Canadian Tax Tips: Get the Most Out of Your Return

Welcome to the Steadyhand Coffee Break, where we delve into finance matters crucial for Canadians. Whether you're planning for or living in retirement, our topics and discussions are designed to assist you.
In this episode, we're tackling Canadian taxes with host David Toyne and CPA expert Joe Collins from Avalon Accounting, just in time for the 2023 tax year filing deadline. Joe Collins shares top 10 tax tips to optimize your returns, covering everything from RRSPs to medical expenses.
🔗 Connect with Avalon Accounting: 🌐 Website: www.avalonaccounting.ca
Got questions or comments? Drop them below, and don't forget to like and share this video with anyone who might benefit from our insights. Stay tuned for more Coffee Break episodes and remember to subscribe and hit the notification bell! Thanks for watching. ☕️✨
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🔹 Video Chapters 🔹
0:00 Introduction
3:13 Tax Tip #1: File and Pay on Time
4:41 Tax Tip #2: Utilize RRSPs
6:56 Tax Tip #3: Charitable Donations
08:47 Tax Tip #4: TFSA for Long-term Planning
12:05 Tax Tip #5: Investment Losses
15:10 Tax Tip #6: Disability Tax Credit
17:40 Tax Tip #7: Medical Expenses
19:03 Tax Tip #8: First Home Savings Account (FHSA)
20:55 Tax Tip #9: Multi-generational Home Renovation Tax Credit
22:40 Tax Tip #10: Childcare Expenses
25:00 Other Relevant Videos
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[@chefjamesmacinnis]

So this is just my personal experience. My son is disabled so we also have a disability tax credit. Are disability tax credits combined with the 12,000 we put in rrsps last year results in an 8k refund and 1330 in carbon tax refund. So naturally we then drop 1500 into his RDSP for the 4500 match. This also brought our net down to where we get 1000 per month in "baby bonus" so we are then able to put the $208 per month in each of there RESP. (Two children)
So in total we get back much more then we pay lol.

[@emeral311]

Any thoughts on Quebec tax system? I know it's an entirely different beast.