial and federal taxes?
I find the Canadian tax system is so complicated. Thanks for the video! I would also want to see a video of you ranting out about the system :) Good work!!!
Awesome video! Please do a video for 2022 & then for 2023 :)
Thank you Bassem this was very informational ! I would love to see more Canadian tax related content and filing returns !
Thanks Ghislaine, hopefully more to come.
This was great video, waiting for part 2, 3,... from an expert like you. Thank you Bassem!
ahhh I cut out the really dry parts (I act like the current stuff wasn't dry, but it was super dry). I'll need to find a place for the content eventually.
As a Canadian living and working in Singapore for the past 12 years, I don't have to pay Canadian income tax....but, now that I want to return in a few years, I can't re-establish my account with CRA. They have no idea who I am, I can't call the 1-800 number as it only works in Canada, and the online CRA registration doesn't recognize my SIN number. I'm pretty sure they think I'm dead. The CRA really can't deal with Canadians working abroad for any length of time. It's frustrating bcs Singapore is shockingly efficient.
I can imagine, its extremely frustrating trying to deal with the CRA ...
Singapore is highly efficient if not the best!
This is the most interesting and easy-to-understand lesson about tax. Thank you so much!
Does the tax favorable on CG÷nds works the same on the RRIF withdrawals? I have been wondering that those who are currently in the lowest (or second lowest) tax bracket, contributing RRSP and investing within RRSP account is still beneficial with assuming tax will be higher in 20-30 years when I retire. It seems just investing on non-registered account getting tax credit and 50% amount-tax free is more beneficial....?
Hey Hiroken, glad it helped! But you're right, there isn't much benefit for the lowest and second lowest tax brackets when contributing to an rrsp and then withdrawing from a rrif.
awesome! it's very useful and nice video for a beginner. Thanks for your help and clear explanation!🥰
Glad it helped!
Yes, more videos like this one please. Precise and to the point.
Yesss thanks Gino
Thank you so much.
*great video thanks for all the info Bassem , Question if your parents pass away , and you inherit their TSFA accounts full of etf's , do you pay tax on that???*
Thankfully, if you inherit someone's TFSA, the best investing account of all time, its tax free EVEN for the estate. If you inherit your parents' normal trading account, their estate will pay tax then you'll get the remainder, but the TFSA is safe.
Great info, as always! The deductions for a small business are so helpful.
What's the Basic Personal Amount? How does it apply to my taxes as an employee?
Thank you for this information!! I have a question if you could give me some advice. I am an international student
How can I help you?
Awesome video, good summary. I wouldn't mind if you kept the extra 10-15min footage in, it'll just be more good info!
Ahh it was so dry! Talking about filing as a couple and saving $$ on rrsp and when to time it, it was dragging on. I'll find a place for that content.
Questrade is requesting an ITIN and W-7, did you personally need to get an ITIN or point me to an accountant/source? TYIA.
Hey, you won't have an ITIN, but you get one by filling out a W-7.
Also, QT never asked me to fill that out .. so, kind of weird?
excellent summary, thank you for not overloading us. i subbed.
Much appreciated!
Hey Bassem, love the videos. Looking forward to the rant style one. Can you do a video on taxes and dual citizenship?
Thanks Usama, rant is coming tomorrow, I'll need to look more into dual citizenship taxes :p
I would like to know where to put Dividend paying ADR, whether Margin account or RRSP. How is it taxed? What about capital gains on this ADR?
Please make that rant video! I love these educational videos and have no doubt a more informal piece would also bring a level of insight and information that would be much appreciated!
haha ok ok its coming, I tried to do one today but I'm not good at ranting on video, I went off on too many tangents, let me put something more thought-out together and I'll release it
Hi, This is a good video. However, as I am new to Canada, I need to know is there any basic exemption limit and what is the time limit when to to file the Income Tax Returns?
The basic exemption is $15K. There is no legal time limit, but there are penalties if you don't pay taxes by April 30 of the following year. If you don't owe tax, there aren't penalties or a deadline, but its recommended to file anyway.
What is the basic personal amount?
I'd like to know this, as well.
@@Hermiel i now know that this is the amount that is tax free or partially offset the tax payable if your income is higher than the BPA set by federal and provincial governments
Great video with all the details. Can you make a video on how to track do your taxes for trades on margin account?
Thanks for this Bassem, very clear and very useful information. You're the best !
Glad it helped
Hey, can you do a video on rentals and types of deductions you can use for tax purposes?
Hey, could I open a business account and use that business account to receive salary payments and write off payments tax deductions from my salary if I have a business? Like corp to corp?? I hope this makes sense, I’m very new to this
Do you have a legal corporation set up, like with a registered business number? Your business can write off your salary, but then you have to claim your salary as income personally.
@@CanadianFinancePro firstly thanks for responding I really appreciate it, I think it’ll help if I give you a little back story without over sharing because this is still a comment section 🤣😅
I’m a Canadian born citizen but I’ve lived in Nigeria, America and london for most of my life, I am now looking to move back to Toronto as I now specialize in AWS, I’m a solutions architect. I would hate to receive tax on almost half of my salary. So I do have a businesses in these other countries I’ve lived in and can move them here (Toronto) which is what I’ve always planned to do, so setting up the business and then using the money I get to find that business while legally paying less tax
I’m very new to things like this and if you could point me in the right direction I would appreciate it!
Great video! Keep up the great content you are putting out. Use your experience as a CPA to create more content on taxes.
Thanks Maclean, I was hoping to get some more interest/views on this bad boy, it took forever to write/film, I need to increase up SEO and thumbnail skills.
@@CanadianFinancePro More videos on Self-employed and rental property taxes will be much appreciated. Thank for the education
Where do we ever see the Ontario Health Premium? Taken off of our income tax return?
It'll be auto added on your tax software. If you look at the (I think) J form of your T1, or if you look at the entire T1, it should provide a break down of all the ins\outs, you should see the Health Premium added to your tax payable.
Amazing video! hey so you would say that living of dividend on retirements would be an awesome idea since they are not taxed as high?
Yes I know people who do that now :p Hopefully the rules don't change when you retire though .. knowing my luck, as soon as I retire on dividends they'll tax them at 100%.
@@CanadianFinancePro hahaha, fingers crossed they wont! thanks for the awesome valuable information
Is there a way to decrease capital gains? Do tuition credirs, TFSA, RESPs count?
Capital gains are already 50% tax free, you want to reduce it even more?
TFSA, RESP do not count.
Tuition credits reduce your overall tax payable, so yes.
RRSPs reduce your overall tax payable, so yes here too.
Good vid, thanks!!!!
Glad you liked it!
Hello thanks for video
I wanted to ask about this scenario since you mentioned that canada is world wide tax
Lets say I suddenly aquired a property in another country exaple in asia thru inheritance.
Then i registered that as a business on that country -- then i get $500 canadian dollars every month from the property thru rent but the money is given to my siblings and never goes back to my canadian bank it just goes to my siblings as cash that they can use
Should i declare that as my income or no?
Hm, so many points to consider. I thinkkkkk, since your business is earning $500, not you, then you should be fine not declaring. You'll only pay tax if you earned income, if your business gives YOU the money, then I believe you'll owe tax. Personally, I wouldn't declare it, but I would need to know all the facts before giving you a 100% answer.
excellent video! Can you touch on how the CRA classifies gains from options selling as either capital gains or business income? I feel like it's a gray area. Thank you!
Its def a grey area, they don't want to create specific rules because then EVERY trades will figure out what the rules are and work around them. If there are 5 rules to be considered business income, its easy to meet 4 and then purposely fail 1, so they make it based on their subjective opinion, its rough. Basically if you a) day trade, b) take out loans to trade, c) have majority of your income come from trading and d) have no other job, then its probably business income :p
Amazing video, very informative and easy to follow. Thank you much!! 💕
Glad you enjoyed it!
This is amazing breakdown!! Thank you so much :)
Are there local city/municipality taxes outside of Federal, Provincial, CPP/EI, Health premium?
Glad it helped! Thankfully there aren't any additional taxes. City taxes are like Property Taxes and Land Transfer Tax (even double LTT if you live downtown Toronto).
@@CanadianFinancePro That’s amazing!! Thank you for clarifying :)
CPP isn't a tax. It's a Pension deduction by you and your employer. When you're ready to retire you can collect Old Age Security and Canada Pension.
Very informative video. Thank you Bassem. Can you please share the excel spreadsheets you used in the video?
Very helpful video in protecting your money, thank you!
When using the Wealthsimple calculator why does it show more on a provincial side vs federal, even at the lowest tax bracket? (example - Alberta)
www.wealthsimple.com/en-ca/tool/tax-calculator/alberta
I'm plugging $$ into here and I only see Federal as being higher.
I suppose I complicated it with a combination of Employment Income and non-eligible Dividends (my personal situation). Does non-eligible dividends tax get added to the Provincial tax?
Amazing video and very well explained - thank you!!!
Very good information. Thank you
Glad it helped.
Thanks for another solid one. Just curious, my wife and I are about to max out our TFSA’s, so going to open a margin. If she makes half as much as I do, should we open it under her name or does it matter for being taxed?
Big brain strategy right there, the couple taxes is what I had to cut out of this video, it was just another 10 minutes of tax stuff, I'll have to fit that in somewhere, but you're righttttt. What you're doing is indirectly income splitting. Since the TFSAs are close to max, whatever gains/income the LOWER earning spouse makes will obviously be taxed at their personal marginal rate. You will, as a couple, be saving total tax payable, if she earns the new income from the margin account.
@@CanadianFinancePro so open the margin account under the lower earning income spouse?
@@canadiandividendinvestor6772 yup yup
Thanks
Hi,i have two jobs, but I wasn't paid back from over payments of ei in my 2021 income tax.
Please advice me on what to do.
Thanks
Hey Space, on both your T-slips, you paid EI on both and you paid over the maximum? The CRA won't let you overpay, they'll for sure pay you back, did you prepare your own taxes?
Hi Bassem, great video. To the point and very helpful!!
Could you please share the excel sheet templates as well that you have used in the video?
hi there did you get the spreadsheet template you requested
Another great vid!! Thank you!!!
🙏
Thank you for great content. Could you please make video on refundable and non refundable tax with how we can reduce the taxes after 50k?
Is your income only salary or is it a mix? It's very hard to reduce taxes unless you own a business.
@@CanadianFinancePro Thank you for quick response. I am doing two jobs 1 full time = 52K annual, 2 part time = 10K Annual.
@@rpitpatel1004 Ahhh, unfortunately I can't think of many deductions or credits available to salaried employees. The only thing is donations, but you have to spend $$ to get some of it back. I would say RRSP, but I would save the RRSP donations until you're closer to $90K so you get more deductions.
@@CanadianFinancePro Thank you for your valuable answer. I would like to invest 250$ every month. What would you suggest ? I would like to invest for long term but If I need funds should be available to withdraw for home buying or setup new business. If you could give me suggestions that would be much appreciated. Thank you 🙏
I wonder what happens to US citizens living in Canada since the US imposes taxation on gifts and the lottery.
Hm, depends where you're considered a permanent resident I think, if you're working in Canada for a year and move back to the US, you'll probably be required to file US taxes and pay them. However, if you were born in the US but worked in Canada for 10 years, you're more Canadian and will probably get away with no US lottery taxes.
As a visa resident, PR or dual citizens, do you pay taxes in Canada for assets or business owned in your ancestral country? Dies the tax treaty exclude you? Pls comment
You're taxed on your world-wide income. If you have foreign business or properties, worth over $100,000, you must report it on T1135. The penalty for not reporting is $25 PER DAY, which is a lot. The Canadian treaties let you reduce your Canadian tax by the amount of foreign tax you've paid, so you won't be double taxed.
Sir which books best for lern tax system in Canada ??
Nice video. Looking forward to your next tax videos. If I buy dividend stocks in my margin account and dividends are under 50,000, is it Zero tax in that dividends? If I buy and hold stocks and dividends are tax free, then I don't have to put stocks in my TFSA account for tax free. In summary, either dividend stocks are in Margin or TFSA, people don't pay tax on their dividends when it is under 50,000. Am I understood correctly?
Hey Jun, this is only tax free if you ONLY make $50,000 and its all dividends. If you make other income it will push you above $50K and you will pay tax. If you have zero income right now and you invest in dividend stocks in your margin, the first $50K will be tax free. Depending on where you live, you might have to pay Health Premium... its weird right?
@@CanadianFinancePro Now I get it. I need to watch this one more time. Thank you 😊
@@jun9098 I probably should've made that more clear. If you see the image, I had 0$ other income, it was 100% dividends.
@@CanadianFinancePro I love your channel
🙏😍
This was excellent! Thank you very much.
Glad you enjoyed it!
Can you share your spreadsheet?
You know even when u have no income we use to get instant rebate back for rents and what not,.this year nothing back! it sucks!
Hi, thanks for the video. Need to know if I have 9 months old baby and I am a student and have spouse who will be working full time, can we claim tax credit ? We will stay in BC.
Yes, you can apply for the CCB online: www.canada.ca/en/revenue-agency/services/child-family-benefits/canada-child-benefit-overview.html
i tried 3 tax calculations in 3 web links (Fedelity, Wealthsimple and EY)(for employment income tax 39000 $ only, in ON) , the results we different!! why ? which link is giving more trust able amount.
Wealthsimple shows CPP/EI whereas EY does not. The taxable amounts are still correct, but EY does not add CPP EI
@@CanadianFinancePro thank you but still not the same:
For $ 40K - ON
Fedelity: $ 5,661
Wealthsimple: Federal Tax: $ 3,240+ Provincial Tax $ 1,770 = $ 5,010
EY: $ 5,399
Why they are giving different figures?!
Bassem do you have a course on Canadian Taxation?
I am currently in the process of learning how to create a course... A course is coming on Canadian Finance, just need to learn how to put it together and where to host it.
Great summary Bassam
Thanks Phillip
Great Video! Lets hear that rant!!!
This is video is amazing ❤❤❤
Thanks!
Thanks for the great and concise video! could be my coffee brain talking but you made it quite digestible
Glad it helped!
arent gifts taxable? as far as i know they are
Gifts are not taxable in Canada, in US they are.
I need tax return preparer
It's useful video and thank you so much.
Glad it was helpful!
good job
I am crying when I compare the provincial tax. I am in Nova Scotia.
looking at it now, Nova Scotia has crazy high taxes :s
@@CanadianFinancePro and 15% HST and........
Nice, thank you!
The problem I found with this video is that it doesn't explain the terms. EI premium, CPP and Marginal tax. It just assumes that audience know about these. Not very useful for beginners.
I had to choose what to dive deep into, I didn't want to get too complicated and have information overload. Marginal tax just means your personal tax, maybe I could've been more specific.
Good solid vid, thanks
No problem 👍
is scholarship and bursaries tax free?
Certain scholarships, fellowships, and bursaries are not taxable, such as:
- elementary and secondary school scholarships and bursaries
- post-secondary school scholarships, fellowships, and bursaries received in 2021 if you are considered a full-time qualifying student for 2020, 2021, or 2022
@@CanadianFinancePro pls how do I reach out to you. Am a student here but I have some questions
Thank u ❤
Rich people are taxed very high in Canada. Immigrants come from Stone age cultured countries and get everything free here. poor people pay less tax and get all the benefits of a rich person gets in Canada. immigrants usually have 5 to 8 children (for some religious reason) they get huge child benefit, free public school for all their kids. Rich are suffering here.
do the rant video too lol
Damn you have a nice beard !!!
Photoshopped, I have no beard but I edit one in my videos.
Man I'm going to owe a lot...
Oh dear, what'd you do ...
You forgot to say how if you don't pay they will send you letters for 15 years lol what a joke
Canadian tax advice.....Leave Canada. Stop supporting a police state.
There, that was easy.
Taxes are for the weak :)))