ACCOUNTANT EXPLAINS How to Pay Less Tax to the CRA THIS Tax Season | Act before FEB 29, 2024
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- Опубликовано: 11 июн 2024
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Gabrielle is a CPA and Tax Expert, as well as the founder of Balance + Wealth CPA, a licensed CPA firm that specializes in Tax. Prior to starting her business, Gabrielle worked as a Tax Manager at one of the Big 4 Accounting Firms for 7+ years, advising Fortune 500 companies. Gabrielle posts weekly videos on personal finance, business finance, and tax tips.
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TIMESTAMPS:
00:00 Intro
00:56 What is an RRSP
01:44 Calculations on Tax Savings
03:26 Compounding Effect
04:32 How to Open & Contribute to your RRSP
07:30 Key Considerations
Disclaimer: Note this video is not financial nor accounting/tax advice and should be used for entertainment purposes only. Consult with your own financial advisor, accountant and/or tax advisor for advice related to your specific situation.
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Would love another video talking about the other accounts and investments.
wish I watched this before feb 29..! great info!
what a perfect delivery. very clear. Thank you.
Thank you Gabrielle! I've never seen the benefits of RRSPs broken down this way before so it's very helpful to see why RRSPs might be the way to go to cut down on those taxes. I would love to know more about the different investment types. You hear the words thrown around a lot but do we really know what each one means and implications of each? This is wonderful and so helpful to fellow Canadians!
Glad it helped!
Gabrielle thanks so.much for your informative videos well done love your videos ❤❤❤
Excellent advice
Yes please do a video about different types of investments! Great video. Thanks for explaining so well.
Very informative. Yes please do a detailed video on the investment type accounts, also if you're not an employee. Thank you
Hi Gabrielle! Thanks so much for your videos, really helpful. If I sell access to online pre-recorded video trainings in a platform such as Kajabi, do I need to charge taxes to my customers? I am finding conflicting information everywhere. I have a corp based in Canada and sell to all canada and other countries. Thanks so much!
Love.your you tubes.
When is the best time to register a company with CRA.
I would like to pay less tax by paying to RRSP but with mortgage, loans, LOC, CC, cost of groceries, cost of Gas. I just cant put any money aside. Barely take time off, pretty much living paycheck, to paycheck.
FHSA as well
Could you please do a video about the RDSP and RESP
Please due an in-depth review for the FHSA. Also my main question fro the FHSA, let say you maxed your FHSA, and you buy a home. How long do you have until you must withdraw the funds from the FHSA to pay for the house?
I would never dare to claim that I am a tax expert even though that I am a professional accountant and worked at CRA for many years. The Income Tax and GST Acts are the two most complicated pieces of legal documents ever written in Canada.
Hi Gabrielle can i transfer stocks from my tfsa into my rrsp and will that count as a contribution? For example i own 10k in tesla stock in my tfsa, and if i transfer those stocks to my rrsp, will it count as a 10k contribution against my income?
Great conent as always.
It is recommend Maxing TFSA first and then any surplus money goes to RRSP (up to contribution limit).
Which one to contribute first in your opinion?
I try to max my RRSP first, since I’m in a very high tax bracket. This leads me to get a big refund, which I can use to maximize my TFSA as well. Also in RRSP, there’s no foreign withholding tax unlike TFSA, so it’s easier to invest in US stocks and ETFs with an RRSP.
Please do a video about fhsa 🙏🏽
Hi its been 50 days i have filed my returns for the first time. Its was online and i have confirmation number as well. Still no records update at CRA. Whom shud i connect any idea
I’m in Toronto and would seek some advice on my financial goals. How do I connect with you if you can help?
LLP is another way to withdraw from the RRSP without withhold tax consequences ; LLP allows you to withdraw amounts from your registered retirement savings plans (RRSPs) to finance training or education for you or your spouse or common-law partner. You do not have to include the withdrawn amounts in your income, and the RRSP issuer will not withhold tax on these amounts. You have generally 10 years to repay to your RRSP the amount you withdrew.
Hi Gabrielle, What is the no refundable tax credit for 2024？Let say if you have bank interest $50000. How much you have to pay for the income tax? Thank you!
Sounds like great advice. Love to watch the money grow. 📈
Hi Gabrielle, In what City are you i n for me to do my taxes. I keep paying very high taxes and it's really great if you can get it lowered.
Worth comparing RRSP to TFSA?
Great video! As you explain for us @ 4:18 and 8:33, when you do finally do withdraw the money you put into your RRSP, you do get taxed on it as income tax (i.e. the withdrawals are added to your taxable income tax for that year). Typically, ppl do this during retirement because the assumption is your taxable income at that time is lower than when you were working. However, with CPP and OAS counting as taxable income, and many people also having government or teacher/union pensions, etc., their retirement income might actually be decent, which means RRSP withdrawals in retirement could be taxed at a moderate rate (i.e. much higher than if you had zero taxable income).
My question for Gabrielle is how common or advisable is it to consider making some withdrawals from your RRSP before retirement, for example in situations where your taxable income for the year will be much lower than normal or even zero? For example, if you're laid off, or if you quit your job and want to take a year or two off, or to extend parental leave, or even to stay at home for an additional year or two with young children? (Of course, I assume the main trade-off is you are depleting your RRSP which you may need to withdraw from in retirement and the loss of potential compounded investment growth)
RRSP can be used strategically during times of lower income or as you take "mini retirements" throughout your life. It really depends on the individual - I suggest doing some tax planning to forecast the tax implications
@@GabrielleTalksMoney Thanks!
About the fhsa how do I claim it on taxes ?? I have my t4 ready to go but where is my fhsa paper? I put 8000 in it Hahaa I want to claim jt
Hello, I find your explanation really clear ! Indeed I may be interested to know more about FHSA for ex my son is 18 and I'm wondering if it would be good to start it right away to open contributions. Thank you for you great work
Absolutely. Because: once FHSA is opened, he can contribute $8000/year to a maximum of $40000. The amount put into FHSA can reduce income tax bracket for that year/save you in income tax. The amount in your FHSA can be invested, anything earned won't be taxed
You can withdraw from FHSA whenever. But. If the withdrawal is for purchasing 1st home, you won't get income taxed on it
I believe you can over-contribute within $2000 buffer with no penalty right ?
I thought that there would be more tips other than just the rrsp in this video…i guess you can’t make Questrade referral money by talking about the other methods for individuals e.g donations, medical expenses, etc. Thanks anyways
shoudl one put more money in an RRSP over a lump sum for a mortgage or vise verssa?
Mortgage asap
If the return rate in your RRSP investment is higher than your mortgage interest rate, then RRSP.
@@lobilly not that simple primary house is tax free when you sell
Is it possible to invest a RRSP contribution in tax free GIC?
RRSP is not tax free account 😂
Not so sure you can say an RRSP returns 53.5%, when you'll have that money you contributed grow a lot bigger and being taxed when you have to withdraw as a taxable event after retirement, even if your income is lower after retirement. You could say that with a FHSA, but not so much an RRSP. RRSPs are a great tool, just don't think that is completely accurate.
Can we do this investment in a TFSA instead?
there are no tax deductions with a tfsa
Rrsp is tax deductible now but you pay tax on it and any capital gains when you take it out during retirement. You are essentially just waiting to pay the tax when you are likely in a lower tax bracket. Tfsa takes money that has already been taxed and allows you to grow that money through investments. Any money made will not be taxed.
@@guy9552 @winnieh834 Yeah! In other words, contributing to an RRSP gives you tax benefits now, but is subject to taxes when you finally withdraw. With a TFSA, it's backwards - you don't get any benefits at first when you contribute, but when you finally withdraw (ideally after your TFSA investment has grown and grown over the years), none of it will be taxed!
RRSP really just means that you are just deferring/postponing your taxes right? So IMO you aren't truly "saving" on your taxes...you still have to pay it later on in the future...
Yep, I did mention in the video that it's a tax deferral, but the benefit is the tax deduction in the year + tax-free compounding of investment returns (you would need to pay tax when you later withdrawal)
@@GabrielleTalksMoney Yes I noticed you mentioning it, thanks for confirming my understanding!
Hi I always want to invest but i don't know how. Edmonton Alberta
Can always opt for s&p 500 etfs if confused
Your setup is giving an echoing quality to your voice. I think it would sound better if it were a bit richer and warmer. I would consider trying a lav microphone it wouldnt look bad with your type of content.
its sad, ppl worry about decades from now, eventho a lot of ppl wont make it past their 50's at this rate, so why not just invest more efficiently with other ways of investing? government just wants more of your money lol
By that logic you will never save. Also, one thing to add is you can take out $35k from your rrsp for a first time home down payment tax free at any point in time. I did this last year
It isn't sad... if you think you are able to survive on govt retirement return..... you've gotta be kidding lol
@@ahsan101you need to pay back into the RRSP! It is not tax free
Rrsp is a joke. You’d have to be brain dead to think you can be successful on that. You’re essentially putting your hard earned money just so the government can use it, meanwhile you could be using that more effectively min other facets. There are many ways to invest. Shoot you might as well try to open a business in this case, more tax benefits and more profits to you
This is hilarious. If you’re in the highest marginal tax rate you pay over half your money earned to taxes on every dollar earned over that bracket!? How do Canadians accept this!? How do they believe that’s OK?! Canadians pay too much tax!! It’s ridiculous.
I came across your channel and was watching your video from a couple of years ago explaining how to treat with profits on cryptocurrency. I have never been involved in crypto but got into it in December 2023 and up to now have made a few millions and may end up making tens of millions this year. I am just an ordinary person who was unemployed and just decided to throw my last couple thousand into this in desperation and borrowed a couple thousand from some friends and relatives. I did extensive research and have used this knowledge to make these huge profits. I live in Canada and was wondering if you can advise me what to do.
Less hands please 😂🙏 1:23
Clicking your video just to see your beauty )
Dont know anything about tax