Tax system in Canada and the best way to save a few tax dollars every year 🤑

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  • Опубліковано 4 жов 2024
  • We explain the tax system in Canada covering the following:
    1. Types of income taxes in Canada - yup, there is more than one
    2. How much is it and how it works?
    3. Difference between Salary tax and business tax and how you can save tax in Canada - legally!!!
    Useful links:
    1. EI and maternity: • A step by step guide t...
    2. E&Y tax calculator: www.eytaxcalcu...
    Disclaimer: These videos are our personal views and opinion, they should NOT be considered as legal advice. We are not affiliated with any government organization or division. We assume no liability for how the information on this channel is used or interpreted and hence take no responsibility for any decisions that is made with regards to your application based on the information shared on this channel.
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    We don't like immigration agents - the ones' that aren't authorized by ICCRC and qualified to help you with your application in exchange for money - first of all, it's not legal to do that, and second of all, it's so easy that you don't really need paid help! We are a young couple who started their Canadian Immigration journey in 2018 and moved to Canada 3 days before the pandemic hit in March 2020. Over the course of our application, we have seen so many people getting screwed over by greedy / fraudulent and unauthorized immigration consultants who promise you the world in exchange for thousands of dollars and deliver a whole lot of NOTHING; to an extent that in many cases, the applications get rejected, due to their negligence.
    Therefore, we are taking matters in our own hands. After months of research and our own experience of applying for a Canadian PR, we came up with an e-book series & this UA-cam channel which would include - errors to avoid, perfect sample documents (my own) and alternate ways of immigrating to Canada - 100 pages of absolute goldmine between these 3 e-books - no filters, no premium versions to these ebooks... everything is out there FOR FREE, for you to read and execute the process yourself! All we are doing in these ebooks is sharing our experience of applying for PR ourselves / structuring and pointing you in the right direction via various different resources that are available on IRCC's official website. The UA-cam channel will compliment the e-book and add some personality and entertainment to the entire process :-)
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КОМЕНТАРІ • 403

  • @tilakjayswal
    @tilakjayswal 4 роки тому +14

    Honestly, this is the video, every immigrant is looking for as they always come with a mindset like they will be paying 30-35% flat tax on their income. You guys clarified this simply great. Gob bless you both !!

  • @Bhardwaj.Raghav
    @Bhardwaj.Raghav 3 роки тому +2

    I must say that’s the BEST yet simple video I’ve seen so far about Canadian tax system. You guys deserve a raise 😃

  • @sahilhanda8881
    @sahilhanda8881 4 роки тому +5

    I have really enjoyed the way everything is explained on excel sheets. U need great intellect for explaining calculations with so much of ease. Potatoe couple, your hard work is much appreciated. Lots of respect. As I always say, you both are the sweetest couple. Keep progressing. Thank you ☺.

  • @fahadhashmi6341
    @fahadhashmi6341 4 роки тому +17

    Extremely well explained! 👍🏻👍🏻

  • @MrJassal56
    @MrJassal56 4 роки тому +1

    No doubt, explaining using boards, charts, diagrams is way better than just giving an oral speech. A much comprehensive with important information video. Thanks guys!

  • @SairamSattiraju
    @SairamSattiraju 4 роки тому +2

    The thing I like and appreciate the most is the Green Chalkboard with the points that Potato Talkies use. Most other youtubers who might cover similar topics, talk about everything orally. After watching the entire video and liking it, I find it easy to go back and take a screenshot of the board to save on my laptop for future reference! :D Kudos @PotatoTalkies

  • @prathmeshjani8082
    @prathmeshjani8082 4 роки тому +6

    Very well explained. I'm student and planning to come canada for studies. It motivated me to do business instead of looking for high salary jobs.😁❤️

  • @trivedigmt
    @trivedigmt 4 роки тому +1

    Very well explained.... awesome detailing....cheers

  • @lipsamisra9695
    @lipsamisra9695 4 роки тому +2

    You guys are simply amazing. I have not seen anyone till now who have explained such complex things so easily. It's really helpful and love your content.😁😁😁😁😁

  • @MukeshGupta259
    @MukeshGupta259 3 роки тому

    Finally found someone who has answers of my all the questions.

  • @sidbhardwaj6605
    @sidbhardwaj6605 3 роки тому +1

    very well explained guys, simple and easy !! no extra talks, hit the shot !

  • @krishnatanna252
    @krishnatanna252 4 роки тому +4

    Toooo good.!😊
    Very well explained.. Loved it.!❣️
    These kind of vedios diffrentiate you from other youtubers making vedios relating to canada.!
    Keep growing.!!😊😊😊

  • @mzhr72
    @mzhr72 3 роки тому

    Very informative video, I had browsed multiple websites and had not found anything relevant.
    But this cleared up my doubt!!

  • @rohitkulkarni8120
    @rohitkulkarni8120 4 роки тому +2

    You are awesome.. Answer most of my questions. Thanks guys

  • @sohailshaikh7560
    @sohailshaikh7560 4 роки тому +1

    Most awaited video.... Great job brother

  • @ps2050
    @ps2050 3 роки тому +1

    superb explanation - esp where you show comparison of numbers so people can understand the concepts !!

  • @sapanshah12
    @sapanshah12 4 роки тому +2

    Canada taxation explained in most easiest way possible. Great video Navjot and Simran.

  • @sachinbetawar
    @sachinbetawar 4 роки тому +2

    Wow...Amazing Explanation with simpler calculations.....Love Potato Talkies !

  • @prabhakarraju5684
    @prabhakarraju5684 Рік тому +1

    Excellent video I was wondering how the Canadian tax system works , Thanks again for the wonderful video 😊

  • @rutujasarode
    @rutujasarode 4 роки тому +2

    Hi guys! Very well explained content 👍
    You cover the topics which are helpful to most of the immigrants and this is what makes you different than other UA-camrs!
    Keep it up guys.
    I would like to see more info on business income as in what all business you can do while doing normal jobs..
    Thanks guys..

  • @tarunahuja8027
    @tarunahuja8027 4 роки тому +1

    Amazing video, I dont have time to check slabs and all but now everything is clear. Thanks guys u always rock..

  • @bikashniroula2952
    @bikashniroula2952 4 роки тому +2

    Quite a detailed content video....Nicely explained...Really helpful for needed ones...Always loved your videos

  • @seekpeace260
    @seekpeace260 4 роки тому +2

    Good content! One clarification that you probably need to give is that CPP and EI deductions are both annually capped at $2,898.00 and $856.36 for salaried people and not always x% of your paycheck. This needs to be updated in your monthly budget calculator as well. I understand it's bit complex to explain and that's why probably you are choosing to just mention % there.

  • @roshanp4765
    @roshanp4765 4 роки тому +1

    Very well explained guys!!

  • @VishnuBabykumar
    @VishnuBabykumar 4 роки тому

    Thank you so much guys for this enlightening video! There’s something about you both that makes you guys so endearing to all of us. God bless you guys! You are the ultimate example of the fact that we proper by sharing knowledge! Much love to Canada’s beloved Desi Potato Talkies!!! Sincerely yours, a 3 week old Canadian PR who made his way to Canada all thanks to you both...

  • @shoumikbanerjee4769
    @shoumikbanerjee4769 4 роки тому +1

    Good content. Keep up the good work.

  • @MrJasminjony
    @MrJasminjony 4 роки тому

    Hi guys! I watch your videos regularly. It's great to see you both. Your way of explaining to all the topics is really awesome. As we ( me & my wife) are planning to go to Canada, your videos really help us to understand the scenario. Thanks again.

  • @manasipuri686
    @manasipuri686 4 роки тому +1

    Very well explained!! Thank you so much!! Was waiting for this one and awaiting the next one too😀❤️

  • @prateekjuneja7500
    @prateekjuneja7500 4 роки тому

    Veerji aap ko CA try karna chahiye tha, meticulously explained. True nerd!!

  • @ravinarnimje
    @ravinarnimje 4 роки тому +2

    Thanks guys! Very helpful video as always.

  • @nimishkhandelwal454
    @nimishkhandelwal454 3 роки тому +1

    Nicely explained
    Crisp and clear

  • @ramanjeetsingh5197
    @ramanjeetsingh5197 4 роки тому +1

    Please make a video on contract job vs full time. Pros and cons.

  • @RobiulIslam-ep7ok
    @RobiulIslam-ep7ok 4 роки тому +6

    I have watched so many videos from this channel that when Simran says 'hey guys, welcome back to our channel.'- It kinda feels like she is a distant cousine of mine and I know her for a long long time. 😅

  • @hirrajahangir
    @hirrajahangir 4 роки тому +2

    You both are awesome I watch your one video more then one time , you both are really a blessing for all of us
    Loads of love from Pakistan

  • @YmsCreation
    @YmsCreation 4 роки тому

    I commented about make a video on tax system on almost every Canadian youtuber but they didn't did it. Thanks for this awaiting n much useful video. Keep sharing such valuable information.

  • @subhradas1644
    @subhradas1644 2 роки тому

    You can also deduct taxes by contribution of RRSP, RESP, Child expenses, TFSA, SPOUSAL RRSP

  • @sudeshnatupur
    @sudeshnatupur 4 роки тому +1

    Superb. I will save this to forward it later to my daughter. She is doing her undergrad at the moment

  • @sudarshanachakravarty5041
    @sudarshanachakravarty5041 4 роки тому +2

    As usual very insightful guys.. Thanks👍

  • @anishamathur1790
    @anishamathur1790 4 роки тому

    Good to hear that we can actually saveeeeee! Wooohoo! Amazing video! Waiting for Saturday 😍👌👌

  • @shaileeagrawal1494
    @shaileeagrawal1494 4 роки тому +1

    Nice video! Now it makes sense why there are so many youtube channels from Canada 😀

  • @thsyed52
    @thsyed52 4 роки тому +2

    Extremely informative !

  • @arunpandit8145
    @arunpandit8145 4 роки тому +1

    Bahut badhiya Navjot bhai 👏👏👌🤘
    Is Topic se related maine abhi tak YT pe proper video nahi dekhi.
    You both did a Great Job🤘🤘❤❤

  • @harshmehraaa
    @harshmehraaa 4 роки тому +1

    You didn’t mention that income tax in Canada is on family income and not individual income. This will change the whole tax bracket when you combine both the incomes

    • @akhere4279
      @akhere4279 4 роки тому

      Are you sure?
      The tax returns are filed individually if you do it for you and your spouse.. So having a spouse does not increase tax..

  • @kanrulz5013
    @kanrulz5013 4 роки тому +3

    Ei can be used like job insurance but CPP don’t think will continue until your retirement the way the they distributing funds as social benefits. Canada is in debt my friend.

    • @Potatotalkies
      @Potatotalkies  3 роки тому +1

      I know... it will come bite us someday for sure.

  • @motivationshortsadda
    @motivationshortsadda 4 роки тому +1

    Flawless and very much informative video... Thank you very much!!

  • @gauravdeepsingh8179
    @gauravdeepsingh8179 3 роки тому +1

    Very helpful video guys !! Thanks a lot !!

  • @pradeepvenkatesan5806
    @pradeepvenkatesan5806 4 роки тому +5

    Fantastic Breakdown !!!

  • @asbindra
    @asbindra 4 роки тому +1

    Very informative vlog and tax structure so immaculately explained with examples... Great work potato couple👍

  • @zeenamarsi5738
    @zeenamarsi5738 4 роки тому +2

    Excellent content and very well explained ( as always).

  • @faizansiddiqui5965
    @faizansiddiqui5965 4 роки тому +2

    Paaji .. Meri wife aap logon ki Diwani ho gayi hai.. Din raat wahi videos chalte rehte.. Repeat me dekhti :) .. Pehle mujhe ennoying lagte they aap log .. but now I love your voice and information you share.. we even now started to plan for Canada Migration.. credit goes to you.. you motivated us ki Covid me jab aapka mast chal gaya toh banda survive kr sakta

    • @Potatotalkies
      @Potatotalkies  4 роки тому

      Bilkul 100%!!! Hum kr skte hain toh app bhi kr skte ho 😃😃😃
      Thanks for the lovely message 🤗🤗

  • @calmrelaxationvideos408
    @calmrelaxationvideos408 4 роки тому

    Hi guys, I am following you people since from the beginnings itself. You're videos are encouraged me a lot to do something, So now I'm giving IELTS exam and preparing myself to immigrate to Canada. You are vlogs are so awesome and If I succeeded definitely I will come to meet you guys. Much love ❤️ keep it going.👌

  • @sc..vartak7865
    @sc..vartak7865 4 роки тому +2

    Fantastic video.. as usual. Can you please make a video on what business one can do , as you have done youtube..

  • @gursheenubeja6864
    @gursheenubeja6864 4 роки тому +1

    Nice information. Stay blessed guys! :)

  • @andyflintof143
    @andyflintof143 4 роки тому

    Very well explanation !! One thing I figured out work in Canada and retired in India the pension plans and other retirement income will be huge when it will be converted into INR. just imagine! you have around 1.5 lakh rs to spend in a month... Ah-ha...

  • @shivendrapandey2103
    @shivendrapandey2103 3 роки тому

    Great content guys! I always gain a bit from your edu videos.

  • @jaineetbanwait3959
    @jaineetbanwait3959 4 роки тому +1

    Thank you so much!!! you guys are awesome :)

  • @sachintrivedi7899
    @sachintrivedi7899 4 роки тому +1

    That's very informative guys. Will wait for the next video. Also can you please consider making a video on how to register for a Contractor ? Once i get stable in my day job i want to start a consulting / contract work in IT field.

  • @981895
    @981895 4 роки тому +2

    Guys, great video, however, when you calculated salary increment vs business income, although you said you saved 2000 dollars in taxes.. but please have a look at the salary you got in hand due to increment.. as there were no additional expenses tied to the increment, its almost 5000 dollars more than starting a business!! Perhaps over time the business income would become more profitable when expenses go down!! But if you talk about the cash in hand, post expenses and taxes, in the example you gave, the salary increment is more profitable !!

    • @Potatotalkies
      @Potatotalkies  4 роки тому

      Ummm... there are lots of businesses that start with zero... I started this UA-cam channel with $25!! Which was what I spent on the tripod..

  • @nidhiljoshi
    @nidhiljoshi 4 роки тому

    Finally someone made a video on this...who none other than Potato Talkies....! M a Fan...!!

  • @poojasomaiya4281
    @poojasomaiya4281 4 роки тому

    You guys are doing a great job - all for free for the subscribers ! Hats off

  • @allenthomas9404
    @allenthomas9404 4 роки тому

    Guys please make a video on how lawyers can come to Canada and major things like how a lawyer can show his income and especially the ones who are independent advocates. Looking forward to it.

  • @germaineboatwala-sidhva1079
    @germaineboatwala-sidhva1079 4 роки тому +1

    That's awesome explanation! 👍. Good to know how Canada works.

  • @adityachowda8403
    @adityachowda8403 3 роки тому

    Paaji maza agaya... Ek no. Video 🤩🙏🏻

  • @khanbasheer1363
    @khanbasheer1363 Рік тому

    Good video guys. 3 to 4K expenses per month for a family of 2 or 3 people must be looked at as well. Minimum of 65% would go into taxes and survival excluding vacations and back home parents support. A person making 100k, will save 35k per year.

  • @shaileeagrawal1494
    @shaileeagrawal1494 3 роки тому

    A very basic question - Tax in most cases is calculated on the overall household income but CANADA doesn't support this! You have to file separately even if you are married :-)
    Most countries have tax benefits when you are married but very strange this is not the case in CANADA which promotes so much family values etc!
    This is a major major drawback because if one person has a high salary or if he/she is the only earning member, take home income is less as compared to those where both are earning 60k each.
    Whereas other things including CRS scores etc, CANADA looks at the combined scores of both primary and secondary applicant. I guess they should start considering separate scores of each primary and secondary applicant there as well :)

  • @rishabhkukreja5742
    @rishabhkukreja5742 4 роки тому +1

    Also, can you make an overview of business scenario in canada? Like what's booming, tech, startups, real estate, basically an overview of business in canada and the position of canada in 5 years. That will really help us all the aspiring entrepreneurs. Thanks.

    • @Potatotalkies
      @Potatotalkies  4 роки тому +1

      A bit too early to say - both for us in thr country and give that covid is still a pain - 2 things that would stay - retail and Healthcare:)

    • @rishabhkukreja5742
      @rishabhkukreja5742 4 роки тому

      @@Potatotalkies oh alright, thankyou very much to take out time to reply me. ❤️❤️🇨🇦🏁

  • @anuragmazumdar05
    @anuragmazumdar05 4 роки тому +1

    First time UA-cam mei apne firm ka kuch kaam aate dekha 😀 🔥🔥🔥

  • @rutulpatel8535
    @rutulpatel8535 3 роки тому +1

    Amazing Video sir🙏. Outstanding effort is given by you and mam ..Hats off

  • @mihirrupapara93
    @mihirrupapara93 4 роки тому +1

    Only Navjot, the way you explain things are crystal clear any one can easily understand.
    Small suggestion from my side need to improve video editing skills and add small startup video on every video you guys post on UA-cam. Keep Posting...

    • @Potatotalkies
      @Potatotalkies  4 роки тому +2

      Yup... need a bit of time to upgrade to final cut pro.. already bought it.. just not getting the time to load it

  • @shiffujindal5208
    @shiffujindal5208 4 роки тому +1

    Very informative thanks

  • @ghuman83
    @ghuman83 4 роки тому +1

    Great Video. Thanks for sharing.

  • @jeffreymonteiro2530
    @jeffreymonteiro2530 4 роки тому

    This was a great insight into the direct tax structure in Canada. However, when you talk about the tax structure of a country you also need to include Indirect Tax component. In Canada for most services and goods, the GST consideration is 13.5% which is in addition to the direct tax you pay on your salary. So net net you pay Fed Tax + Provincial Tax + GST.

  • @yatharthsaxena175
    @yatharthsaxena175 4 роки тому +2

    Awesome as always 👍🏽👍🏽

  • @ManjotSingh-zz3ij
    @ManjotSingh-zz3ij 4 роки тому +2

    Great video. Keep up the good work.

  • @Shubham-jz7ec
    @Shubham-jz7ec 4 роки тому +9

    Big paradox - Traveling Desi and Potato Talkies both premiere at 7 p.m. What to watch first🤔?
    Jokes apart love you guys💯❤️

    • @Potatotalkies
      @Potatotalkies  4 роки тому

      ❤❤❤❤

    • @mayankstark7112
      @mayankstark7112 4 роки тому +1

      Potato Talkiess ❤❤

    • @mirajvyas3666
      @mirajvyas3666 4 роки тому

      Yeah...bruh..Also The way Traveling Desi speaks...also sometimes during videos...just love to hear him

  • @lubnaambreen2255
    @lubnaambreen2255 4 роки тому +1

    Nicely explained. Can you also share some details on contract but incorporated. I hear a lot of software engineers here do that, would be great to learn more about it, thanks .great job!

  • @dr.priyanshi2201
    @dr.priyanshi2201 4 роки тому +1

    You guys are the bestttttt🙌🙌😀😀

  • @maharshishukla8891
    @maharshishukla8891 2 роки тому +1

    very informative and effective.

  • @ninadusankar4651
    @ninadusankar4651 4 роки тому

    The part which you have shown in Business Income section of the video is exactly similar in India as well. In India it's know as writing off on income statement wherein your expenses won't be taxed. And this is what most MSME businessman do in India inorder to skip the tax or save as much as possible.

  • @TarvinderTung
    @TarvinderTung 4 роки тому

    You guys are awesome. So much information on the Channel. Will move to permeant to contract soon. Lol

  • @lvepreetsingh4778
    @lvepreetsingh4778 4 роки тому +2

    saving in TFSA accont is great way to grow your money tax free.

  • @poojagrover3543
    @poojagrover3543 4 роки тому

    Can u guys also make a video on Payroll. Like how much tax is deducted from Payroll and how does it work

  • @samanvithakv1629
    @samanvithakv1629 3 роки тому

    Excellent video! The way you explained total money through your regular employment and new business, can you please explain the tax system with two different employers ? Thank you so much!

  • @anishabhat9495
    @anishabhat9495 4 роки тому +2

    Very well explained .What about one time investments like camera/ drone , will you be able to claim it every year in business tax or would you need to upgrade devices to stay eligible to claim in tax ?

  • @aadityanayyar3335
    @aadityanayyar3335 4 роки тому +3

    Please make more videos on financial education. Ps: great video 🔥🔥

  • @prachisidharthincanada1394
    @prachisidharthincanada1394 4 роки тому +2

    Very well explained.. we are really inspired by you and your vlogs.. trying to set up our own channel.. :)

  • @kattysharma786
    @kattysharma786 3 роки тому +1

    Quality explanation👌❤️

  • @Animeshw
    @Animeshw 4 роки тому +1

    Wonderful and Informative Video as always!!

  • @EnglishforPUNJABIs
    @EnglishforPUNJABIs 3 роки тому

    Such a useful video. Thanks for explaining 👍

  • @TheRaimaxr
    @TheRaimaxr 4 роки тому

    I have a very important input about side business that you have suggested on tax deduction , I live in US have seen lot of people do that in so many ways and save few grants but what about ignoring your organic growth reason I am saying this because have seen lot of people regret this in their life and end not being able to grow professionally as much they would have like to , appreciate your input on this.

  • @sophiapinto04
    @sophiapinto04 Рік тому

    Very nicely explained

  • @sumitmane6667
    @sumitmane6667 4 роки тому

    Brother and sister you both are amazing

  • @ankitkanna1782
    @ankitkanna1782 4 роки тому

    Hi, firstly a huge fan of your channel. I wanted to know what is the software you use "The chalkboard One". Also, you were going to make a video on "how to get parents in Canada". I think this would be the most awaited video of all times as everyone is talking about how to go to Canada but no one has information about how to bring your parents and the way you explain everything in details you are best of the best to create a video for that. Thanks for all the information you share

  • @arjunkumardhungel2352
    @arjunkumardhungel2352 3 роки тому +1

    Wonderful explanation.

  • @PTwowala
    @PTwowala 3 роки тому +1

    awesome clarification sir ji and Mam ji

  • @shreejith2009
    @shreejith2009 3 роки тому

    Would love to see a detailed video on how taxation work on contract job. Would he be taxed for his business as well as the money he gets in his personal account as a salary from the contract jobs business account?

  • @aceventuresswitzerland7966
    @aceventuresswitzerland7966 3 роки тому

    Good effort. A business pays tax on taxable profit, not income. Personal income taxes are different from Corporation taxes. Even if you were not to open a company, if running a business on a self-employed basis ( without any entity), you can claim reasonable business deductions (proportionate). Audiences should be made aware of the difference between income and profit. Sarvesh, CPA

  • @LovepreetSingh-tv9hy
    @LovepreetSingh-tv9hy 3 роки тому

    Thank you so much guys for such an amazing Video 😊😊 Could you please make another video on how to file a tax return in Canada!!😃

  • @The600Explain
    @The600Explain 4 роки тому

    Was waiting for this video

  • @TipooSultann
    @TipooSultann 2 роки тому +1

    8:30 that nudge from Didi :)