ACCOUNTANT EXPLAINS How to Pay Less Tax

Tax is one of those things where some planning really moves the needle when it comes to saving hundreds, if not thousands of dollars. If you are saving up for vacation, a wedding, a car, a house - you might be saving on the day to day things that cut down on a few dollars like eating out. But, taxes can range anywhere from 20 to over 50% of your income. So with that in mind, let’s jump into ways you can pay less tax and keep more money in your pockets for the things that will make an impact in your life

00:00 Intro
00:44 How Taxes Work
05:33 Paying less tax as Employees
06:22 Paying less tax for Businesses
08:04 Non-taxable Income

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.
________________________________
MY FAV PLATFORMS FOR BUSINESSES
________________________________
FREE RESOURCES
________________________________
CONNECT WITH ME
📸 Instagram: @GabrielleTalksMoney
________________________________
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.
________________________________
*This description contains some affiliate links, meaning that I may earn a minimal commission if you click through and use these links (at no additional cost to you).

[alfredwong]

For the most part, unless your income is a lot more sophisticated than the regular worker's income (only employment and maybe some passive income), your only 'tax minimizing' options come from the tax deferred investment accounts like the RRSP, FHSA (actually a tax deduction).

[TreCayUltimateLife]

Hi Gabrielle, great video thank you! I have never heard of the T2200 before this. Would love a short vid about that form, it sounds interesting. I really appreciate all this videos and what I have learned has been making a felt impact on my life. Thanks again!

[mdof]

Love your videos! Do you have any good books on tax 101? I'd love to read on along side your videos. Starting out and want to use tax write offs to my advantage.

[orlandochang]

Subscribed!! you are awesome! I will def contact you! Thank you Gabrielle!

[xxgg]

as always, did my tax on very last day. bad habit but happens every year.

[alexcook]

I would love to know any tax tips for a full time Uber eats driver.

[stevenvanw]

Hi Gabrielle. Sorry off topic here but can you tell me how hard is it to submit my previous year capital losses? What is the process?

[thebigone]

Hi, I just got my BBL for my OF. Is that a business expense that can be written off? Obviously investing in my cakes helps my channel so I think it is a business expense!

[rainbow-iraq]

Great vid thanks, so if I’m self employed and my net income is 10k and then i put 5k into TFSA, only 5k of my net income will be taxable?

[aminonmiles]

My sales commission checks are over taxed, hence I get big income tax returns. But how can I prevent that?

[Rocco]

Hi there! I just have a question re: taxes on my RRSP. To get to the point, I hold VEQT and bit of VFV for a little more U.S exposure. Now even with reinvesting the dividends, am i correct in saying that I will only be taxed when I withdraw the capital? IE: I won't be taxed on the dividends until they are withdrawn (as I'll obviously be reinvesting them). Thanks in advance!

[ivanromero]

Hi quick question. What do you think on pursuing Accounting degree at the age of 38 old. Is it to late by the time I finished college would be around 42ish. What are your thoughts?

[Viking]

With all the hidden tax’s you didn’t add on with is still tax!!! It is over 60% for most working