Reducing your tax liability is a smart financial move. It's all about strategic investments and leveraging tax-saving opportunities. I've seen significant benefits by diversifying my portfolio and taking advantage of tax-efficient investment vehicles. It's not about avoiding taxes, but rather optimizing them to maximize your wealth. I wasnt financial free until my 40’s and I’m still in my 40’s, bought my second house already, earn on a monthly through passive income and got 4 out of 5 goals, just hope it encourages someone that it doesn’t matter if you don’t have any of them right now, you can start TODAY regardless your age INVEST and change your future! Investing is a grand choice I made

what now bugs me is that 50-70K used to be a good income and was taxed at 18-22% ish.... now 100 to 150K is a good income and its taxed at 44-50 % . So now It seems were just being punished for making middle class income.

the best way is getting a job that pays cash.

If I leave Canada and become a non resident, the CRA charges an additional 10% as "withholding tax " to make a total 25% tax on my CPP and OAS. They effectively tax pensioners a penalty tax for having the cheek to ditch Canada and leave. Is there a way to reduce this so-called withholding tax from 25%??

Hey, hope you guys like this remastered version! Get This free handout - "How to prepare for Retirement During this Global Recession" finance.thomascchan.com/retire1

This is very much basic information. It should be taught to kids as soon as they want a drivers license. Hopefully young people can understand and learn from videos like these. Well done 👍

Thanks for all your informative videos!

Awesome video, So much information I’ll Have to re watch. Subscribed.

Conclusion I got out of this scenario for donations: Seen a video explaining that if a resident of Canada made a million dollars annually, they’d pay half of the income earned in income taxes. So if I were to pay 500k in donations to a charitable organization, I would get a tax credit return for the percentages mentioned above. Federal - 200 x 15% and beyond the 200 dollars(500k in this case) would amount to = 145,230 dollars given back to me Provincial - 200 x 10% and beyond the 200 once again(500k) would amount to = 105,020 Resulting in 250,250 dollars being saved in taxes am I correct ?

Great explanation Thomas! ❤

Keep this coming sir!

I left and now no more taxes after 50 years

Many Thanks Thomas. Great video. I am new subscriber...!!!

Thanks!

Thanks for sharing! Although, I would like to add that tax was never meant to be a long term solution to any problem. Now its a way of life smh

Thanks for sharing these tips.

Please continue it Thomas . Thank you

Hey Thomas, another great video. Cheers Rob

Very informative video, especially for someone who would like to legally reduce tax payable.

This is crazy information.. You are awesome !

Great info. Thank you.

how about opening an offshore company in the cayman islands (or any other income tax free country) ?

Thank for the informative video 😊

Very helpful Thomas 😊

Hey Thomas, such a great and informational video!!! Thanks for bringing to surface these ways to save $$$. Really good to know you can add the "interest of borrowing" when investing. Have a great day!

Thanks Thomas for sharing another informative video and sharing all the tips. God bless you!👍

Thank you Thomas for all the great information!! I appreciate all you do for all of us, so you very much!

The best way for Canadians to reduce taxes is to stoo electing Liberals.... AXE the TAX

Just a note Thomas I thought of mentioning that you did not discuss. At age 65 you can income split your RRSP funds with your spouse when you convert some or all of the funds to a RRIF.

Hi Thomas please do make some video on RESP for children.

Thomas said, "Even with ever increasing taxes, Canada is still in huge deficit". Seems 'someone' needs to learn more from you than any of us here, Thomas.

I have a manufacturing faclity...I'm paid by dividend.....I pay ZERO income tax......since 2013.....and collect all benefit

Smith maneuver for the win

Excelent video

Thanks

So for 8:36 I can’t get my head around it say you made $1400 and decide to donate $700 you got tax deductible of $300 and say your tax rate is 50% than (-700*0.5*0.5)+300 remaining 125 deductible will not be given by cash so your total income is 700 But if you just pay tax on full 1400 then you get to take home 1400*.5*.5=1050 So why would anyone do that?

RRSP but what about when you have to cash or close at I believe 71 and then you pay how much tax then !

What investment should I do to avoid my income raising to much

Excellent insight and tips

When filing taxes, it’s always asked if you have property outside canada. How are properties / piece of land outside canada treated by cra? Hope you can make a video. Thanks

I loved this. Thank you!!

Hey ... You don't have an affiliate link for the book ? Would like to buy it and wanted to go through your link #support😊

With all respect . I don’t know how Canadians accepted this reality 😮in which point in history people gave up their rights so easily 😂

Hi Thomas...great content. ..thank you. ..can you give information on how to withdraw your RRSPS without paying or lowering the withholding tax especially when you retire early. ..thank you

Hello, Can you please tell me if I would have to pay cadanian income taxe on my income in India if I am working in Canada for a Canadian company.

As someone who recently became a Canadian I don't wanna pay alot of taxes but I do wanna help stimulate this economy and give more people jobs and stuff like that etc!

Hi, i like you explain the tax strategies which are very helpful and informative. ❤

Is it possible in quebec ?

Hi Thomas , I find your videos very informative and hope to work with you in the future. I have two questions. If I am only renting, and buy a rental property, can I assign the rental property as my principal residence to avoid capital gain tax even though I wouldn’t live there? Secondly, would there be any tax implication to invest in ON if I live in BC? Thank you very much in advance!

I figured it out. I left.

Maybe i'm wrong here, but in todays world, the young generation like the gen-Z likes to see their investments in shorter time frames like in a 15 to 20 years growth. The Dave Ramsey Show on youtube gives out 15 to 20 years investment plans, but i know it's a US financial planning show.

The first 3 mins of this video are just straight facts

Tip #1 if you don’t avoid death then you get to pay no taxes! 😂

I want to collect welfare and not pay taxes. Please help me.

Quote: This is a tax on tax and more taxes on taxes.

By the way it's FEWER taxes and LESS tax. Just saying.

Move

RRSP really ? Not in my experience. Why would the taxman not want us to know. ? We pay his salary. He should be transparent. Get a new taxman.

Yo dawg, I heard you like paying taxes, so I put a tax on the carbon tax to go with the other 3 taxes I tax you! -Liberals

If u are a vampire or zombie, this does not apply

a subject pays taxes lol😅😊

Please speak English.

You could leave Canada lol would defo reduce your tax bill

HINDI VIDEO

🐱👍

4 There are four secrets Not 15 Click bait

Kind of disingenuous/clickbait to say that "the taxman" doesn't want you to know about RRSPs

Thank you for wasting my time.

😂😂😂😂😂😂

?? why would i want to pay less?? services like hospitals and other healthcare professionals need our taxes so they can get paied and live a happy life.. why are you only thinking about yourself and not others? esecially with covid in 2019 these people deserve to get the money they work for

Others are ok but Charity tricks is very unacceptable we Canadians are having food 2 times instead of 3 times… and now a days many people came to our home in the name of charity… giving 100 to save 15 is foolish….

Wow

I cant believe people fall for this scam. Tax on tax on tax on tax to still make less than your pre tax income.

Thanks!