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Video #1: How to Pay Less Taxes in Canada | 15 Secrets The Taxman Doesn't Want You To Know

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Video #1: How to Pay Less Taxes in Canada | 15 Secrets The Taxman Doesn't Want You To Know

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This video basically shows you how to pay less taxes in Canada. The video is made by a YouTube channel called Thomas C Chan – Financial Services. What it basically explains in this video is different tips and tricks you can use to save as much money on your taxes as possible. The reason why I decided to choose this video is because I feel like especially in today's economy, inflation is getting out of hand and us as Canadians are paying so much money on our taxes and other things like food and living expenses, that a lot of us are living paycheck to paycheck because how much money we're giving to the government. So, the different ways we can save on things like taxes is going to benefit a lot of people even including myself down the road.

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How to Pay Less Taxes in Canada | 15 Secrets The Taxman Doesn't Want You To Know

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Hello, welcome to my wall! On this wall, we are going to go over different tips and resources that are at your disposal when it comes to income tax. I'm going to show you 4 websites, 4 videos that you can go to and get all the information you need.

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Website #1: Tax tips by the Government of Canada

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Website #1: Tax tips by the Government of Canada

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This website is from the Government of Canada, and it basically gives you a bunch of different tips about doing your taxes. The website has 15 different tips, and it tells you things like what you need to know when filing your taxes by paper or even if you're new to Canada even if tips for you as well. The reason why I chose this website is because it gives tips for different age groups. From students, all the way to seniors and it has tips for a lot of different situations for Canadians that we need help with. It even tells you how to maximize your benefits if you identify as Indigenous.

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Website #2: TaxTips.ca - Canadian Tax and Financial Information

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Website #2: TaxTips.ca - Canadian Tax and Financial Information

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This website is called TaxTips, and it gives you Canadian Tax and Financial Information to help you with financial planning and income tax planning. The reason I chose this website is because it has a bunch of different tools that they can use to help you with your income tax. It has things like income tax calculators, it has different information on income tax laws and there’s information on RRSP’s and RRIF’s. There's also a business page where it talks about tax forms and business income tax if you're looking to try and set up your own business as well.

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Our Free In 30! page will provide you with the plan we have used in our life. We haven't always followed the plan, but we managed to retire at fifty after starting married life with nothing. Okay, we're not retired anymore - this website is almost a full-time job!

The resources on our site include the following financial planning and income tax planning information and tools:

Get Out of Debt Now! - This is the most important advice we can give you.

Canadian income tax information - tax laws and how they apply.

Income tax rates (marginal tax rate tables) for every province and territory.

Non-refundable personal tax credit tables for Canada, provinces and territories.

RRSPs and RRIFs - information and rules regarding contributions, holdings and withdrawals.

Canadian income tax calculators, RRSP & RRIF calculators, mortgage and other calculators to help you determine how much tax you will pay, how long your money will last, and how to cut your interest costs. Our Canadian income tax calculators include employment income, dividend income and dividend tax credits, capital gains and other income, as well as most tax deductions and personal tax credits. CPP and EI premiums are also calculated by our income tax calculators.

Information on investing in stocks, bonds etc., including the tax consequences of different investments.

Real estate information, including what happens if you rent out part of your home, build a new house for resale, or move into a home that you previously held as a rental property.
[_private/336x280btf-rt.htm]Resources for seniors Resources for persons with disabilities
Sales tax information, including GST, HST and provincial retail sales taxes.

Business page which provides links to tax forms, information on setting up a business, rules re business expenses including automobiles, and automobile taxable benefits, corporate income tax rates, and much more.

See our site map for a list of all the main web pages on our site. To easily find any topic on our site, type your search term into the search box under the page title near the top of any page.

We hope the information on our website will make you a better money manager, and help you become financially independent.

Tax Tip: Make your money work for you instead of you working for it, and get out of non-tax-deductible debt as quickly as possible.

Revised: August 30, 2017
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TaxTips.ca - The Facts on Tax for Canadians

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TaxTips.ca - Canadian income tax, financial investing and real estate information and calculators for individuals and business.

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Website 3: 5 tips to help you prepare your income taxes effectively in 2023

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Website 3: 5 tips to help you prepare your income taxes effectively in 2023

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This website has an article that is from CPA British Columbia, and it's called 5 tips to help you prepare your income taxes effectively in 2023. Even though the tax season is over in 2023, these tips still can be used every time you do your taxes moving forward. The reason I chose this website is because I feel like these tips can really help people including myself, prepare for these tax seasons. There are some people that I know that don't prepare for their taxes and it end’s up hurting them in the end so when I found this article, I figured this would be a perfect thing to show people, so they don't go to those trials and error.

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Attend CPABC's Effective Tax Strategies session on February 24 at 12pm to learn more about how you can create an effective tax strategy to minimize your taxes! Register today.

The 2022 tax season is in full swing and you have until May 2, 2023 to file your income tax return to avoid any penalties. To help you through what may seem like a daunting task, here are five tips to guide you through this tax season and in future years.

1. Keep up with income tax changes
Tax laws change all the time. For example, in 2023 the annual TFSA contribution limit has been raised to $6,500 (it still remains $6,000 for the 2022 tax year). The new Tax-Free First Home Savings Account is also expected to be launched this year. Stay updated on the latest changes and double check how they affect your filing. If you do not work with a CPA to file your income tax, the CRA website is a good resource for you to refer to.

2. Stay organized throughout the year
Taking a few easy steps to keep your tax documents organized throughout the year will help ease the stress and discomfort of tax season. Find a filing system - whether digital or paper - that works for you in keeping your medical receipts, donation slips, and other tax documents. Come tax time, it will be much easier for you or your CPA to access your documents, allowing more time to focus on creating a strategy to help minimize your tax liabilities. Remember to hold on to your records for six years and file your documents by tax year for easy retrieval.

3. Choose your software or tax service carefully
If you choose to prepare your own tax return, don't simply opt for the cheapest software available. It's more important to select a tax preparation package that suits your circumstances. There are many tax filing software options available and they range in price and services. For more complicated tax issues, such as if you own rental property, started a side business, or sold some assets which resulted in capital gains or losses, you may want to consider purchasing a more robust software package. Alternatively, consider working with a CPA that is a tax professional. When hiring a CPA or a firm to prepare your tax return, make sure they have the relevant qualifications by confirming their qualifications with CPABC's firm directory.

4. Keep track of carry-forward amounts
Keep track of carry-forward amounts like capital losses, tuition, and RRSP amounts. With your RRSP, refer to your Notice of Assessment to review your contribution limit for the next year. For example, after filing your taxes for 2022, your Notice of Assessment will state your contribution limit for 2023. This will be helpful as you make plans to contribute to your RRSP during the year for both maximizing your contributions and avoiding penalties for over-contributing. You can also find these balances on the CRA website by logging into My Account with CRA.

5. Plan ahead to reduce your taxes marginal income tax rate.
If you didn't do this for the 2022 tax year, don't worry. 2023 is a new year and you can start now. Begin by doing some research and laying out a tax plan that could potentially lower your tax liability, or the taxes you may owe, in advance. One way to get started is to consider your future income projection and marginal income tax rate.

There are three fundamental ways to reduce your taxes:

1. Lower your gross and taxable income by deferring income to another year.

2. Take all allowable deductions, such as by maximizing your RRSP contributions.

3. Use all your available tax credits to lower your total taxes owing.

The key to proper planning is to understand the relationship between these three fundamental concepts and how they fit within your overarching tax-planning strategies.

Melanie Schroeder, CPA, CGA is the CEO and founder at Out of The Box Chartered Professional Accountant Inc. and is a CPABC financial literacy volunteer.
To learn about CPABC's financial literacy sessions, visit CPABC's FinLit page. Review CPABC's personal finances resources for more tips.

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5 tips to help you prepare your income taxes effectively in 2023

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Attend CPABC's Effective Tax Strategies session on February 24 at 12pm to learn more about how you can create an effective tax strategy to minimize your taxes! Register today. The 2022 tax season is in full swing and you have until May 2, 2023 to file your income tax return to avoid any penalties.

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Video #2: How Canadians Can Pay ZERO Taxes Legally! Canada Taxes and Canada Tax Residency Explained

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Video #2: How Canadians Can Pay ZERO Taxes Legally! Canada Taxes and Canada Tax Residency Explained

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This video shows you how to pay less taxes and it tells you how to avoid taxes legally in Canada. It also explains Canada tax residency and what you need to do if you want to move to another country and I want to pay the Canadian taxes. This video was from the YouTube channel called Wealthy Expat. The reason why I chose this video is because there's a lot of people are moving out of Canada because of inflation and how the economy is right now and so I thought this video could be helpful for people to want to move to another country but, don't want to keep paying the Canadian taxes when they move.

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How Canadians Can Pay ZERO Taxes Legally! Canada Taxes and Canada Tax Residency Explained

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Video #3: TAX MANAGER EXPLAINS How Taxes Work in Canada | Ways to Minimize your Tax

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Video #3: TAX MANAGER EXPLAINS How Taxes Work in Canada | Ways to Minimize your Tax

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This video talks about some of the different types of incomes and how you can benefit from these certain types of incomes when it comes to your taxes or what you can do to minimize your taxes. This video is from the YouTube channel called Gabrielle Talks Money. The reason why I chose this video is because it can really help people who who makes investments in stocks and other things like that or or even have their own business and have business expenses, this video can help you what to do when it comes to the tax side of these different incomes.

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TAX MANAGER EXPLAINS How Taxes Work in Canada | Ways to Minimize your Tax

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Image #1: How Personal Income Tax is Calculated in Canada

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Image #1: How Personal Income Tax is Calculated in Canada

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This image is a table for when you need to calculate your personal income tax in Canada. The reason why I decided to use this image is because it's good to have for when you’re calculating your income taxes and need to know the tax rates.

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This image is a diagram of the different types of incomes that are considered income tax. The reason why I chose this is because this is just in case for the people who don't know what types of income are considered taxable income.

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1. What did you learn about your topic that surprised you the most?

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1. What did you learn about your topic that surprised you the most?

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What I learned about this topic that surprised me the most is that there's so many different types of income tax that you have to consider when doing your taxes.

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2. Provide a real-life example of how this topic is relevant or interesting for you.

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2. Provide a real-life example of how this topic is relevant or interesting for you.

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A real-life example of how this topic is relevant for me is that I'm going to have to pay taxes every single year so, me learning as much as I can about this topic is only going to help me in the long term.

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3. If you could pass on your knowledge to a family member or friend, what do you think is the most important thing to pass on?

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3. If you could pass on your knowledge to a family member or friend, what do you think is the most important thing to pass on?

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If I could pass on my knowledge to a family member or friend, I think the most important thing to pass on is the things you can do to pay less taxes. The reason being is because taxes take up a big chunk of your yearly income and so to be able to help them pay as little as possible for there taxes is a great set of knowledge to have.

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This website has an online course to teach you about income taxes and how to do them all by yourself. This course was created by the Government of Canada, and it has steps that you follow. Each step has lessons, videos that you go over and a there’s a quiz that you take to show that you know all of the steps. The reason why I decided to choose this website is because I feel like it’s a great way to learn how to do income tax by yourself step by step instead of having to search up a bunch of different videos.

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Video #4: 5 Strategies To Grow Wealth with 0% TAX in Canada

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Video #4: 5 Strategies To Grow Wealth with 0% TAX in Canada

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This video talks about 5 strategies on how you can grow your wealth with zero percent tax on it in Canada. This video was on the YouTube channel call Thomas C Chan – Financial Services. The reason why I decided to choose this video is because if there's any way for us Canadians to be able to not have to pay taxes on the money that we make, then I'm sure that a lot of us would take that way instead of having to pay a percentage on all the money we make. Especially for the people who might be living paycheck to paycheck and struggling with there finances.

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5 Strategies To Grow Wealth with 0% TAX in Canada