Everything Canadians Need To Know About 2023 Tax Changes

Рет қаралды 6,362

Күн бұрын

What are the biggest tax changes in Canada in 2023, and how will they affect you?
There are several tax changes coming up in the tax world this year, and in this video, I break down the top 10 tax changes that every Canadian should be aware of in 2023.
From changes to personal income tax rates to updates on TFSA and RRSP contributions, the new Tax-free First Home Savings account, FHSA, and much more, I share ALL the information you need to stay on top of your tax game this year.
I not only give you the facts but also dish out tips and tricks to make the most of your deductions and keep your tax bill as low as possible.
Whether you're a real estate investor, a business owner, self-employed, an employee, a retiree, or just trying to get by, this video has something for everyone.
Key Moments In This Episode
========================
00:00- Intro
1:06 - Marginal Tax Rate
3:52 - Canada Pension Plan
6:01 - RRSP Contribution limit
6:53 - TFSA contribution limit
7:58 - Tax-free First Home Savings account (FHSA)
9:46 - Refundable multi-generational home renovation tax credit
10:48 - Automobile deduction
12:40 - Residential property flipping
14:35 - Taxing Assignment Sales
15:08 - Underused housing Tax act
16:52 - Toronto and Ottawa’s new vacant home tax
If you have any questions or thoughts after watching this video, leave a comment below, and I’ll respond as soon as possible.
Don’t forget to subscribe to my channel for more videos on Canadian real estate and tax-saving strategies, so you don’t miss a thing!
----------------------
Please make sure to speak to a professional that knows your personal situation before making a decision.
If you need to talk to someone on my team, email us at admin@cccpa.ca.
----------------------
SIGN UP FOR OUR NEWSLETTER
Want to stay up-to-date with all the latest news about Real Estate Tax Tips, receive weekly tax tips and free real estate investment resources? Then subscribe to our newsletter here:
realestatetaxtips.ca/youtube
----------------------
Want to PAY LESS TAX as a real estate investor?
Check Out All of My Tax Saving Resources HERE: realestatetaxtips.ca/resource.
----------------------
FOLLOW ME ON SOCIAL MEDIA:
Facebook: / realestatetaxtips
Instagram: / realestatetaxtips
----------------------
⭐Cherry’s Best Real Estate Tax Tips ⭐
➡️How to Scrutinize Private Lending Deals Like a Pro: • Jesse
➡️Everything You Need To Know About The NEW Toronto Vacant Home Tax (VHT): • Everything You Need To...
➡️Top Ten Year-End Tax Tips For every day Canadians:
• Video
➡️Canada’s New Anti-Flipping Rule:
• Canada’s New Anti-Flip...
➡️ How Rent-To-Own Investment Strategy Helps Canadians Into Homeownership And Generates Cashflow:
• How Rent-To-Own Invest...
➡️How To Deduct Automobile Expenses: • Video
----------------------
DISCLAIMER:
Real estate Tax planning is a personalized decision and will depend on your situation, priorities, and risk tolerance. Consult with your legal and tax advisors to ensure you get the best personalized advice.
The information contained in this video is for general information purposes only.
The information is provided by ECRB Consulting Inc., RealEstateTaxTips.ca, Cherry Chan Professional Corporation and Cherry Chan.
While we endeavour to keep the information up to date and correct, we make no representations or warranties of any kind, express or implied, about the completeness, accuracy, reliability, suitability, or availability of the article or the information, products, services, or related graphics contained on the presentation for any purpose. Any reliance on such information is, therefore, strictly at your own risk.
In no event will we be liable for any loss or damage, including, without limitation, indirect or consequential loss or damage, or any loss or damage whatsoever arising from loss of data or profits arising out of or connected with the use of this information.
#canadatax #personalincometax #2023taxchanges #incometax #marginaltaxrate #taxdeduction #taxcredit #FHSA #automobilededuction #CRA #TFSA #RRSP #Taxsaving #flipping #CPP #Canadapensionplan #housingtaxact #inflation #realestatetips #realestatetaxtips #Cherrychan

Пікірлер: 34

@nadinemcmaster Жыл бұрын

It's so nice to have Canadian content that is helpful! Thank you!

@RealEstateTaxTips Жыл бұрын

Glad it was helpful!

@b.b.finsclara3589 2 ай бұрын

THAAAANK YOU!!!! For your time and generosity......giving us so much usable information!!! I love your videos!!!👏👏👏👏👏👏👏💖💝🤑😄

@RealEstateTaxTips 2 ай бұрын

Glad you like it

@deepthind5579 7 ай бұрын

You are too good and explain so well 👍

@RealEstateTaxTips 7 ай бұрын

Thanks a lot 😊

@sivqb1327 Жыл бұрын

Hi Cherry, thanks for putting out such a great video. How would the ev car deductions work, if i use it for personal use as well as for investment property management. Thank you

@RealEstateTaxTips Жыл бұрын

kzfaq.info/get/bejne/brajirRis8usl4U.html This is a video I did previously on how to deduct automobile expenses.

@abhiket24 10 ай бұрын

Hi Cherry, Thank you for the awesome videos. I have a question with respect to RRSP and FHSA. Can I contribute money to RRSP in Jan'24 and withdraw it after 90 days as a First Home Buyer? Can I claim the First Time Home Buyer benefit of 35k after moving into a house? Also, If I have moved into a house, will I be not eligible for FHSA? Do I need to empty my FHSA account before buying my first home? What is the time period to hold the money in FHSA before withdrawing it to buy a home? I would really appreciate your answers

@lonelyangelscanada7562 Жыл бұрын

Great Video. Appreciate you. What’s the tax credits amount the the $61,000 EV? Can I get my basement done to rent out with separate entrance and claim the $7500 tax credit once it’s over $50,000 cost?

@RealEstateTaxTips Жыл бұрын

With respect to the basement, the $7500 tax credit is only available if you are renovating for your family members to live in with you....so renting it out to a third party would not qualify you for the tax credit unfortunately. With respect to how much you can deduct regarding the EV, it goes back to the business use % of your vehicle and your tax rate.

@chriss.4951 Жыл бұрын

If a person rents out their basement (a separate dwelling unit), then when they sell their house: do they need to declare a capital gain on the basement (because it was rented out over many years)? --- T.I.A. and for your excellent content.

@RealEstateTaxTips Жыл бұрын

Depends on how significant the basement is compared to the main part, and whether you did significant renovation for it.

@janetdavie7271 Жыл бұрын

If it was a personal safety issue, what would be required to prove this? How would that be handled?

@RealEstateTaxTips Жыл бұрын

Great question. It's a new law. I would imagine something similar to a police report, complaints to condo corp, etc.

@pabawathieperera9118 Жыл бұрын

My accountant did not deduct my tax benefits for the renovation I did for my apartment. I own a triplex and live with 2 tenants.. Isn't it possible to declare the repairs and Reno cost I did for my apartment?

@RealEstateTaxTips Жыл бұрын

It depends on what work you have done - some of them you might be able to deduct, some you might not., Remember, most accountants are on the conservative side - unless you break down the "renovation" part - which is routine maintenance.

@janicec100 Жыл бұрын

Hi, Is rental income taxed or a cash or accrual basis ? My tenant is thousands behind in rent and I prefer not to include in income funds not received .

@RealEstateTaxTips Жыл бұрын

As far as I know, CRA prefers to have it reported as accrual basis. It does allow for cash basis - assuming that there're no significant difference between accrual and cash basis. www.canada.ca/en/revenue-agency/services/tax/businesses/topics/rental-income/accounting-methods.html If you have significant difference, it would have to be accrual basis.

@rupeshchoudhary9237 Жыл бұрын

Can I contribute to FHSA if I already made a purchase of my first home. ?

@RealEstateTaxTips Жыл бұрын

@@rupeshchoudhary9237 potentially, if you are considered the first time home buyer. First time home buyer is still yet to be defined, I suspect that it would be extremely similar to the first time home buyer definition within the home buyers plan. For example, if you are separated or divorced, you could potentially be considered a first time home buyer again and you potentially can take advantage of this FHSA account. Another example, if you have not owned a home that you occupied for the last 4 years ...you could potentially meet the definition of first time home buyers again. Currently the requirement hasn't been published officially. Still waiting to see.

@alexanderpoulin Жыл бұрын

Would you consider a video on incorporating a holding company in Canada to hold investments? I am accumulating retained earnings but am hesitant to invest within my opco due to fear of liability issues (I work in a higher risk industry as an engineering consultant). I am just trying to calculate when it makes sense to incorporate a holding company with all the additional legal and accounting filing fees. Thanks a bunch for your videos they have been very helpful.

@RealEstateTaxTips Жыл бұрын

We do quite a few webinars on this particular topic. You're welcome to sign up for our upcoming one... Visit RealEstateTaxTips.ca and join the blog post list and you will be getting invite from us when we host the next incorporation webinar.

@alexanderpoulin Жыл бұрын

@@RealEstateTaxTips Fantastic, thank you very much!!

@chriss.4951 Жыл бұрын

Do we need to file a SEPARATE UHT for EVERY DWELLING UNIT? We also need to get a handle on "subsection 6(10) of the UHT return".

@RealEstateTaxTips Жыл бұрын

You would need to file a separate return for every detached unit.

@neetasharma600 Жыл бұрын

Hello, If I get my basement converted into a second unit for my adult son to live in, can I claim the $7500 ? Is that the maximum that can be claimed even if unit costs For e.g. $80000

@lisannehinkley5559 Жыл бұрын

Government makes it seem like 7, 500 is super helpful when you're spending well over 50k, even 100 if you're doing a separate suite.. 🙄🙄🙄