EASY EXAMPLES of HOW TAX WORKS in CANADA 2020
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- Опубліковано 27 лип 2024
- EMPLOYMENT TAX, INVESTMENTS TAX, TAX RATES, HIGH INCOME EARNER BONUS TAX.
TOPICS COVERED INCLUDE:
1. What are the Canadian Tax Brackets - 2020 Tax Brackets Canada
2. How is income taxed in Canada?
3. What is the dividend tax credit?
4. How is interest taxed?
5. How are capital gains taxed?
6. How are dividends taxed? Dividend tax credit 2019
7. Marginal tax rate explained
OTHER VIDEOS TO CHECK OUT:
TAX TIPS FOR 2021: • Episode 5: Tax Updates...
HOW ARE ETFs TAXED?: • ETF and MUTUAL FUND TA...
WHEN YOU SHOULD USE RRSPs: • RRSP or TFSA? Is It Be...
RRSPs - THE BASICS: • THE BASICS IN UNDER 3 ...
// LINKS
EY MARGINAL TAX RATES: assets.ey.com/content/dam/ey-...
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If there is a scenario or example you would like to see, comment to let us know.
Hi everyone, thanks for visiting the channel. We released 2 videos this year that walk through some tax credits and expenses that you may be able to take advantage of this year to lower your taxes or get a bigger refund. It is a 2 part series, you can check them out here: PART 1 TAX TIPS: ua-cam.com/video/NArMv0mE774/v-deo.html PART 2 TAX TIPS:ua-cam.com/video/jFIEIfaJyLw/v-deo.html
One would think the provinces that have the highest taxes would have better benefits and get more for their taxes, but this isn't the case and some of the provinces with higher taxes have dismal services especially in in regards to access to healthcare.
that blows my mind! make more and get taxed more. i like the dividend tax equation though. seems like a solid strategy. thank you for your importabnt advice on money
Thanks mark!
that blows my mind
Great video! Not sure why this showed up on my algorithm. Tax season must be coming up!
We’re few months away.
What about the ~13,000 basic amount (not taxed) that is credited to every Canadian?
In the example used in the video would you remove that personal - basic amount from the 60k earned and then start your tax calculation based off of the difference of ~47k?
Please explain about company tax in alberta
Thanks 🤩 for this exeples 😁👩
You're welcome! Thanks for stopping by!
Whay about company tax in alberta
Very nice explanation,I loved it and your voice super
thanks riya, glad you liked the video! Thanks so much for the feedback and visiting our channel 😊
nice video!... but the music's volume and intensity make it really hard to focus on the content.
I am tax practioner, currently serving In PWC. Need a mentor who outsourced his tax work.
That's why more and more people apply for Ontario Works program haha
Can you do deductions in Canada ?
1:57 there's a small error ; the next income brackets are always + 1$ more, not the exact amount as previous brackets, exemple ; it should says 48,536$ - 97,069$ = 20.5%
THANKK YOUUUIUUUUU
Thanks for watching 👍
Is the marginal tax rate specific ONLY to Ontario, or does each Province have their own marginal tax rate?
Hi Jon, the marginal rates will vary depending on where in Canada you live. The federal rates are the same but the provincial rates will change as well some of the credits and deductions that are available to you depending on your province. Hope that helps.
what is family tax in canada? is there a Notice of Assessment?
Hi Mario, there are some benefits and credits you can apply for as a family in Canada. The Notice of Assessment is what you receive after you've filed your taxes. It summarizes your return and includes important information for the following tax year, like your RRSP limits for example. You can learn more about family tax credits and benefits here: ua-cam.com/video/u6TRDPzbBDw/v-deo.html
So if your richer and can invest to earn a capital gains another advantage to the wealthier!
provincial tax rates are different as per territories?
they differ by province and territory, for example, Alberta has lower taxes than British Columbia
Yes exactly, so you will be charged federal taxes plus provincial/territorial taxes which differ based on where you live.
Taxes are so confusing 😕
You're right! Taxes in Canada are really confusing, there are a lot of different rules for everything. If you there is something you would like to learn more about let us know 🙂
Hi Ajaybir singh Sandhu
I heard you get money back , is that true ?
Depends whether or not you've over paid your taxes or if you have credits to claim to lower your taxes owing. There are additional credits and payments for individuals at lower levels of income so aside from being required to file your taxes if you earned income, it could also result in financial support.
Especially if your a man single pay the highest taxes because there is always exceptions for women !