Canada Income Tax - EXPLAINED

1 year ago
44

An overview of Canadian income tax basics, including taxable income, deductions, marginal tax rates, and tax credits. I emphasize the importance of keeping documentation, applying for applicable deductions and credits, and understanding the impact on mortgages and loans.

Tools I recommend in this Video

►Credits and Deductions Available in Canada

https://www.canada.ca/en/revenue-agency/services/tax/individuals/topics/about-your-tax-return/tax-return/completing-a-tax-return/deductions-credits-expenses/deductions-credits-expenses.html

►Income Tax Calculator

https://www.eytaxcalculators.com/en/2023-personal-tax-calculator.html

Books I recommend:
►The 10 Secrets Revenue Canada Doesn't Want You to Know - David M. Voth

https://www.amazon.ca/Secrets-Revenue-Canada-Doesnt-Want/dp/0973130709/ref=sr_1_1?crid=1JMF5YLQ7K512&keywords=10+secrets+cra+doesn%2527t&qid=1696368730&sprefix=10+secrets+cra+doesn%2527t%252Caps%252C116&sr=8-1&_encoding=UTF8&tag=profitprophet-20&linkCode=ur2&linkId=e941d7921b4d90fa6b2e38a445af6f2f&camp=15121&creative=330641

► Common Sense on Mutual Funds - John C. Bogle

Book about Mutual Funds and Index funds

https://www.amazon.ca/Common-Sense-Mutual-Funds-Bogle/dp/0470138130/ref=sr_1_1?crid=2CWI1MW9OPPQ8&keywords=Common+Sense+on+Mutual+Funds&qid=1688589000&s=books&sprefix=common+sense+on+mutual+funds%252Cstripbooks%252C152&sr=1-1&_encoding=UTF8&tag=profitprophet-20&linkCode=ur2&linkId=a97c53ef630744e47afef0b488a72625&camp=15121&creative=330641

►Money Master the Game - Tony Robbins

One of the best Financial Planning Books I read, but is geared more for Americans

https://www.amazon.ca/MONEY-Master-Game-Financial-Freedom/dp/1476757860/ref=sr_1_1?keywords=money+master+the+game+7+simple+steps+to+financial+freedom&qid=1688589558&s=books&sprefix=money+master++t%252Cstripbooks%252C113&sr=1-1&_encoding=UTF8&tag=profitprophet-20&linkCode=ur2&linkId=d4b251958921b0e298f51b794d481379&camp=15121&creative=330641

►One Up On Wall Street - Peter Lynch

A book on Stock Growth Investing strategy by own of the greats in Finance

https://www.amazon.ca/One-Up-Wall-Street-Already/dp/0743200403/ref=sr_1_1?crid=1F6KM8BPYU5JC&keywords=One+Up+On+Wall+Street&qid=1688588881&s=books&sprefix=one+up+on+wall+street%252Cstripbooks%252C134&sr=1-1&_encoding=UTF8&tag=profitprophet-20&linkCode=ur2&linkId=b58e6ac347fc6a0199cf8b3b258327e4&camp=15121&creative=330641

►The Intelligent Investor - Benjamin Graham

A timeless Investing classic

https://www.amazon.ca/Intelligent-Investor-Definitive-Value-Investing/dp/0060555661/ref=sr_1_1?keywords=the+intelligent+investor&qid=1690932826&s=books&sprefix=The+inte%252Cstripbooks%252C440&sr=1-1&_encoding=UTF8&tag=profitprophet-20&linkCode=ur2&linkId=e0ae6f43b37cb422e4a15afca1c40bbc&camp=15121&creative=330641

None of this is meant to be construed as financial advice, it's for entertainment purposes only. Links above include affiliate commission or referrals. I'm part of an affiliate network and I receive compensation from partnering websites. The video is accurate as of the posting date but may not be accurate in the future.

Timecodes
00:00 - Intro
01:39 – Income, from Gross to Net
03:30 – Applying Tax Deductions
05:18 – Tax Brackets/Margins, How do they work?
08:36 – Federal and Provincial Tax
10:28 – Applying Tax Credits
11:20 – Summary
12:25 – How to Minimize Taxes
15:25 - Outro

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