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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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 !!
I must say that’s the BEST yet simple video I’ve seen so far about Canadian tax system. You guys deserve a raise 😃
Haha
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 ☺.
Thank you 😃💯
Extremely well explained! 👍🏻👍🏻
Thanks 😃
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!
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
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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.😁❤️
Very well explained.... awesome detailing....cheers
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.😁😁😁😁😁
Thanks 😃😃
Finally found someone who has answers of my all the questions.
very well explained guys, simple and easy !! no extra talks, hit the shot !
Toooo good.!😊
Very well explained.. Loved it.!❣️
These kind of vedios diffrentiate you from other youtubers making vedios relating to canada.!
Keep growing.!!😊😊😊
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Very informative video, I had browsed multiple websites and had not found anything relevant.
But this cleared up my doubt!!
You are awesome.. Answer most of my questions. Thanks guys
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Most awaited video.... Great job brother
Thank you 😀
superb explanation - esp where you show comparison of numbers so people can understand the concepts !!
Canada taxation explained in most easiest way possible. Great video Navjot and Simran.
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Wow...Amazing Explanation with simpler calculations.....Love Potato Talkies !
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Excellent video I was wondering how the Canadian tax system works , Thanks again for the wonderful video 😊
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..
Amazing video, I dont have time to check slabs and all but now everything is clear. Thanks guys u always rock..
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Quite a detailed content video....Nicely explained...Really helpful for needed ones...Always loved your videos
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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.
Very well explained guys!!
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...
Good content. Keep up the good work.
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.
Very well explained!! Thank you so much!! Was waiting for this one and awaiting the next one too😀❤️
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Veerji aap ko CA try karna chahiye tha, meticulously explained. True nerd!!
Thanks guys! Very helpful video as always.
Thank you 😃
Nicely explained
Crisp and clear
Please make a video on contract job vs full time. Pros and cons.
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. 😅
Thank you 🤗🤗🤗
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
Thank you 🤗
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.
You can also deduct taxes by contribution of RRSP, RESP, Child expenses, TFSA, SPOUSAL RRSP
Superb. I will save this to forward it later to my daughter. She is doing her undergrad at the moment
As usual very insightful guys.. Thanks👍
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Good to hear that we can actually saveeeeee! Wooohoo! Amazing video! Waiting for Saturday 😍👌👌
Nice video! Now it makes sense why there are so many youtube channels from Canada 😀
Extremely informative !
Bahut badhiya Navjot bhai 👏👏👌🤘
Is Topic se related maine abhi tak YT pe proper video nahi dekhi.
You both did a Great Job🤘🤘❤❤
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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
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..
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.
I know... it will come bite us someday for sure.
Flawless and very much informative video... Thank you very much!!
Very helpful video guys !! Thanks a lot !!
Fantastic Breakdown !!!
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Very informative vlog and tax structure so immaculately explained with examples... Great work potato couple👍
Excellent content and very well explained ( as always).
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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
Bilkul 100%!!! Hum kr skte hain toh app bhi kr skte ho 😃😃😃
Thanks for the lovely message 🤗🤗
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.👌
Fantastic video.. as usual. Can you please make a video on what business one can do , as you have done youtube..
Nice information. Stay blessed guys! :)
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...
Great content guys! I always gain a bit from your edu videos.
Thank you so much!!! you guys are awesome :)
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.
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 !!
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..
Finally someone made a video on this...who none other than Potato Talkies....! M a Fan...!!
You guys are doing a great job - all for free for the subscribers ! Hats off
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.
That's awesome explanation! 👍. Good to know how Canada works.
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Paaji maza agaya... Ek no. Video 🤩🙏🏻
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.
ua-cam.com/users/shorts_0IvUsZdOVg?feature=share
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 :)
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.
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:)
@@Potatotalkies oh alright, thankyou very much to take out time to reply me. ❤️❤️🇨🇦🏁
First time UA-cam mei apne firm ka kuch kaam aate dekha 😀 🔥🔥🔥
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Amazing Video sir🙏. Outstanding effort is given by you and mam ..Hats off
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...
Yup... need a bit of time to upgrade to final cut pro.. already bought it.. just not getting the time to load it
Very informative thanks
Great Video. Thanks for sharing.
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.
Awesome as always 👍🏽👍🏽
Great video. Keep up the good work.
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Big paradox - Traveling Desi and Potato Talkies both premiere at 7 p.m. What to watch first🤔?
Jokes apart love you guys💯❤️
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Potato Talkiess ❤❤
Yeah...bruh..Also The way Traveling Desi speaks...also sometimes during videos...just love to hear him
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!
Sure.. will make one
You guys are the bestttttt🙌🙌😀😀
very informative and effective.
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.
You guys are awesome. So much information on the Channel. Will move to permeant to contract soon. Lol
saving in TFSA accont is great way to grow your money tax free.
Explain
Can u guys also make a video on Payroll. Like how much tax is deducted from Payroll and how does it work
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!
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 ?
Please make more videos on financial education. Ps: great video 🔥🔥
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Very well explained.. we are really inspired by you and your vlogs.. trying to set up our own channel.. :)
Wishing you the best 👏😃
Quality explanation👌❤️
Wonderful and Informative Video as always!!
Thanks 😃
Such a useful video. Thanks for explaining 👍
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.
Very nicely explained
Brother and sister you both are amazing
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
Wonderful explanation.
awesome clarification sir ji and Mam ji
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?
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
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!!😃
Was waiting for this video
8:30 that nudge from Didi :)