ACCOUNTANT EXPLAINS Important TAX CHANGES in CANADA for 2024 | TFSA, RRSP, FHSA, CPP & Tax Brackets

00:00 Intro
00:57 New Shocking Changes
03:15 TFSA
04:38 RRSP
06:22 FHSA
08:04 CPP
10:49 Tax Brackets

Disclaimer: Note this video is not financial nor accounting/tax advice and should be used for entertainment purposes only. Consult with your own financial advisor, accountant and/or tax advisor for advice related to your specific situation.
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WHO AM I:
Gabrielle is a CPA and Tax Expert, as well as the founder of Balance + Wealth CPA, a licensed CPA firm that specializes in Tax. Prior to starting her business, Gabrielle worked as a Tax Manager at one of the Big 4 Accounting Firms for 7+ years, advising Fortune 500 companies. Gabrielle posts weekly videos on personal finance, business finance, and tax tips.
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[skyzsolstice]

Hard to find canadian spefcific finance content, please continue doing more of these

[everythingelse_underthesun]

I don't know how I stumbled on to your content Gabrielle but I so appreciate the Canadian based information, the details, and how you summarized the information. This is a big contribution and help for so many Canadians. Continued success!

[IbrahimIsabella-]

Amazing video, A friend of mine referred me to a financial adviser sometime ago and we got talking about investment and money. I started investing with $120k and in the first 2 months, my portfolio was reading $274, 800. Crazy right!, I decided to reinvest my profit and gets more interesting. For over a year we have been working together making consistent profit just bought my second home 2 weeks ago and care for my family.

[RamenGirlASMR]

Time STAMP ⏲️ 🏡 🍁

NEW changes 1.02
TFSA 3:16
RRSP 4:38
FHSA 6:23
CPP 8:04
Tax Brakcets 10:49

[anastaciagawili]

Your channel is truly a help for many Canadians.

[TRX]

Crisp and straight to the point.. Thank you!

[Cafeallday]

Thank you. We need more Canadian content like this! 🍁

[justinw]

7:37 the FHSA is an investment account, meaning it can grow beyond the 40k. If it grows to 50-60k or more then you can use the full amount.

[Starfang_Wanderer]

Your video found me and honestly, instant follow. This was a great video and very informative.

Would love to see some videos detailing a tax breakdown for contract workers in Canada/Ontario. Write offs/tax breaks, HST payments, CPP/EI contributions and how to budget on a wavering income.

Thank you so much ❤

[Tee-Star]

Hello Gabrielle, for the FHSA and TFSA, are these savings done from gross income? Im trying to understand how the tax saving is derived.
Thanks for your response or anyone else.

[jvhnfleming]

Thank you for this video!!! So helpful in understanding more of the tax code. You helped in this video more than my accountant had in the last two years. As an artist who is self-employed and works short term contracts, I appreciate this so much!

[barbarahenn-pander]

I would prefer each point to have an example of how and when to use TFSA vs RRSP. THX FIR TGE INFO!

[damienlex]

When you withdraw $$ from your RRSP the bank dedicate 10% of your withdrawal. Is that 10% considered as tax deductible?

[nofftank]

We are near the deadline for RRSP contribution and your video popped up on my recommendation; soooo timely! Thank you for this video

[dianetownsend]

Question is there a limit in how much of my RRSP contribution room can I deduct in one year? I have 60K in contribution room. Theoretically if I could put it all in to RRSP in one year could I use the full amount as a tax deduction in one year? If not where do I find limits?

[gdrpcqp]

My gross revenue is $30k a year. How much federal taxes should i pay if any? Live in NS.

[OptionNoMore]

Iromically, my yheraist announced that the fee goes ip by $15/hr in April. So money saved by no HST has just been transferred to my counsellor rather than my pocket.

[helsabradford]

I agree with everyone saying it’s great to finally find pertinent and concise information for Canadians! I subscribed after a few seconds.

I’m from Quebec. So if you could include more info/data for that province amongst the others, that would be super appreciated! Thank you!!

[michaell]

TFSA question, if you took out an amount lets say 500K, would this amount be added to the contribution room next year?

[Nabileuuh]

Are there any strategies to minimize the tax impact on dividends earned in a non-registered account?