Pay Less Tax In 2023 With These 5 Strategies

Everyone wants to pay less tax, so let's go through 5 strategies on how you can achieve this in 2023.

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OUTLINE
0:00 - Happy Holidays
0:59 - 1. Contribute To RRSP
4:00 - 2. Charitable Donations
5:07 - 3. Use TFSA Over Non-Reg
6:40 - 4. Structure Accounts Efficiently
8:25 5. Income Split At 65

This presentation is intended for information purposes only and does not constitute an offer to buy or sell our products or services nor is it intended as investment and/or financial advice on any subject matter. Every effort has been made to ensure the accuracy of its contents. Certain of the statements made may contain forward-looking statements, which involve known and unknown risk, uncertainties and other factors which may cause the actual results, performance or achievements of the Company, or industry results, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Returns are not guaranteed and past performance may not be repeated.
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DISCLAIMER: The videos and opinions on this channel are for informational and educational purposes only and do not constitute investment advice. Adam Bornn is not registered to provide investment advice and as such does not provide recommendations - those looking for investment advice should seek out a registered professional. Adam is not responsible for investment actions taken by viewers and his content should not be used as a basis for investment trades.

#retirement

[kimmykero]

Great reminder Adam! Some of us are aware of these strategies and don't take advantage of them enough!

[SteveRCPilot]

My wife is staying at home to raise our new baby. Her income is zero. Can I income split with her? Im 45 she is 35

[Azel]

Hey Adam, thanks for this video and merry Christmas! I was struggling with structuring accounts efficiently. I am 36, maxed out TFSA and RRSP and have investments in non-reg account. I decided to put growth ETFs into my TFSA and RRSP and my dividend stocks into non-reg. My thought is that I want my TFSA/RRSP to grow as much as possible for the next 30 years and then convert the growth ETFs to dividend-generating holdings once I retire. Does this sound alright?

[stephenn]

Does the TSFA account cap grow as the investment goes up?

[SusanGaskin]

Thanks for the awesome advice. My husband and I love your videos! Have you ever done a tax video to help Quebeckers? As you probably know, we have two separate tax forms to complete annually (federal and provincial).

[GaneshD]

Excellent! Thank you for all the great information and advice you and your team provide. We're so happy
we purchased a family plan - it has been an excellent journey to work with your team! Merry Christmas and a healthy and prosperous 2023 to all team members!

[Abdul-Alhazred]

I have some Pre-IPO. What's your suggestion if I don't want to pay huge amount of tax after it goes public?

[MegsCarpentry-lovedogs]

Adam....this is what I can call a very kind "Christmas present" from you and your team! The chart regarding combined tax credit for donations was so important to know about! Plus, (wink, wink) you included Prince Edward Island 👍😉🙏. As you pointed out in previous video's, PEI is the second to the highest taxation in Canada...yikes! I was not aware of this...looks like donations are going to be done in this taxation year, as it is the one on "your Christmas list" that applies in my case. Thank you "Santa Adam!"🎅 and do enjoy the special times with your family. They are so precious.🙏🇨🇦🎄

[elterrifico]

How do you melt down $3M in RRSP savings without being clobbered by the tax man? 🧐

[katalystcruz]

Disagree on one point Adam. A multi million dollar rrsp...is a big mistake in my opinion. Yes its great, but they gotta pay taxes on the money drawn out. Where as a TFSA...there would be no tax implications.

[minstrelca]

Really like your videos. Just a question so if my wife makes like 49K is there no point or tax benefit to contributing to an RRSP at all? Just put it into TFSA instead? I was going to get her to contribute but wasn't sure. We are not retired and she is still in her 30s but we were not sure how much exactly she should contribute but after watching your video I guess if you make too little it won't matter anyway?

Thanks!

[jacquelinehart]

If my OAS & CPP equal $17, 500.00, how much can I take from my RRIF before paying tax?

[johnnyboyvan]

Frohe Weinachten to you and your family, Adam. I will be contacting you for a plan in the Neues Jahr. Hohoho Santa 🎅

[nickchartier]

Adam, for the ones 10 years away from retirement, would it be wise to put all of your TFSA money in your RRSP so that you have a lot of space once you start taking the RRSP money out

[lunamorris]

Thanks for sharing this marvelous video. I'm very pleased to see this video. I enjoy this site – it's so useful and helpful.

[MegsCarpentry-lovedogs]

Adam, the strategy of donating is interesting. I have done the draft on 2022 income tax reporting and for some reason the provincial tax credit for donations isn't being used, only the federal tax credit for donations. I have been researching on the internet for answers and it has come down to returning to this vid to hope you are still viewing comments on this topic. Is the PEI provincial tax credit for donations not showing up because other provincial tax credits are considered first before donation tax credits? Perplexed, hope to hear from anyone. 🤔🙃🥴 ☺🇨🇦

[justingtrs]

7:45 taking into account what you mentioned at the begininng, this means if we are young and filling our tfsa and rrsp, we should not really be focusing on dividend paying stocks, in other words taking on more risk? so we should wait to buy banks, CN etc?

[garth]

Make a donation to a Children's Hospital!!! You get the tax credit and you get something much more important. I like Calgary's Children's hospital for one reason that regular viewers of this channel will understand

[mikewatson]

Merry Christmas Adam to you and your family. Appreciate all the information you have shared with us.

[J.C.S.]

Happy (late) merry Christmas to you too Adam!
“Give and it will be given to you”! 😊