How to Pay Less Taxes in Canada | 15 Secrets The Taxman Doesn't Want You To Know

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15 Secrets The Taxman Doesn't Want You To Know

Chapters:
00:00 intro
3:48 Secret #1 - Review withholding tax in payroll
5:09 Secret #2 - Turn bad debts into good debts
7:35 Secret #3 - Reduce income tax efficiently
8:49 Secret #4 - Registered retirement saving plan

It’s that time of the year again...

The End of 2022

And as last week you discovered tax saving tips canada people wants to know for decades.

Today, you’ll get valuable insight about how to reduce tax bill canada used to do in these years, and there is even more than the canadian tax deductions.

If you’ve been watching my channel for a while, you’ll know that I have been talking about the book called “15 secrets the taxman doesn't want you to know”.

I think back to when I see people seeking for the ways to do tax saving in canada. There is only a little known ways to lower down your taxes.

tax deduction in canada is hard for sure, that’s why today’s video will show you some tax reduction methods that you may never hear about before, not just about how to reduce tax, but also something you can use when you are doing tax filing in canada.

I was taught by this book about how to pay less taxes in canada with its incredible tax tips, tax saving tips in canada, and even how to save taxes and how to avoid taxes in canada.

If you want to know more about how to lower taxes in canada, this video is your only option.

Enjoy!

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In the past 10 years, Thomas C Chan been focus on helping Canadians to develop for their financial success, with advice about investments and insurance, such as life insurance, critical illness insurance, and disability insurance.

Whether you want to know more about tax saving, retirement planning, or financial growth, Thomas can bring clarity on your retirement, wealth, and insurance. He understands the life stages and challenges that people are going through.

In Canada, you have many options for savings and investment vehicles, such as the RRSP and TFSA. To figure out how to take advantage of your options, Thomas can help you figure out what best suits YOUR financial needs. If you are interested in learning about how money works, and how to work with money, check out his videos!

[Hannahbenowitz]

The financial system has been artificially pumped for over a decade to ensure big pockets were lined; and now those same hands will make a fortune in the largest transfer of wealth in human history by shorting it on the way down. Inflation does have a roll, but that's to keep everyone panicked, and focused on their bills and expenses, rather than focus on the capital crimes of politicians and corporations, I'm still at a crossroads deciding if to liquidate my $338k stock portfolio, what’s the best way to take advantage of this bear market??

[chaysamaratunga]

Valuable information

Thank you Thomas!

[bobsagrt]

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.

[nomadchad]

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.

[shakilsheikh]

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

[barry]

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

[jillybean]

the best way is getting a job that pays cash.

[alant]

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%??

[Alexedmartin.]

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

[galactic]

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.

[ThomasCChan]

Hey, hope you guys like this remastered version!

Get This free handout - "How to prepare for Retirement During this Global Recession"

[naserdeen]

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

[Loseinpoker]

I love the video but I hate to burst your bubble: this video will not apply to 90% of the Canadians. I know cause I am a Financial Planner for one of the Big5. Most of these ideas either produce way too little result or carries a big enough risk that unless you have a portfolio of over 2-3 million liquid asset; it simply won't be applicable. You will be shocked how many people I meet in a daily bases that still think investing is better than paying off their credit card debt.

[MrFreeze]

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

[JaddexCapitalJ]

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

[smilesoulhealing]

Thanks for all your informative videos!

[ianjaeger]

I left and now no more taxes after 50 years

[ShahzainAli-tlsk]

Thanks for sharing such a video. Much needed. It was so convincing. Nice work.

[terryevp]

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

[yassingurhan]

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 ?