Filing taxes in Canada in 2024 | Don't Loose your $2000

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Filing taxes in Canada in 2024 | Don't Loose your $2000 | Tax Benefits in Canada 2024

Рет қаралды 99,060

Күн бұрын

In this video, we dive deep into the essential tax benefits available for students and residents in Canada, helping you navigate the complex world of taxation and savings.
Toronto Tax Boutique Details:
Whatsapp: wa.me/message/...
Phone: (647) 250-8592
Website: torontotax.co
Email: info@torontotax.co
My RRSP Account in : join.eqbank.ca?code=GURSAHIB7684
RRSP, FHSA, TFSA Video: • 99% of New Immigrants ...
As a student in Canada, understanding your tax rights and benefits is crucial for maximizing your returns and minimizing stress during tax season. From tuition credits to education deductions, we break down the key strategies and deductions that can potentially save you thousands of dollars.
Discover insider tips and expert advice on how to leverage tax credits, deductions, and incentives. Whether you're a full-time student, part-time worker, or recent graduate, this video equips you with the knowledge and tools needed to make informed decisions about your taxes and financial future.
Don't let tax season overwhelm you-empower yourself with the information you need to secure your financial well-being as a student in Canada.
Be sure to like, share, and subscribe for more valuable content on navigating the world of finance and taxation in Canada!
Disclaimer:
Please note, I am NOT an immigration consultant. I am NOT a financial advisor. I am NOT affiliated with any government organization. Any information shared in this video is based on my own experience, opinion, and research and hence should not be considered legal advice. I assume no liability for how the information in this video is used or interpreted and hence take no responsibility for any decisions that are made with regards to your application or life based on the information shared in this video. Your commitment to your application or life is critical so please do your own research before making any kind of decision. I am just a random guy on youtube sharing my experience.

Пікірлер: 223

@saifrahman4948 6 ай бұрын

I think you are wrong about T2202 tax slip. You said that we will get 15% refund. However, as per my understanding and research, the T2202 tax slip cannot issue a refund like the refundable tax credits since it is a non-refundable tax credit. Meaning, that if a student paid ~$40,000 international tuition fee then they will have ~$6,000 of non-refundable tax credits which will lower their tax owing to $0. The remaining credits will be carried forward to the upcoming tax years. I could be wrong, so do correct me if anyone knows more on this matter. Let's help each other out. ✌🏽

@Yash-st1bs 6 ай бұрын

you are right mate!

@JaspreetSingh-hf3rz 6 ай бұрын

At the end of studies, you get a refund from the fees you paid! I don’t know about getting it at the end of the year or end of the studies, but you do get refund!

@raphaelcasey6620 6 ай бұрын

you never get a refund, it's a non-refundable tax credit.

@JaspreetSingh-hf3rz 6 ай бұрын

@@raphaelcasey6620 I don’t know about you, my sister got 4-5 thousand dollar refund. So did one of my cousins!

@yuvrajschannel4041 5 ай бұрын

It reduce the taxable income to 0. How can that be 15%????. It is not that simple. But think as if you have started working, the basic tax rate would minimum be 15% if you cross the minimum threshold, I guess for Ontario federal threshold is 15K and provincial is about the same. So say, if you have earned around 50K a year. Employer should have deducted tax based on you 50K salary but if you have 40K from tuition fee then, 50K - 15K(person threshold) = which would be 35K. Then your tuition fee can be deducted from 35K. So the taxable amount would be ideally Zero, i.e. 0. Such that now, the tax you have already paid as it would have been deducted during the course of the employment will be refunded in full. This was he said 15% refund. But if you don't earn or earn within 15K range. You won't get anything refund from your tuition. Meanwhile this tuition credit can can be carried forward or can be transfer to spouse, parents and grand parents to the limit of 5000 CAD per year. Cheers! Note : This is not a financial advice and cannot be relied upon in any means.

@user-gj3gg2we7d 6 ай бұрын

For RRSP- the amount you can invest is subject to contribution room available to you, that is 18% of your previous years earning any over contribution is subject to penalty.

@canadianjatti 6 ай бұрын

THis is not a refund....its a return. Distinction is important. They are returning over payment of tax. That is all.

@saurabhmahida3895 6 ай бұрын

So if we file tax as new comers For college fees and for work in 2023 We didn’t get in account thats what you want to say ?? Because i thought it will return in my bank account

@jesson0072 6 ай бұрын

@@saurabhmahida3895 you get your work tax refunded back to you after the deductions but if you add your T2022 from your school then you get tax credits which can used to deduct the from the total taxable amount then u get the remaining amount back

@somkaranbhardwaj5484 5 ай бұрын

They are dumb. They just see all English words as same

@Deedee_980 5 ай бұрын

Please how can I do it?

@canadianjatti 5 ай бұрын

if they have your account details the return will be deposited to your bank account@@saurabhmahida3895

@heenarao27 4 ай бұрын

Bhai… FYI ~ Ontario Child Care Benefit is for temporary work permit holders as well… you need not to be a Permanent Resident for this benefit…

@ronakwalia2249 5 ай бұрын

Sry beta late ho gayi vlog dekhney main ;very informative vlog;;thnx a lot beta 🙏🙏may God bless you and jasmine also

@jassdeol8441 6 ай бұрын

What about students who came after 1st January 2024

@dushyantgupta11 5 ай бұрын

Education is needed to earn & Education is needed to invest and save. Gursahib is giving it for free. Do make the best use of it guys. Great job Gursahib ❤

@user-dk6st1fd5u 6 ай бұрын

Bro helpful, but lets not give incomplete information. Tell us if you actually get that 15% through tax credit(carryover) or if you can get it directly through tax filing. If so, i haven’t seen anyone do that. What are you talking about?

@jurendran3983 6 ай бұрын

Yeah, this doesn't seem realistic.

@user-dk6st1fd5u 6 ай бұрын

@@jurendran3983 I did come across a more helpful video. More explanation on how to actually get the form. But this one still doesn’t say what the form contains, and most importantly if we are going to get the refund in our bank account with tax return. kzfaq.info/get/bejne/hpxopax61MrGiIE.htmlsi=HmaDB0xlbEyHaQzD

@karanshanker5200 6 ай бұрын

Sir. To be honest they are giving very less tax return in between of $1500 and $2000 that is not the 15% of my tuition fess and they said that weather return and every thing is included in this.

@fardoussaikat609 6 ай бұрын

can you tell me what is your annual tution fees?

@ShadabKhan98 6 ай бұрын

Bhai par vo 15% fee refund aapke account me to nhi aata haina?

@jindalsaab3054 5 ай бұрын

its not 15% that comes from our fees brother. we just use our tuition credits for getting 70% to 80% tax return of that year. Its wrong information you are giving. Thank you!

@simransandal9750 5 ай бұрын

Please give me some more details about 70 to 80%

@hirensharma7400 6 ай бұрын

Great video! Super informative thanks❤

@GursahibSinghCanada 6 ай бұрын

Glad it was helpful!

@manpreetkaurrandhawa9859 5 ай бұрын

Gursahib main kafi time se app ke videos dekh rahi hu. Meri daughter 2022 Jan se Toronto main hai. App ne 13 mar 2023 ko ek video Post ki thi about tax file. Manav and Karishma tax boutique ke bare main bataya tha. Jisko dekh kar meri daughter ne bhi Manav se tax file kervaya.But hi cheat and after one year koi refund nhi mila or Manav call bhi pick nhi kerta. And Abhi pata chla ki usne refund kisi or account main dalva liya hai .kya koi or bhi hai jiske sath Tax boutique (Manav) ne fraud Kiya hai tu please comment kero

@TheSkilledIELTS 5 ай бұрын

The organisation he talked about, Toronto Tax Boutique. Is a complete fraud, they take the money as non refundable deposit but they do not start tax preparation. Pls be mindful before bringing in sponsors, don't make us regret trusting you.

@pascallemon6260 5 күн бұрын

Do they scam u

@kulwinderkhaira2253 Ай бұрын

Bro mai visitor visa t Aya Mai rbc bank ch account open krwaya c tax wali letter aye a dssdo ge kive bharna😊

@neelamsharma-do9ll 6 ай бұрын

One thing the new students please be informed that you will be eligible for the refund of the tuition fees amount in the next F.Y...I also came to Know about this in my 1st semester of study Jan 24 intake

@syedamisbah398 5 ай бұрын

Sources please?

@shivangikhurana8604 4 ай бұрын

Hello Gursahib I filed tax but didn't get any benefit. Can you guide for refiling of tax?

@goalarchive5442 6 ай бұрын

Sir abhi ham 1 year ka master course leke aate he canada me 2024 ya 2025 mein to hame 3 year ka work permit milega ? IRCC ke naye rules aye he na Please ess topic PE full video upload kare

@Manisha-ms3nh 5 ай бұрын

I didnt get any email from CRA. What should I do ? When i try to open CRA account it shows error.😢😢😢

@pascallemon6260 5 күн бұрын

Do minimum wage workers have to pay tax in canada

@00rautsumit 3 ай бұрын

Bro I missed the deadline, can I get that benefit still?? 😕

@Harman_Chopra 6 ай бұрын

Thanks for the video. Please let me know how can one get T4 from a job he/she has already left or the company was shut down.

@paritasakariya4950 5 ай бұрын

It you have adp account for payroll then it would be visible there and if not then you can contact hr for the process

@loveygholia7634 5 ай бұрын

You can ask manager to send t4

@kamalsandhi7910 5 ай бұрын

When u gonna login into cra account there is a option of t4 slips just open it you will find evey t4 there.

@sarabjotsingh8181 5 ай бұрын

Sir can you make a youtube video about list of in demend occupations for each province of Canada ?

@gursharansingh6254 5 ай бұрын

Brother, in Canada worker benefit if spouse live in india, will i come under family income threshold or individual? Thanks

@rupeshshinde4781 6 ай бұрын

Brother my question is my friend Pharasict in Mumbai 3 years work experience hai abhi bhi jo kar kahi hai to Canada me India Pharasict ko Job mil sakti hai ky please advice & details video 🙏

@hardeep3428 5 ай бұрын

Paji my cpa applied my tuition credit but there is no change in my return. Please guide

@shahparth1220 5 ай бұрын

How and when we will get child benefit , from when I will lending

@harwinderkaur3270 4 ай бұрын

Sir doosre province se return file kar sakte hai kya?

@AshishGadhiya-xs4nw 6 ай бұрын

Hello Gursahib, Big Fan of yours. By way of introduction, I am a Chartered Accountant by profession. I also deal with all kinds of accounting and Taxation services. This is the first time, I am disappointed by your video. Tuition fee is deductions, not a benefit. So you will not get any refund because of tuition fees. You will get a tax credit. That you can use against your tax liability. Many young people follow you, and then they come to us and argue with us that they haven't received a 6000 dollar refund. Please let me know, if you want me to share the proper details, I am more than happy or I can also join you for all type of q&a. Thank. Ashish Gadhiya

@ManpreetSingh-ym1ov 6 ай бұрын

Sir mene college change kiya hai, fee refund krwyi hai, kya me ye benefits le sakta hoon ??

@HarryKharoud-vs7zc 4 ай бұрын

Kine day bhad paise aune start hunda a sir ??? Tex de

@damanvaraitch6896 5 ай бұрын

Hi, can you make a video how to fill BC rental form479 to claim rental credit

@baldoldmonk 6 ай бұрын

Phenomenal amount of information! Kaash KZfaq me bookmark option hota!

@jhilmil1401 6 ай бұрын

Save and watch later hota hai

@baldoldmonk 6 ай бұрын

@@jhilmil1401 I added it to a private playlist,for lack of bookmarks! Thank You!

@ParmjitKaur-wk1xc 3 ай бұрын

Hello brother we are on temporary worker when i can apply child benefits

@sunilmathew9610 6 ай бұрын

is it possible for international student to claim for the years they missed claiming ? thanks for useful information

@user-bm2rm9ys5x 6 ай бұрын

Thank you so much veer g🙏🏻🙏🏻🙏🏻

@user-oj9cr3et3m 6 ай бұрын

Yes Cambrian college may intake

@AnhTuPhucDerrickHoangCanada 5 ай бұрын

guy I got my refund today, 6 days after i netfiled on day 2

@ravindranathsawane 5 ай бұрын

How much??

@HarjeetSingh-je8ed 6 ай бұрын

Very knowledgeable vedio must watch by every one

@user-ph3xr7ut7h 6 ай бұрын

How much does toronto tax boutique charge?

@AngryYoungMan99 6 ай бұрын

U r videos always helps lot❤

@GursahibSinghCanada 6 ай бұрын

Thank you so much 😀

@MarwadiJatni 6 ай бұрын

how much they charged for personal tax. i arrived in Nov 2023 as a PR but until now no work. i am not able to create CRA account. so can i fill TAX ?

@canadianjatti 6 ай бұрын

yes you would report 0 for income

@HarpreetKaur-dr4di 6 ай бұрын

Hlo brother can you help me . I am doing my study in Ontario which is completed in this year after that I want to move to get my pr can you tell me in which province I have to move to get pr which would be easy for me

@deraiyaaslam4380 6 ай бұрын

Best video and to the point talk

@GursahibSinghCanada 6 ай бұрын

Thanks !!

@rashim7914 6 ай бұрын

What about the welcome canada form?

@vikk1249 6 ай бұрын

Kitna canada canada karoge yaar. India ko dekho fastest growing economy ban rahi hai be a part of it. Ye kya firangi bane ghum rahe ho

@GDeep007 5 ай бұрын

bro j bnda married aw fr b tax file ho skda?? J spouse india howe

@rajneeshbishnoi2717 6 ай бұрын

Nice news u have And usefull

@user-sd1bx8js9q 5 ай бұрын

bro T2220 v same hunda??

@AryanK1511 5 ай бұрын

Great video!

@mankaran3340 6 ай бұрын

Anyone for may intake in naigara collage Toronto?

@abc199619 5 ай бұрын

too much affiliate marketing bro, just need basic info

@user-pt3wc5ws9v 6 ай бұрын

Anyone here for Saskatchewan

@karamgill4767 5 ай бұрын

How to register

@UT1930 5 ай бұрын

Jo students 2024 may intake mein aa reh hai unke liye yeh useful hai k nii

@HimalayanGypsy 5 ай бұрын

@papajohn325 6 ай бұрын

Bro I need your advice. I filed my tax last year and this year also I will. I might leave Canada in September. So do I need to close my bank account as I will be getting my tax returns till next year. What to do in this case?

@sarwara3973 5 ай бұрын

apply krta reh bhai ... no issue

@muttalib765 6 ай бұрын

45k views but sadly very less likes on the video

@jayabhambhani2165 5 ай бұрын

Child benefits are available to PR holders only? If we’re on work permit, can we get child benefits?

@missioncanadapossible 5 ай бұрын

You will be eligible for it after your 18 months stay, if you are not PR.

@harjeetkaurgill7093 6 ай бұрын

Hii I m student of modern networks nd cloud computing ,please tell me what kind of job I can get after my study as well as what certificates I need to get for better job. Thanks

@HimalayanGypsy 5 ай бұрын

You're focusing on AWS or Azure?

@sukhwindersingh9268 5 ай бұрын

bhai aage kahan jaayega

@aditya_gupta_3 6 ай бұрын

Hello Sir. Sir, I have received an offer letter for Practical Nursing Program from Keyano college , Fort MacMurray and Mohawk college . Can you suggest me which college should I choose and why ? I am extremely confused so it would be great if you can help me out .

@rajvinderkaur8427 2 ай бұрын

What college have u choosed man?

@Maandesigner 6 ай бұрын

Kon kon India se bs time pass ke liye video dekh rha❤

@lammergeier8465 5 ай бұрын

Hi.i came to canada at visitor visa and applied for work permit inside canada.I got my work permit on 21st feb 2024. Am I eligible for filling tax or not? Or what can i do?

@canadianjatti 5 ай бұрын

No lol you will file next year for 2024

@koushikkanumuri253 6 ай бұрын

Anyone going to Halifax, Nova Scotia this fall

@bhawna7370 6 ай бұрын

Anyone from Conestoga College may intake for business course?

@roypinaki4u 5 ай бұрын

How to make an account with them if filing for the first time?

@ABYNR321 5 ай бұрын

Ur tax professional will open that account

@priyajithazra4454 5 ай бұрын

How to show Tips money like I am working in the bar give me some Idea this is my first tax file

@HimalayanGypsy 5 ай бұрын

No need to show that as per my knowledge.

@Ayushiu26 6 ай бұрын

Hello, this video is incredibly informative. I'm wondering if someone with a work permit who gives birth in Canada is entitled to any benefits? What expenses would they be responsible for?

@chandrasekharmurari6627 5 ай бұрын

Is it possible to deposit education fee tax credits into our bank account?

@navneetsingh3772 4 ай бұрын

No, its a credit for future tax

@sabinpathak9176 6 ай бұрын

2024 may intake, Lambton college Mississauga??

@mohitpaniar6995 6 ай бұрын

Yes brthr

@sabinpathak9176 6 ай бұрын

@@mohitpaniar6995 where are you from?

@sagarrex9180 6 ай бұрын

what abt conestoga college, doon ? how is the college ? my intake is may 2024.

@aayushsingh5580 6 ай бұрын

Bakwas

@rao_here 6 ай бұрын

Kbhi mt lo bekar location h kuch kam nhi milega agr 60k pm ghrwale bhej skte h to ajao

@eternallight8084 6 ай бұрын

Who are going in may this year will they able to do this?

@HimalayanGypsy 5 ай бұрын

its better you do it next year

@Kaur7678 6 ай бұрын

Portage at Campbell anyone???

@monika4082 6 ай бұрын

What about those who came in January 2024? What benefits they can claim??

@Ahmed-gm8ol 6 ай бұрын

RRSP is still taxable at the time of withdrawal.

@misseethavlog 5 ай бұрын

Yes, you have to pay if you withdraw, unless you do not receive any income during the year. There you would not have to pay anything since you would only be receiving the money from your RRSP. (That's what my account executive at my bank told me)

@canadianjatti 5 ай бұрын

@mseethavlog only partially correct. Depends on how much you withdraw even if no other income. Up to 15k (whatever the personal limit amount is) will be fine. Taking more than that will get taxed.

@l_beastgamerff7499 6 ай бұрын

Anyone here for april 2024 in calagry?

@user-ze2dm7vk2d 6 ай бұрын

Anyone for alpha college ,may

@invisible6743 6 ай бұрын

Anyone for may24 intake Cambrian College Brampton Campus

@jefinsiby6494 5 ай бұрын

Hi, I thought of sharing a feedback on your video. Imagine you saw a video on KZfaq which is titled in a language that you know and when you open it, you realize that the video is made in language that you don't understand! How much frustrated would you be? You'd probably dislike the video for wasting your time and would go to the next video. That was the situation when I watched this video. So, please title your video in the same language that you'd be making the video in or at least mention the language in the title.

@Treopsycho 6 ай бұрын

Anyone here for may 2024 toronto humber college

@anmxl1 6 ай бұрын

in current scenario should I consider Aus or canada? plzz reply sirr currently 12 boards chll rahe ne

@akshatagarwal8297 6 ай бұрын

Hey man just a stranger from canada, just wanna say it doesn't matter where u go either cad aur Aus You need to understand other stuff like what r ur future goals,where do you see yoruself in next 5-10 years do you have any connections there PS: it bad in canada rn atleast in toronto, the prices r skyrocketting for rent and groceries while it's hard to keep up at part time jobs, make sure you learn some extra skills before you come to canada cheers lad

@mr.googleuser6764 6 ай бұрын

Apply for aus and make sure to give us visa interview as a backup. Because aus has a broken immigration system and they sometimes give visas to idiots and sometimes reject highly academically successful students

@jurendran3983 6 ай бұрын

Neither.

@anmxl1 6 ай бұрын

i am thinking of cities like edmonton or calgary, would it be worth? and the future goals are to make a nice career not just in sake of getting the PR n talking abt the connections they are. i think that CA would provide me PR faster than that of AUS, is this the ground reality? the basic reason to move to abroad is to be financially independent after class 12 @@akshatagarwal8297