How much income tax do you pay in Canada?

Рет қаралды 8,015

5 ай бұрын

⌲ Join Wealthsimple and get up to $3,000 when you sign up with my referral code: ZCZSZQ www.wealthsimple.com/invite
⌲ NEO secured credit card: Get a $25 BONUS if you sign up for Neo's secured card using my affiliate link: api.fintelconnect.com/t/l/648...
Are you wondering how much personal income tax you have to pay as an employee in Canada? In this video I break down the very basics of the Canadian personal tax system. #canadatax #finance #livingincanada
**DISCLAIMER: I am not a financial advisor, consultant, or real estate agent. This video is for entertainment purposes only and should not be considered as financial advice**
// Support my channel
Hey, if you’ve enjoyed my content, you can
- Contribute a ’SUPER THANKS’ to this video
- Buy me a coffee here: buymeacoffee.com/livingincanada
// My Book!
Amazon CA: a.co/d/ge71w4n
Amazon US: a.co/d/gL9ywUf
// ABOUT Getting ahead financially in Canada while enjoying life!
// Music by: www.bensound.com/free-music-f...
License code: F4PTAWJVH5PNCVWA
// AMAZON AFFILIATE LINKS (Canada)
DISCLAIMER: Links included in this description may be affiliate links. If you click on one of them and make an eligible purchase, I may receive a small commission at no additional cost to you.
Bedframe: amzn.to/3PMyFSC
Office
Foldable desk: amzn.to/44elIW2
Bamboo monitor riser: amzn.to/43fPBUo
Foldable laptop stand: amzn.to/438UMFK
Gaming chair cover: amzn.to/3pDUdGi
Chair wheels: amzn.to/3PJT8as
5lb dumbbells: amzn.to/44jget1
Kindle Paperwhite: amzn.to/46QbHjF
Kitchen
Kichly Stainless Steel French Press: amzn.to/3uBlwmA
Brita water Filter: amzn.to/43eeUGz
Bodum water kettle: amzn.to/44gZmDo
Bodum French coffee press: amzn.to/3JNwH0f
Coffee grinder: amzn.to/3rk4Oqs
Mini blender: amzn.to/3NySc6c
Coffee ethical bean 2lb: amzn.to/3O4ft16
Entryway
Coat rack: amzn.to/3JOmoZX
Bathroom
High-pressure rain shower head: amzn.to/3JLLatR
Carbons shower head filter: amzn.to/3JMqkuf
Over-the-toilet cabinet: amzn.to/46AsruV
Shower drain hair catcher: amzn.to/3D2NGI9
** DISCLAIMER **
I am not a lawyer, not an immigration agent, and not a financial advisor or tax consultant. I'm just sharing my experience and knowledge in the hopes it can be useful to you. Please always do your own due diligence and research before deciding to purchase or sign up for any financial product or service!

Пікірлер: 31

@garymcneil2216 5 ай бұрын

Way too much taxes in Canada. We are taxed to death.🙁

@fatxiongmao7965 4 ай бұрын

Imagine if you got child support and spousal support to pay. Enjoy losing 90% of your salary.

@LivinginCanada 4 ай бұрын

I agree that taxes are too high!

@bingbungbong 2 ай бұрын

@@fatxiongmao7965that’s exactly where I’m at, now I owe more money than I have

@paulmarshall4794 2 ай бұрын

I'm not a tax expert but a couple other details that are a little more advanced is not all income is taxed equally. If you are wondering what all the fuss is about in the new budget that is increasing the capital gains taxable amounts it is because currently you only pay tax on 50% of the gain. As an example, if you invest $1000 and then later sell for $3000, you would only pay tax on $1000. $3000 less $1000 invested equals $2000 gain but you only have to pay tax on half the gain so only on $1000. The other income source is Canadian approved (Canadian companies) dividends. In Ontario if your only source of income is from Canadian dividends you can make $50,000 and only pay $600 in total taxes, the amount varies by province. Investing in Canadian companies such as the big 5 banks that pay dividends gives you tax preferred income. Now, if you have the money in an RRSP, LIRA, or Pension fund, when you take this money out it is treated like income from a job and is taxed at the same rate as working income. There is a saying that is very true - "instead of working hard for your money, let your money work hard for you."

@mertozkan6110 4 ай бұрын

Great video as always!

@mohammedhamudi8590 4 ай бұрын

Thank you very well explained and incredibly helpful! 🙏🏻🙏🏻

@LivinginCanada 4 ай бұрын

Glad to hear that!

@JayB-JayB 5 ай бұрын

Thank you for this! So much useful knowledge!😊😊 I wish a form of Income Sharing still existed in Canada so that the higher earning family member could lower their tax rate. It feels as though Canadians are punished progressively the harder they work/earn.

@LivinginCanada 4 ай бұрын

I agree that it can potentially be disincentivizing work!

@papag4446 4 ай бұрын

Very informative arigatoooo ❤

@LivinginCanada 4 ай бұрын

Happy to hear! Thank you!

@DividendFiend 3 ай бұрын

It should honestly be 5% for the first 50k you make, 15% is way too extreme.

@suibian2384 4 ай бұрын

Here in Quebec we have more higher provincial rates😢

@youngdrug5927 4 ай бұрын

clear - cut explanation 🙏🙏. I've studied in Canada. Does it make sense to start a gym in GTA or Burnaby ( BC ) , maybe a smaller town like London or Barrie. with an investment of 500,000 to 800,000 Cad ?

@bubblefish8670 3 ай бұрын

You didn't include all the other taxes we have to pay like sales tax, property tax and so on. If you earn 100K a year and spend all the money, I believe you have to pay 40-50K (40-50%) of your total income in tax.

@RavarsenBlogspot 4 ай бұрын

The higher the tax rate, more inefficient the government. It is never a good sign

@LivinginCanada 4 ай бұрын

It is questionable whether our tax money actually goes to good use or just trickles through the system

@miraol9620 4 ай бұрын

Thanks for this video. Very helpful to understand the tax system as a newcomer. Q: do I have to declare interest earned from a High Interest savings account by year end ? 💐

@LivinginCanada 4 ай бұрын

Income from investments is also taxed. ***disclaimer: I’m not a financial/tax consultant

@benjaminsamuel2740 5 ай бұрын

That federal n provincial tax. N each state has its own rates show the Canadian gov. Is not serious in making life easier. I thought australia has higher income tax than Canada. But at the end I think au n Canada has very similar rates.

@LivinginCanada 4 ай бұрын

Interesting! Yeah, the 'double' taxation on federal and provincial level is a bummer!

@jaimed9631 4 ай бұрын

Cpp and premiums how much you keep?

@christophercr-zz4eq 4 ай бұрын

Thank you for the video. It was very helpful. I have a question what about the DCCP?, It also deduct my taxable income? Or is it already part of the CCP?

@LivinginCanada 4 ай бұрын

I’m not too familiar with the details of it, this video is just meant as a general overview. Cheers!