Income Tax - Tips and Resources by Xavier Malcolm by

xaviermalcolm1 — 2023-11-28 07:03:01 UTC

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.

Website #1: Tax tips by the Government of Canada

xaviermalcolm1 — 2023-11-28 09:05:01 UTC

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.

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

xaviermalcolm1 — 2023-11-29 03:27:59 UTC

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.

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

xaviermalcolm1 — 2023-11-29 03:32:23 UTC

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.

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

xaviermalcolm1 — 2023-11-29 03:58:03 UTC

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.

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

xaviermalcolm1 — 2023-11-29 05:29:40 UTC

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.

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

xaviermalcolm1 — 2023-11-29 06:16:05 UTC

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.

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

xaviermalcolm1 — 2023-11-29 07:13:15 UTC

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.

Image #2: Income Tax Diagram

xaviermalcolm1 — 2023-11-29 07:56:57 UTC

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.

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

xaviermalcolm1 — 2023-11-29 08:19:37 UTC

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.

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

xaviermalcolm1 — 2023-11-29 08:21:14 UTC

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.

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?

xaviermalcolm1 — 2023-11-29 08:22:34 UTC

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.

Website #4: Online Course

xaviermalcolm1 — 2023-11-30 04:28:15 UTC

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.

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

xaviermalcolm1 — 2023-11-30 04:42:35 UTC

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.