The biggest factor in my current level of wealth was my father making me do my own taxes at the age of 16. I did it myself until age 30. The process taught me so much about financial efficiency and investing. I use an accounting firm now because i have an extensive portfolio containing some more complex instruments along with foreign property and investments. I encourage every young person to start off doing their own taxes. It will pay huge dividends. Good luck!
How exactly are tax gains or losses recorded on your income tax returns for a Day Trader in Canada? Scenario: day trader made 200 trades for the Year. Must each individual trade be documented on the tax return or just the overall gain or loss for the year for all trades as one sum?
Thanks Joe! Great tips. For the moving expense, please let me know if one can claim it in this scenario. Say Jane planned to move to AB from SK to find better work opportunities, and she resigned from her current job in SK and moved to AB without a job offer. Two months after living in AB, she found a new job in AB. Can Jane claim the moving expense in this case? She did not move for work, but the move intended to find a better employment opportunity.
Hello Joe, thanks for sharing your knowledge about Cdn income taxes. I watched your vid on the (complicated) UHT, but the one question that still is nagging me is this: does the average Cdn citizen who owns just one home, whether paid for or still paying for their home via a mortgage, the only home they have, that they either live in themselves (or with their family members) or one house they own, are these Cdn citizens required to file a report by April 30 stating they own a home that they live in?
Avalon, excellent video, good Job, thank teach us about tax law and take advantage of Income tax, congratulations, God bless you and you Family, take care and have a great day 🙏🏽🤝👍🏽
One more question about UHT, I saw on the fed govt website re UHT, that Cdn citizens who have more than one home may also have to input some info on a webpage identifying the location of their home(s) whereby the end result states whether or not a home’s LOCATION is exempt or not exempt. I believe this LOCATION/EXEMPT form must also be submitted with one’s UHT documentation.
There is conflict of income tax filing dates. Small businesses have until June 15th to file but this conflicts with the due date to file for eligibility for GST & similar rebates and GIS allowances. Those items are based on filing your personal tax return on April 30th. Obviously one can not always influence having one's small business information income statement available by a few days before April 3oth. CRA benefits don't have any sense of humour on this filing conflict and are amazingly fast at cutting off one's GIS and GST type rebates. Then even after having one's T1 processed it usually takes a few months to collect one's now overdue rebates and allowances. The Service Canada site will show the payments as pending, LOL that just means the payment is the the pipeline for the next regularly scheduled payment date. This conflict could easily be rectified by CRA especially as many people with this particular issue face it every single year.
So I am selling my home on Jan 30. We are leaving the country on Feb 7th. I would want to become a non resident right after selling my primary residence correct? I would not want to be deemed a nor resident if I am away from canada for too long and them come after my investments that I made with the house money and be taxed on that (if I am so lucky to have that money increase in value). That is how I see it. Let me know if I am wrong.
@brendapamentanonkou4851 It isn't my back up plan. It IS my plan. I am certain about nothing in life... Only death. And what comes after death. ATM I am going to live my life. My PR is only holding me back from life. I can do so much more in life if I can travel and experience things. What experience do you have in this matter?
@@PartyofSixPY you ask for an opinion in a different perspective. Now what you say can be understood, from your vision of life which is different from the general. The plan you present for someone with the general vision this is not a good idea as it is always important to have a backup plan which are the benefits of the PR. Now from your perspective of life, which l respect it, you do not need to say “let me know if lm wrong “ cause you know what u want
@brendapamentanonkou4851 Let me know if I am wrong more had to do with the tax stuff and timing. You did say I was wrong but didn't indicate as to how.
The biggest factor in my current level of wealth was my father making me do my own taxes at the age of 16. I did it myself until age 30. The process taught me so much about financial efficiency and investing. I use an accounting firm now because i have an extensive portfolio containing some more complex instruments along with foreign property and investments. I encourage every young person to start off doing their own taxes. It will pay huge dividends. Good luck!
Tax credits are negligible savings - 15% of the credit given. The real savings are in deductions, but those are far and between
How exactly are tax gains or losses recorded on your income tax returns for a Day Trader in Canada? Scenario: day trader made 200 trades for the Year. Must each individual trade be documented on the tax return or just the overall gain or loss for the year for all trades as one sum?
Thanks Joe! Great tips.
For the moving expense, please let me know if one can claim it in this scenario. Say Jane planned to move to AB from SK to find better work opportunities, and she resigned from her current job in SK and moved to AB without a job offer. Two months after living in AB, she found a new job in AB.
Can Jane claim the moving expense in this case?
She did not move for work, but the move intended to find a better employment opportunity.
Hello Joe, thanks for sharing your knowledge about Cdn income taxes. I watched your vid on the (complicated) UHT, but the one question that still is nagging me is this: does the average Cdn citizen who owns just one home, whether paid for or still paying for their home via a mortgage, the only home they have, that they either live in themselves (or with their family members) or one house they own, are these Cdn citizens required to file a report by April 30 stating they own a home that they live in?
Avalon, excellent video, good Job, thank teach us about tax law and take advantage of Income tax, congratulations, God bless you and you Family, take care and have a great day 🙏🏽🤝👍🏽
Are controlled tips taxable? Or any tips is taxed?
Thank You.
Yes - tips are taxable income, not matter how you receive them.
If I moved from USA to Canada, can I claim that under Moving Expenses?
One more question about UHT, I saw on the fed govt website re UHT, that Cdn citizens who have more than one home may also have to input some info on a webpage identifying the location of their home(s) whereby the end result states whether or not a home’s LOCATION is exempt or not exempt. I believe this LOCATION/EXEMPT form must also be submitted with one’s UHT documentation.
As an Englishman, ive always fancied moving my software business to Calgary so...😂
Great info. What city are you in? Where do I find your checklists?
Hey, thanks so much!
The checklist is in the video description! :)
Hi, if CPA Ontario enjoy the The Canada Traning Credit? Thank you.
Only if they are!
Joe can you pls do a video on capital gains taxes, how they are taxed, credits in a small corporation and capital dividend account election etc
Hey Mike, that's a great suggestion, I'll add this to our list!
Thanks for sticking with us :)
tax must be paid on or before April 30 but CRA gave a payment deadline May 15 in my NOA. Why?
hey could you do a video on Benefit Companies in bc love your content!
hello,
what is tax on option trading income?
There is conflict of income tax filing dates. Small businesses have until June 15th to file but this conflicts with the due date to file for eligibility for GST & similar rebates and GIS allowances. Those items are based on filing your personal tax return on April 30th. Obviously one can not always influence having one's small business information income statement available by a few days before April 3oth. CRA benefits don't have any sense of humour on this filing conflict and are amazingly fast at cutting off one's GIS and GST type rebates. Then even after having one's T1 processed it usually takes a few months to collect one's now overdue rebates and allowances. The Service Canada site will show the payments as pending, LOL that just means the payment is the the pipeline for the next regularly scheduled payment date. This conflict could easily be rectified by CRA especially as many people with this particular issue face it every single year.
So I am selling my home on Jan 30. We are leaving the country on Feb 7th. I would want to become a non resident right after selling my primary residence correct? I would not want to be deemed a nor resident if I am away from canada for too long and them come after my investments that I made with the house money and be taxed on that (if I am so lucky to have that money increase in value). That is how I see it. Let me know if I am wrong.
so wrong, what makes you certain of your back up plan. why do you want to get ride of your PR
@brendapamentanonkou4851 It isn't my back up plan. It IS my plan. I am certain about nothing in life... Only death. And what comes after death. ATM I am going to live my life. My PR is only holding me back from life. I can do so much more in life if I can travel and experience things. What experience do you have in this matter?
@@PartyofSixPY you ask for an opinion in a different perspective. Now what you say can be understood, from your vision of life which is different from the general. The plan you present for someone with the general vision this is not a good idea as it is always important to have a backup plan which are the benefits of the PR. Now from your perspective of life, which l respect it, you do not need to say “let me know if lm wrong “ cause you know what u want
@brendapamentanonkou4851 Let me know if I am wrong more had to do with the tax stuff and timing. You did say I was wrong but didn't indicate as to how.
Great video. Thanks
Not much info in this video
Save on taxes??? Vote liberals out. 😂
Save on tax, pay more for everything else ad hoc. Great strategy.