FHSA (First Home Savings Account) contribution room can only be carried forward for one year. For example, if you don’t use the full $8,000 annual contribution room in a given year, the unused portion can only be added to the next year’s limit, up to a maximum of $8,000 for that year. However, once carried forward and not used, it doesn’t roll over further.
Few Corrections: 2:17 Medical Expense doesn't reduce Taxable Income, it's a tax credit meaning it's part of the non-refundable tax credits so it reduces tax owing payable. 4:06 OAS Recovery is done on its own as taxes. You don't repay back yourself necessarily, it's clawed back by SC as taxes. Let's say you're net income before deductions is over 200k, your T4A(OAS) will show income for X amount but it will also be taxed for the same amount, meaning it will look you never received OAS. Now it does get reported on your taxes as income which then gets clawed back from taxable income, and then reported back as repayment which also reduced from the tax deduction. OAS recovery really just cancels itself out, but still needs to be reported. Otherwise, great video! Keep it up!
Nice Video Informative Video! 1 thing to note about the FHSA carry over rule is that the max carry over limit is 8k, assuming you haven't contributed on the year you opened the account and haven't contributed on the 2nd year the 3rd year contribution room will not carry over the 8k on the 4th year, just to keep in mind,
Hi Alice. Great video. Very clear & concise. I’m a new small business owner engaging in e-commerce. I’m doing my own personal income tax ever since. But now that I’m a small business owner, I’d like to find out more about how to do my own income tax for my small business. Would you mind talking about it and also kindly share your tips & insights, too. Would greatly appreciate it. Thank you so much. 😊
Excellent info delivered concisely and clearly. You need to run for Federal Member of Parliament. Then you need to take over Canada and fix our economy. Brilliant, excellent speaker, and gorgeous so you will have no problem taking over rule of Canada the Great White North. Thanks for the awesome info laden video. Subscribed.
Great video. Thank you. It would have been great if you included the RRSP withdrawal withholding tax. I am 68 with a lower CPP because I arrived in Canada 25 years ago, so the CPP I get is CPP x 25/40, that last month was about $ 650. Due to the CPP income is low I have to stay in the workforce for a minimum wage and o top of that take money from my RRSP; I usually reach the second bracket withheld by the CRA. In summary, now that I am 68, instead of getting a Tax credit I am ending owing CRA $2400 per year. BTW, 2.3% inflation is the most blatant lie I have heard from this government, but it is just my opinion. Could you please explain how the RRSP withholding tax is factored in the Tax Return?
Hi Alice, Quick question, I have a couple of stock investment losses and was wondering what is the maximum amount that I can claim as a stock investment loss? Thanks Chris
Stocks are usually treated as capital gains. Capital losses can only be written off against capital gains. Unused capital losses can be carried back three years or forward indefinitely. The one exception is that capital losses can be written off against any income on a final return (a return for somebody that has passed away). Note that if you trade regularly (i.e. day trading), your trading may get treated as a business. This changes the rules to be those of a business.
Hi Alice, when you say 2025 tax changes, do you mean it’s for the 2025 Tax year which we will do tax filings in early 2026? Or for 2024 Tax year? Thanks!
The 2025 rates are for the 2025 Tax Year to be done in 2026. Not sure why someone would make a video about 2025 rates now to confuse people when were just moving into 2024 tax season soon!
My question about tax is regarding legacy. What investments or financial products are exempt of tax upon death in order to transfer as much wealth as possible to the next generation without creating a huge tax bill.
I think this may or may not explain what you ask. My understanding and I will use a company I use, and have direct knowledge with. Manulife Bank and Manulife insurance. In the bank side, you can have a TFSA with beneficiaries, as long as you have given percentages, upon death a death certificate is only required. The same TFSA beneficiaries can be used in the insurance side where you have a GIC , that GIC will produce a income tax on interest made, sent out each year T5 I think. Upon death, the same as the TFSA is applied. There is no probate or will required to administer this. I am just going through this now. For now, only insurance companies such as Manulife can skirt the probate action.
For EI & CPP contributions, what about those who work 2 jobs but clears over 140k+? So you get a deductions back if you contributed more than needed? For example like EI your annual premium was like $2154 because each job didn't stop talking until you made 65.7k gross.
Note that the 2025 tax rates mentioned are for the 2025 Tax Year to be done in 2026. Not sure why someone would make a video about 2025 rates in Dec 2024 to confuse people when were just moving into 2024 tax season soon!
@darwin1404, if you dont know the 2025 tax rules at the start of the tax year how do you make a tax plan?? Providing 2024 tax rules at the end of 2024 is useless.
When you file taxes in feb 2025, would the basic personal amount be 15,700? Since taxes are for the previous year? Wouldn't the increase to 16,100 apply in the next tax cycle?
the discussion regarding what cpp, oas pay to the retired is missing, as usual. lots of info for those paying into the buckets but little for those old enough to be drawing out.
In T5 I don’t see the provincial part of tax credit only federal part showing, where do I get that number or the system will automatically generate that number by given T5
Thank you Alice!! This is helpful! Do you assist with filing tax returns too for corporations? I am closing my corporation and there has not been any income for the past 3 years, but I need to file taxes for those 3 years. Can you assist please?
Same as capital gains from Canadian properties. However, you may be able to offset it using a Foreign Tax Credit for taxes paid to another jurisdiction, depending on the tax treaty. Note that there is no FTC for US capital gains. You would need to take an AFTC on your US return to offset the Canadian tax. Obviously, this is a case where you would need to consult somebody that specializes in cross border taxes.
@AliceLeeCPA question - what happens to all the EI Contributions you've made in your working career if you are never unemployed say from 16-retirement age?
@@johnnemeth6913Not really, in fact you are penalized as you will likely not qualify for g.i.s. which includes all benefits like dental, eye glasses. physio etc.
Alice, A great presentation however, please note that medical expenses are not deductions from income. Eligible medical expenses in excess of 3% of income, are calculated as a non-refundable tax credit. Hence the technical term, medical expense tax credit. LOL This is not a recent development either. If you're going to put information out there as a professional, it should at least be right. Just trying to be helpful.
I open a Corp in Ontario to actively trade stocks on Questrade but i will become non resident With all the tax and the withholding tax for becoming non residents, what the best way to pay ourselves? im wondering if it will be best just to close this corp and maxed our tfsa before becoming bon residents
A corporation is it's own legal entity. Just because you become non-resident doesn't mean the corporation does. This is an extremely complex question that would require a sit-down consult and can't be handled in a YT comment. Note that you can not contribute to a TFSA while non-resident.
I found you very articulate and clear! This is my first time seeing this channel. I’m curious would you have any updated info regarding: I’m not a trader…just been invested in one specific crypto currency for some years…If I were to cash a measure out is it possible to give a substantial measure to a charitable organization (church) to counter taxation from government to basically zero out…? Hope this is understandable..just looking for opinion not financial advice:) Blessings Kirk
Donations give you a tax credit of 15% on the first $200 plus 29-33% on the amount above $200 (plus your provincial tax credit). So you would need to do the math to figure out what your capital gains tax on the crypto is and work backwards to figure out how much to donate to offset it. A simpler alternative would be to make an RRSP contribution equivalent to your capital gain.
Are the capital gain changes dead since no legislation has been passed and it looks like none will be passed any time soon? Seems like people will start filing their taxes before parliament sits again.
See my comment I posted above. The short answer is, that since you cannot pay even if you wanted to, the CRA was forced to issue a statement that there will be no late penalties for not filing, duh huh, amazing how accommodating they are. I'm super upset at this incompetent government, the sooner they are kick out, the better it will be for everyone, that's no matter where you sit on the financial pyramid.
@@geekinasuit8333 sorry but I can't seems to find your other comment. But per this one, does it mean that we have to declare the 66% if the capital gain is over the $250k?
@@isabelleferland8303 Technically speaking, there's no obligation to declare more than 1/2 over $250K, since there's no law, at least none that's in effect, stating that you have to. However, should the law come into force later on, which may be unlikely now that the government is set to fall, then enough should be set aside just in case, given the ridiculous and highly damaging "retroactive" nature of the proposed law. The CRA claims they will not issue fines and other penalties should the law come into effect, since obviously there would be a revolt given how unfair it would be to penalize people for following the law. I'd say, the vast majority of people, voluntarily file their taxes honestly without too much unwillingness, but if 90% stopped willingly cooperating, the CRA would be unable to do much about it. They know, that they have to be seen as "fair", and it's by necessity
I tried replying, but I don't see my comment for some reason. Since the 2/3 inclusion is not yet law, you do not have to declare it or pay the extra amount, but I would set aside what you may have to pay if it comes into law. The CRA said they will not penalize people for not filing 2/3 because they can't enforce a law that doesn't yet exist, and will give everyone time to file should it be passed into law next year. It seems the government will face a no confidence vote, and if the NDP follow through (big if), then the tax hike is dead, unless revived by the next government. If they try and back date it to Jun 25 2024, I think there will be a big revolt. Imagine, getting hit with back dated taxes you had no idea no idea about unless you can see into the future!! This crazy government has to go, it's been really destructive.
Money taken out of a TFSA isn't considered to be income and won't affect OAS. Income from a GIC held outside of a registered account can affect OAS and GIS (Guaranteed Income Supplement).
Great videos thank you! Could you make a video on capital gain tax for resident of Canada Quebec from 2007-2015 to a non resident from 2015 to 2024 when it comes to selling a property they own in Canada ? Thank you so much!!
I have my savings for my house in a GIC RRSP. I open the account before the official First time home buyer account was made. I was told when I opened the RRSP that I could take out 35k from my RRSP to buy a house. Is this still the case?
I am wondering if any one including your self has read the tax act ,it is voluntary , and has any one read the Tax Payer Bill of Rights.The rabbit hole is deep.
It's not that simple. I've been seriously considering leaving Canada for the USA for a lower taxation rate, but in some cases, your taxation costs can be even worse, although overall, in the average case, it can be slightly better. There are other costs, such as medical insurance, which doesn't necessarily cover you because your claim may be denied, and that kind of thing apparently is what led up to the assignation of a CEO. What will go a lot further in the USA, is your buying power, that's really about the only benefit of significance you will receive.
You are quite good and to the point of the subject. However, the problem is that you speak too fast. So fast that even as a CPA myself could not absorb the numbers before you mentioned another number. Please understand that when you say xxxx is this year’s NRT credit, it needs to take a fraction of a second to absorb and remember it. Unlike conversations, people don’t need to “remember” what you say, but just to listen. If you could speak slower, it will make your video much more better
I'm a homesteader, I don't need to work, pay all these taxes no one understands, so I can buy poision garbage at the grocery store and pay more taxes. No, thank you
Glad you say you are dealing with Canada as so many UA-camrs do not say where they are or what country they are talking about.
Some people want to maintain privacy online. It's understandable :)
Boy. What a bright person. So precise and professional. Ty
Thank you :)
I think you speak at the perfect speed :) thank you for explaining so clearly. Ive subscribed!
I also really appreciate the time stamps :)
@@ashleyjli Thank you ashley :)
Love the video! Very professional and informative! No problem with the info being for 2025, good to know and for planning. Thank you.
FHSA (First Home Savings Account) contribution room can only be carried forward for one year. For example, if you don’t use the full $8,000 annual contribution room in a given year, the unused portion can only be added to the next year’s limit, up to a maximum of $8,000 for that year. However, once carried forward and not used, it doesn’t roll over further.
This is what I am looking for ..... thanks
Few Corrections:
2:17 Medical Expense doesn't reduce Taxable Income, it's a tax credit meaning it's part of the non-refundable tax credits so it reduces tax owing payable.
4:06 OAS Recovery is done on its own as taxes. You don't repay back yourself necessarily, it's clawed back by SC as taxes. Let's say you're net income before deductions is over 200k, your T4A(OAS) will show income for X amount but it will also be taxed for the same amount, meaning it will look you never received OAS. Now it does get reported on your taxes as income which then gets clawed back from taxable income, and then reported back as repayment which also reduced from the tax deduction. OAS recovery really just cancels itself out, but still needs to be reported.
Otherwise, great video! Keep it up!
Fantastic summary. Thank you!
Thank you!
great summary. thank you!
Please talk about retirement CPP and OAS and RDSP and disability pension rules
Wow this is great thanks so much for the info well done and very easy to understand and follow along as well.
thank you!
Thank you for all the information. Great videos
Very informative. Thanks!
Nice and clear information, good presentation.
Great video. Clear. Concise and paced.
Very nice studio set up btw and VERY helpful info. Subbed!
Thank you :)
Nice Video Informative Video!
1 thing to note about the FHSA carry over rule is that the max carry over limit is 8k, assuming you haven't contributed on the year you opened the account and haven't contributed on the 2nd year the 3rd year contribution room will not carry over the 8k on the 4th year, just to keep in mind,
Alice I love very much your explanation plas your clear and understanding English for any person
Very clearly explained, thank you!
Thanks for informative.
Excellent Video and Sharing thr information ❤
Thanks for the information!
Thanks for an amazing video
Thanks for the breakdown. RE: Capital Gains inclusion rates.. let's just hope our current gov't is replaced tout de suite
Great video very informative.
Thank you for the info. The whole tax system should be simple so everyone can understand.
Loved it, is there any incentive for tax deductible for taking care disabled over 18 or elderly.
Thanks for the upload😮
Alice is the smartest lady in Canada, UA-cam, and possibly the entire world. With ❤ Rikki.
Smartest lady in Canada? Aren't you forgetting Christya Freeland?
This so helpful our Big Sister
Contribution deadline for RRSP for 2024 tax year is 3 March 2025 as per CRA. You say 28 Feb and your chart said 1 March.
Thank you for the correction :)
Great info. Thanks
Thank you for your new information. Reza
Hi Alice. Great video. Very clear & concise. I’m a new small business owner engaging in e-commerce. I’m doing my own personal income tax ever since. But now that I’m a small business owner, I’d like to find out more about how to do my own income tax for my small business. Would you mind talking about it and also kindly share your tips & insights, too. Would greatly appreciate it. Thank you so much. 😊
I have another vid on my channel for corporate taxes, if you are doing e-commerce there will be inventory though.
Excellent info delivered concisely and clearly.
You need to run for Federal Member of Parliament.
Then you need to take over Canada and fix our economy.
Brilliant, excellent speaker, and gorgeous so you will have no problem taking over rule of Canada the Great White North.
Thanks for the awesome info laden video. Subscribed.
Well explained.
Hi Alice, do you do taxes for companies too?
Great video. Thank you. It would have been great if you included the RRSP withdrawal withholding tax.
I am 68 with a lower CPP because I arrived in Canada 25 years ago, so the CPP I get is CPP x 25/40, that last month was about $ 650. Due to the CPP income is low I have to stay in the workforce for a minimum wage and o top of that take money from my RRSP; I usually reach the second bracket withheld by the CRA.
In summary, now that I am 68, instead of getting a Tax credit I am ending owing CRA $2400 per year.
BTW, 2.3% inflation is the most blatant lie I have heard from this government, but it is just my opinion.
Could you please explain how the RRSP withholding tax is factored in the Tax Return?
Hey Alice. You state medical expenses as a deduction. But isn’t it a non refundable credit?
yeah non refundable credit
Thank you Alice
Is it yet allowable to move crypto from an exhange onto a TFSA "in kind" so as to avoid the capital gain of cashing crypto out and rebuying an ETF?
No, for the same reason you can't move any other investment directly. Crypto is not a recognized form of currency.
@@johnnemeth6913 then why are they taxing me like it is?
Hi Alice, Quick question, I have a couple of stock investment losses and was wondering what is the maximum amount that I can claim as a stock investment loss? Thanks Chris
Stocks are usually treated as capital gains. Capital losses can only be written off against capital gains. Unused capital losses can be carried back three years or forward indefinitely. The one exception is that capital losses can be written off against any income on a final return (a return for somebody that has passed away).
Note that if you trade regularly (i.e. day trading), your trading may get treated as a business. This changes the rules to be those of a business.
Thanks Alice!
What is the best source to find more detailed information about claiming Multigenerational Home Renovation Tax Credit (MHRTC)
You can only carry forward FHSA from your previous year. And only if you have an account opened up
I wonder how many rules they have to steel your pension ?
Sorry, this is Canadian ...
Thank you.
Hi Alice, when you say 2025 tax changes, do you mean it’s for the 2025 Tax year which we will do tax filings in early 2026? Or for 2024 Tax year? Thanks!
2024 tax year
The 2025 rates are for the 2025 Tax Year to be done in 2026. Not sure why someone would make a video about 2025 rates now to confuse people when were just moving into 2024 tax season soon!
My question about tax is regarding legacy. What investments or financial products are exempt of tax upon death in order to transfer as much wealth as possible to the next generation without creating a huge tax bill.
I think this may or may not explain what you ask. My understanding and I will use a company I use, and have direct knowledge with. Manulife Bank and Manulife insurance. In the bank side, you can have a TFSA with beneficiaries, as long as you have given percentages, upon death a death certificate is only required. The same TFSA beneficiaries can be used in the insurance side where you have a GIC , that GIC will produce a income tax on interest made, sent out each year T5 I think. Upon death, the same as the TFSA is applied. There is no probate or will required to administer this. I am just going through this now. For now, only insurance companies such as Manulife can skirt the probate action.
Do EI and CPP payments get deduected before paying income tax or after income tax?
I believe it is before ... anyone else know?
Alice is awesome!
Thank you :)
For EI & CPP contributions, what about those who work 2 jobs but clears over 140k+?
So you get a deductions back if you contributed more than needed?
For example like EI your annual premium was like $2154 because each job didn't stop talking until you made 65.7k gross.
Any info on work from home credit?
Note that the 2025 tax rates mentioned are for the 2025 Tax Year to be done in 2026. Not sure why someone would make a video about 2025 rates in Dec 2024 to confuse people when were just moving into 2024 tax season soon!
@darwin1404, if you dont know the 2025 tax rules at the start of the tax year how do you make a tax plan?? Providing 2024 tax rules at the end of 2024 is useless.
what does it mean CPP is monthly and EI is biweekly?
When you file taxes in feb 2025, would the basic personal amount be 15,700? Since taxes are for the previous year? Wouldn't the increase to 16,100 apply in the next tax cycle?
No, it would be the 2024 rate.
The mentioned 2025 rate is what an employer would be using when calculating your deductions starting on January first.
the discussion regarding what cpp, oas pay to the retired is missing, as usual. lots of info for those paying into the buckets but little for those old enough to be drawing out.
In T5 I don’t see the provincial part of tax credit only federal part showing, where do I get that number or the system will automatically generate that number by given T5
It is calculated on the 428 form for your province. The calculation varies based on the provincial corporate tax rate.
Thank you Alice!! This is helpful! Do you assist with filing tax returns too for corporations? I am closing my corporation and there has not been any income for the past 3 years, but I need to file taxes for those 3 years. Can you assist please?
Yes I can help, can you email me at hello@alicecee.com? Thanks.
How is capital gains from foreign property taxed? And how to report it.
Same as capital gains from Canadian properties. However, you may be able to offset it using a Foreign Tax Credit for taxes paid to another jurisdiction, depending on the tax treaty.
Note that there is no FTC for US capital gains. You would need to take an AFTC on your US return to offset the Canadian tax. Obviously, this is a case where you would need to consult somebody that specializes in cross border taxes.
@AliceLeeCPA question - what happens to all the EI Contributions you've made in your working career if you are never unemployed say from 16-retirement age?
The government thanks you for your contribution to the system.
@@johnnemeth6913Not really, in fact you are penalized as you will likely not qualify for g.i.s. which includes all benefits like dental, eye glasses. physio etc.
We Re looking for an accountant do you do tax returns ?
I unfortunately llive in Quebec. Any info you can provide will be greatly appreciated. Thank you.
For the EI benefits what you said and what was on the screen didn't match...
Alice, A great presentation however, please note that medical expenses are not deductions from income. Eligible medical expenses in excess of 3% of income, are calculated as a non-refundable tax credit. Hence the technical term, medical expense tax credit. LOL This is not a recent development either. If you're going to put information out there as a professional, it should at least be right. Just trying to be helpful.
Thanks for the correction. It is indeed a non refundable tax credit.
This is really good but a little fast!!! If can slow down it's great.
Sure. Go to the video settings at screen bottom and change the playback speed from 1 (normal) to 0.75. You're welcome.
I open a Corp in Ontario to actively trade stocks on Questrade but i will become non resident
With all the tax and the withholding tax for becoming non residents, what the best way to pay ourselves? im wondering if it will be best just to close this corp and maxed our tfsa before becoming bon residents
A corporation is it's own legal entity. Just because you become non-resident doesn't mean the corporation does. This is an extremely complex question that would require a sit-down consult and can't be handled in a YT comment.
Note that you can not contribute to a TFSA while non-resident.
If I retire at the age 70 years ( still working) .and I get Omer’s pension will cpp and OAS be deducted .
I found you very articulate and clear!
This is my first time seeing this channel.
I’m curious would you have any updated info regarding: I’m not a trader…just been invested in one specific crypto currency for some years…If I were to cash a measure out is it possible to give a substantial measure to a charitable organization (church) to counter taxation from government to basically zero out…?
Hope this is understandable..just looking for opinion not financial advice:)
Blessings
Kirk
Donations give you a tax credit of 15% on the first $200 plus 29-33% on the amount above $200 (plus your provincial tax credit). So you would need to do the math to figure out what your capital gains tax on the crypto is and work backwards to figure out how much to donate to offset it. A simpler alternative would be to make an RRSP contribution equivalent to your capital gain.
Are the capital gain changes dead since no legislation has been passed and it looks like none will be passed any time soon? Seems like people will start filing their taxes before parliament sits again.
Great video @AliceCeeCPA - following for the answer of this question about capital gain changes
See my comment I posted above. The short answer is, that since you cannot pay even if you wanted to, the CRA was forced to issue a statement that there will be no late penalties for not filing, duh huh, amazing how accommodating they are. I'm super upset at this incompetent government, the sooner they are kick out, the better it will be for everyone, that's no matter where you sit on the financial pyramid.
@@geekinasuit8333 sorry but I can't seems to find your other comment.
But per this one, does it mean that we have to declare the 66% if the capital gain is over the $250k?
@@isabelleferland8303 Technically speaking, there's no obligation to declare more than 1/2 over $250K, since there's no law, at least none that's in effect, stating that you have to. However, should the law come into force later on, which may be unlikely now that the government is set to fall, then enough should be set aside just in case, given the ridiculous and highly damaging "retroactive" nature of the proposed law. The CRA claims they will not issue fines and other penalties should the law come into effect, since obviously there would be a revolt given how unfair it would be to penalize people for following the law.
I'd say, the vast majority of people, voluntarily file their taxes honestly without too much unwillingness, but if 90% stopped willingly cooperating, the CRA would be unable to do much about it. They know, that they have to be seen as "fair", and it's by necessity
I tried replying, but I don't see my comment for some reason. Since the 2/3 inclusion is not yet law, you do not have to declare it or pay the extra amount, but I would set aside what you may have to pay if it comes into law. The CRA said they will not penalize people for not filing 2/3 because they can't enforce a law that doesn't yet exist, and will give everyone time to file should it be passed into law next year. It seems the government will face a no confidence vote, and if the NDP follow through (big if), then the tax hike is dead, unless revived by the next government. If they try and back date it to Jun 25 2024, I think there will be a big revolt. Imagine, getting hit with back dated taxes you had no idea no idea about unless you can see into the future!! This crazy government has to go, it's been really destructive.
What about being 65 and Old Age Pension and GIS.I have a tiny GIC and a tiny TFSA.
Money taken out of a TFSA isn't considered to be income and won't affect OAS. Income from a GIC held outside of a registered account can affect OAS and GIS (Guaranteed Income Supplement).
@johnnemeth6913 Thank you so very much for that information.I appreciate it.🇨🇦🙋♀️
Great videos thank you! Could you make a video on capital gain tax for resident of Canada Quebec from 2007-2015 to a non resident from 2015 to 2024 when it comes to selling a property they own in Canada ? Thank you so much!!
I have my savings for my house in a GIC RRSP. I open the account before the official First time home buyer account was made. I was told when I opened the RRSP that I could take out 35k from my RRSP to buy a house. Is this still the case?
Yes.
You can actually withdraw up to $60k as of April 17th 2024.
Je veux bien vos explications soit en français pour mieux comprendre sur les déclarations d'impôt canadien
Hi we need help to file our income tax
Yes.......increase taxes at all costs
@alice cee I will be inheriting a farm. I need to know the tax implications. Can I consult with you?
Love ir!!!!!!!!!!!!!!!!!
Aren’t medical expenses, a tax credit, not just a deduction? Big difference between the two.
How is crypto currency taxed in Canada?
I am wondering if any one including your self has read the tax act ,it is voluntary , and has any one read the Tax Payer Bill of Rights.The rabbit hole is deep.
Hi Alice where you from ?
Sne has a canadian accent so she is likely canadian.
I am from BC
the rrsp limit can be carryover if you don't use it. So you don't need to make ~180k, is that right?
Very informative but pls talk a little bit lot slowly. Thanks 🙏
As a business owner, totally didn't realize some of these date deadlines...oops!
Oh man, our American friends pay on average about 14 to 15% tax. How nice would that be?
They also pay thousands of dollars for simple medical procedures
It's not that simple. I've been seriously considering leaving Canada for the USA for a lower taxation rate, but in some cases, your taxation costs can be even worse, although overall, in the average case, it can be slightly better. There are other costs, such as medical insurance, which doesn't necessarily cover you because your claim may be denied, and that kind of thing apparently is what led up to the assignation of a CEO. What will go a lot further in the USA, is your buying power, that's really about the only benefit of significance you will receive.
That's only the federal tax. There can also be state, county, and/or city income tax depending on where you live and work.
May I know where is your office?
My God....please slow down!!
You can slow her down by going to settings. I slowed her to 3/4 speed
Can you do some videos about leaving Canada for the USA?
i made a donation to my local church of 7100$ in form of windows. i live in bc canada
Do not forget about the new 67% capital gains tax that will need to be paid to the government.
How about a crypto tax video?
Crypto is generally treated as capital gains. There is nothing special about it.
You are quite good and to the point of the subject. However, the problem is that you speak too fast. So fast that even as a CPA myself could not absorb the numbers before you mentioned another number. Please understand that when you say xxxx is this year’s NRT credit, it needs to take a fraction of a second to absorb and remember it. Unlike conversations, people don’t need to “remember” what you say, but just to listen. If you could speak slower, it will make your video much more better
Taxes shouldnt even be allowed, they are stupid
Hi. Im looking for some to help me with my taxes in toronto, ontario, canada. Can you recommend anyone?
Yes can you email me at hello@alicecee.com please.
In short , TAAAAAAAAAAAAAAAAAAAAAAAAAAAX will rise
2024 amounts
CPP = $4055.50
Ei = $1049.12
2025 amounts
CPP= $4,430.10
Ei = $1,077.48
So more increases. What else is new? 🙄
Increased for inflation, maybe?
I don’t know what your talking about to confuseing
she can do my accounts any time..
I'm a homesteader, I don't need to work, pay all these taxes no one understands, so I can buy poision garbage at the grocery store and pay more taxes. No, thank you
So glad I don't have to contend with an income that requires me to figure out taxes anymore.