Looking for ways to maximize your deduction and lower your taxes? You are in luck! Year-end is when we help our clients do some tax planning and increase tax savings.
Therefore, in this video, I share the top 10 Year-End Tax Tips for everyday Canadians, real estate investors, and business owners who want to reduce their 2022 tax payable.
Key Moments In This Episode
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0:39 - Tax Tip #1: RRSP contributions/withdrawals
2:08 - Tax Tip #2: Withdraw your TFSA
2:43 - Tax Tip #3: Tax-loss harvesting
4:41 - Tax Tip #4: Pay your spouse and kids
5:32 - Tax Tip #5: Pay yourself
6:18 - Tax Tip #6: Buy a car
7:09 - Tax Tip #7: Spend on major appliances or capital expenditure
8:18 - Tax Tip #8: Set up a corporation
9:13 - Tax Tip #9: Vacant home tax
10:38 - Tax Tip #10: Maximize your benefits
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!
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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, send us an email at admin@cccpa.ca
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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 you place 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.
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