How to (legally) Never pay taxes - do this TODAY
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- Опубликовано: 3 авг 2024
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My mission is to provide you with actionable content that enables you to build your wealthand live up to your potential. I came to Canada with my wife (Simran), during the pandemic in 2020, started with very little money, no job - to today, where I recently quit my job after building my side hustle to a cool 6-figures in revenue. I have met so many amazing people and mentors along the way, and I want to bring everything that I have learnt and continue to learn to you via this channel.
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Timestamps
00:00 - Intro
01:18 - How do billionare pay No Taxes?
04:32 - Job Vs. Business Tax
08:30 - Investing = Save Tax
10:34 - Why do I love RealEstate
15:47 - Grow Nation
Income tax, Property tax, Capital gains tax, Goods and Services Tax (GST), Harmonized Sales Tax (HST), Tax deductions, Tax credits, Tax-free savings account (TFSA), Registered Retirement Savings Plan (RRSP), Principal residence exemption, Rental income taxation, Mortgage interest deduction, Property assessment, Property transfer tax, Land transfer tax, Real estate investment, Depreciation allowance, Home office deduction, Tax planning, Tax-efficient investing, Tax implications of home sale, First-time homebuyer tax credit, Property management deductions, Foreign buyer tax, Property flipping tax rules, Tax implications of rental properties, Taxation of real estate investment trusts (REITs), Tax consequences of renovations, Tax-free exchange of properties, Non-resident withholding tax, Pre-sale condo tax considerations, GST rebate for new homes, Tax implications of mortgage insurance, Tax treatment of leasehold improvements, Joint ownership tax issues, Tax benefits of green energy improvements, Inheritance tax, Estate planning, Charitable donations tax credits, Tax treatment of rental losses, Tax implications of home improvements, Rental property tax deductions, Tax deferral strategies, Tax implications of home equity loans, Tax consequences of refinancing, Tax on vacation properties, Property tax assessment appeals, Property tax arrears, Tax residency rules, Tax filing deadlines
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This video makes a lot of sense if you run business or do business for a living and not if you are employed. I think that disclaimer (explicitly) is missing in the entire video. If you are a salaried individual only , then you hardly can write off taxes or deduct other than investing in RRSP.
Wonderful share. Lots of information as always
Thank you 🙌
Two points that were missed in the video:
- claiming CCA will often result in recapture when you sell the property for a profit. This means all CCA claimed in the past gets included as income in the year of sale.
- So the "investment opportunity" is tie up $138k to earn about $8k positive cash flow per year? This doesn't consider vacancy rates and repairs. Makes the numbers look better than reality.
NOE includes vacancy and repairs.
And how about the appreciation? Sure it’s tied up, but consider cashflow as dividends and since it’s land, it will appreciate in value over time.
What is the NOE breakdown? $10k to $11k per year seems low. Are you including income taxes in NOE which would be close to 50% if you have the rental property in a corporation?
Nav, that all sounds very good and well researched. My only problem is that you are assuming to keep the property rented for 2-3 years. However, it is a fact that a lot of homeowners, landlords etc are facing a difficult time because people are not paying their rents, so the owners have to face with all the hurdles of eviction, debts and repairs that left them worse. It is something very common happening right now in Ontario and BC, I don’t know about Alberta, but it is concerning.
All investments have risks :) it depends on how well you do your due diligence on the tenants - so mitigating that risk is part of the game.
It’s the same as investing in a stock and the company making a poor decision that erodes its value and we lose money.
@@growwithnav agree 👍 nothing good comes without risks😀
Location 6:24 I am going to Vegas next month.
You were refused entry to US last year. Remember? I don't think they will allow you to enter any time soon. You are on their watchlist for the next 10 years.
😮 How you know ?
He is already a Canadian Citizen now... Doesn't require US Visa anymore...
Hi Navjot. As usual fantastic content. But I have changed courses. I moved back to UK due to family commitments, but I guess the crux remains the same anywhere in the world u move to. Good Luck.
That’s awesome!! Wishing you the best 🙌
Kanedda mein nimnalikhit professions ka kya scope hai? Kya iske liye bhi Kanedda ki bhasaa aanaa zaroori hai? Kanedda mein konsi bhasa boli jaati hai? Detail mein video banaavo. Merekoo bhi Kanedda jaanaa hai. Kaise kaise log jaa rahe hain Kanedda. Aap bhi chaley gayee Kanedda. Aap jaa sakte hain to koi bhi jaa saktaa hai. Merekoo bhi jaana hai Kanedda. Bataavo ki neeche likhe hue profession mein kaunsa job aasaani se milengaa. Ye bhi bataavo ki Kanedda ka visa aapne kahaan se khareeda tha. Kya visa ke saath ticket free mein milega? Ye bhi bataavo ki Kanedda desh kidhar hai.
Jobs ki demand hai ya nahin aur agar hai to kitna scope hai:
berozgaar,
khomchewaala,
HAAZEEER HO chillane waala adaalat ka anpadh bailiff,
Dilli-made ghatiya chaddi-baniyaan bechnewaala,
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compounder,
sharaabi,
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pocketmaar,
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naaliyaan saaf karne waali mehtarani,
phaansi lagaane waala jallad,
cycle puncture theek karne waala,
dhobi,
kaamwaali bai,
luhaar,
waiter,
cook,
gali mohalle ka gunda,
cinema ke ticket black mein bechne waala,
puraane kapade lekar steel ke bartan dene waalaa,
raddiwaala,
dahi bechnewaala,
chaney-murmure bechnewaala,
gol-gappey (pani-puri) waala,
bhel-poori waala,
shaadi ka decoration karne waala,
shaadi karwaane waala rishton ka agent,
red light area ka dalaal,
cycle rishkaa waala,
badmaash,
bhikhaari,
chor,
uchakka,
looteraa,
daku,
rishvatkhor policewaala,
Dilli-made ghatiya transistor, charger aur headphone bechnewaala,
Lawrence Bishnoi jaise gangster,
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chhaila babu,
hathbhatti ki zehreeli daru bechnewaala,
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ghar ghar jaakar machhli bechnewaala,
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prostitutes,
neem-hakeem,
jhaad-phoonk karke beemari theek karne waala anpadh aur ganvaar jaadugar,
duplicate maal bechnewaala,
mitti ke bartan banaanewaala kumhaar,
chapraasi,
Rakhi Sawant jaisi ghatiya item girls,
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logon ko topi pehnaake unka maal lootne waala,
railway station par kaam karnewaala laal shirt waala chalu coolie,
Mumbai Docks par kaam karnewaala coolie jiska billa # 786 ho,
raah chalti shareef lakdiyon ko seeti bajaake chhedne waala sadak-chhaap romeo,
surrogacy karne waali bhaade ki mummiyaan,
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filmon mein extra ka kaam karne waala,
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Urfi Jaaved jaisi chhinaal content creator,
deewar film ki parveen babi jaisi escort girls,
bachhe kidnap karke bechne waali aurat,
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arvind kejriwaal jaise hamesha jhaapad khaane waale third-rate politician,
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deshdrohi,
shikari,
kothe par mujra karne waali meena kumari type nachaniyaa,
mayawati jaisi budsoorat aur corrupt cheap minister,
idli-dosa bechne waala,
gas ke gubbare bechne waala,
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two-timer,
bahot kam (next to nothing) kapade pehen kar dilli metro mein tiktok video banaane waali lakdiyaan,
Pappu Gandhi jaise bewakoof leader log,
deewar par, electric poles par, ped par urinate karne waala sadhaaran Indian mango man,
mobile phone churaane waala,
circus ka joker,
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covid-19 ke fake vaccine bechne waala,
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golddigger ladkiyaan,
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washroom ki deewaaron par achhi achhi baatein likhne waala,
andhaa,
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langdaa,
behra,
paagal,
Kanedda Immigration ke liye jaali certificate banaane waala,
Kanedda aakar din-raat ulte-seedhe real estate ke video banaane waale dungurr Sardaar log, ityadi.
Bahoot bahoot sukriya.
Lol 😂😂😂😂😂
Are you a real estate agent or tax expert?
Stocks as salary, are vested and counted as salary hence there is an income tax on source. Which is somewhere around 55% in Canada, didn’t understand how Elon or anyone who is getting new stock options per month as salary can save on income tax.
It’s options. He doesn’t have to pay any tax unless he exercises them to buy shares of the stock at a fraction of the current value.
I could not find the video link for taxing for salaried person
It’s the Wealthsimple link in the description.
How the bank the will give new loan of $480,000 and why? We will pay 5% interest on it every year? Sorry watched it many times but did not get it .
Thanks for reply❤
The bank will give 80% of new value of the home ($600,000), so the new loan is $480,000
Hi Bro why no videos on potato talkies from past 7 months
In Elon Musk example, to pay back 100M in next 5 years he will have to pay almost 1.8M per month. So he will have to arrange that fund. Isn't income tax needs to be paid on the amount he is earning and from his savings he is paying his EMI? What am I missing?
I wanted to ask the same..I saw many videos (Robert Kayosaki and others) stating half side up to getting loan and not sure about repaying and related taxes
He won’t pay back. He has an insurance policy that covers his debts - that will pay off the debt and the proceeds incl his shares goes to his legal heirs.
@@growwithnav instresting what type of insurance policy is that? I don't want to pay my bank loan too.
@@growwithnav If I am not wrong, next question which comes to my mind is insurance company must be earning more than what they are paying off. How they are getting paid if they are paying off the 100M debt plus interest?
more than 70% of your content is copied from Minority Mindset
Today's problems he discuss
agreed
Here we go now we F system here for the greed. Let people live simple life here like it was used to be. Many Gurus like you coming here and misusing the system.
I am living here from last 26 years bought just one house and free it in 18 years and enjoying my life with my kids in my 40. But when see the greed videos like this which Make people feel that they have left behind and push them into market for multiple properties and no life and increase property prices and screws up their life like now. Which country will you move next.
Stop buying multiple properties. Now Calgary market has been screwed up like a Ontario.
Let people love normal life.
Spend time with your kids not to work for properties.
Good for you. You should be proud 🙌
Sorry Nav. But no hate for you and many others. But I have seen people f-up their life. Canadian Culture is to honest work and enjoy your life and get inclusive with other cultures. I have seen three crashes and people lost their money in this. All due to fraud mortgages and flipping.
Please encourage people to study or start a small businesses so they can contribute not to Rob the system. People should work pay their taxes and enjoy their life so that they can contribute in this beautiful country not to use their honest system for the greed. We have seen how our home country’s system has been compromised and I am seeing same thing happening here. These countries made systems to contribute your share and enjoy quality of life. Realtors and Mortgage brokers greed push good people to lost their life time earnings and f-up their life.
Property prices should increase in natural pace not fabricated. It will hurt most Canadians.
Hope you understand my point. 🙏🏼
He doesn't have kids.
What happened to you channel potato talks 😂 Failed !! 😂
What are you, a child?