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

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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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Пікірлер: 464

  • @skyzsolstice
    @skyzsolstice5 ай бұрын

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

  • @Cafeallday222

    @Cafeallday222

    4 ай бұрын

    Seriously, I’m so glad this popped up. US stuff is everywhere and not useful for me but this is ☺️

  • @DosntMatter666

    @DosntMatter666

    4 ай бұрын

    I agree

  • @everythingelse6316
    @everythingelse63164 ай бұрын

    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!

  • @anastaciagawili
    @anastaciagawili4 ай бұрын

    Your channel is truly a help for many Canadians.

  • @RamenGirlASMR
    @RamenGirlASMR5 ай бұрын

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

  • @TRX2015
    @TRX20155 ай бұрын

    Crisp and straight to the point.. Thank you!

  • @jvhnfleming
    @jvhnfleming4 ай бұрын

    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!

  • @Cafeallday222
    @Cafeallday2224 ай бұрын

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

  • @Starfang_Wanderer
    @Starfang_Wanderer5 ай бұрын

    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 ❤

  • @Michael_darvill
    @Michael_darvill5 ай бұрын

    This is great. I will be directing clients to this video thank you!

  • @20thcenturyboy85
    @20thcenturyboy854 ай бұрын

    Super video! Fantastic job Gabrielle!

  • @miketriggiano983
    @miketriggiano9835 ай бұрын

    Great video! thanks for posting!

  • @user-rs5lu2ds2h
    @user-rs5lu2ds2h5 ай бұрын

    Excellent video as usual from Gabriella! Thank you so much!

  • @husamfahmi7499
    @husamfahmi74994 ай бұрын

    Fantastically succinct explanation! Also, the graphics and little examples were pretty helpful. Subscribed. Thank you 🍁

  • @paulbernard2094
    @paulbernard20944 ай бұрын

    Nice to have specific Canadian content around education for taxes. I just sub’d. Thanks for posting.

  • @justinw2141
    @justinw21415 ай бұрын

    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.

  • @dereksniper

    @dereksniper

    5 ай бұрын

    Was wondering about this. Ty

  • @TheNewGreenIsBlue

    @TheNewGreenIsBlue

    4 ай бұрын

    Of course. And if you don't buy a home, it can get converted into an RRSP.

  • @mstefa007

    @mstefa007

    4 ай бұрын

    I didn’t hear it but FHSA is limited to 15 years at which point it must be used or transferred to rrsp

  • @randomrazr

    @randomrazr

    4 ай бұрын

    does it really meake a dent though when homes are a million range in t.o

  • @randomrazr

    @randomrazr

    4 ай бұрын

    can u use it after u purchase ur first home ot pay off mortageg@@TheNewGreenIsBlue

  • @ovalplace9264
    @ovalplace92644 ай бұрын

    Thank you, I literally paused the video and submitted an application for a FHSA account. I didn’t know it existed!

  • @nelfmo910
    @nelfmo9105 ай бұрын

    Thank you, Gabrielle!

  • @cpattullo1
    @cpattullo14 ай бұрын

    Very well articulated. Nicely done.

  • @sp90009
    @sp900095 ай бұрын

    Thanks, useful information! I didn't know that you can carry forward unused FHSA room.

  • @tomkoolman
    @tomkoolman5 ай бұрын

    Thank you for the information Gab. I need an accountant like you.

  • @GordoBlue
    @GordoBlue5 ай бұрын

    Great summary for tax season! Thanks

  • @johnjunji8443
    @johnjunji84434 ай бұрын

    great video! Thank you!

  • @VShah67
    @VShah674 ай бұрын

    This was really great/useful, hope you make a video for every year to come!

  • @user-us4tv3pm6e
    @user-us4tv3pm6e4 ай бұрын

    Awesome video always learning a lot!

  • @dylantemperton
    @dylantemperton5 ай бұрын

    Thanks for the information - very helpful!

  • @AppleTreeResources-gr5to8
    @AppleTreeResources-gr5to84 ай бұрын

    This is amazing. Thank you so much for taking the time to make this video!!!

  • @GabrielleTalksMoney

    @GabrielleTalksMoney

    4 ай бұрын

    you're welcome!

  • @naimaan7194
    @naimaan71944 ай бұрын

    Thank you 🙏 happy to find a Canadian financial analyst ❤

  • @RaviBee
    @RaviBee4 ай бұрын

    Succinct, to to the point, and very useful! Thanks, Gabrielle!

  • @kristinabk17
    @kristinabk174 ай бұрын

    So well explained. Thank you so much!

  • @FreedomIsMyReligion
    @FreedomIsMyReligion4 ай бұрын

    I love your channel Gabrielle! Thank you for the great info on this video. Got a new subscribe! Cheers!

  • @kyuchangjo
    @kyuchangjo4 ай бұрын

    Thanks for the summary 😊 great reminder 😊

  • @calbonchan9385
    @calbonchan93855 ай бұрын

    Thank you for sharing!

  • @rkmuralikrishnan
    @rkmuralikrishnan4 ай бұрын

    Amazing summary and very clear, thank you 🙏🏼

  • @mikeach1681
    @mikeach16815 ай бұрын

    Thank you for sharing your expertise.

  • @tatiana.lifeinglow
    @tatiana.lifeinglow4 ай бұрын

    Thank you for the video!

  • @user-wy7io5ll7e
    @user-wy7io5ll7e4 ай бұрын

    This is brilliant, thank you so much!

  • @stephaniegrabau7289
    @stephaniegrabau72895 ай бұрын

    What a wealth of knowledge thanks so much for putting this together

  • @GabrielleTalksMoney

    @GabrielleTalksMoney

    5 ай бұрын

    you're welcome :)

  • @TheHansoost
    @TheHansoost4 ай бұрын

    Nice job, Gabrielle. Thank you.

  • @ll_distribution
    @ll_distribution5 ай бұрын

    Clear, valuable information, thank you for your video!

  • @lanietvtheservicepreneur
    @lanietvtheservicepreneur4 ай бұрын

    Thanks for this. Instant follow:)

  • @n7offtank
    @n7offtank4 ай бұрын

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

  • @GabrielleTalksMoney

    @GabrielleTalksMoney

    4 ай бұрын

    perfect, make sure to watch my new video going live tmrw for RRSPs!

  • @charcoa1
    @charcoa14 ай бұрын

    Thank you for this very helpful video! Will subscribe.

  • @Sam5Jack
    @Sam5Jack4 ай бұрын

    New subscriber. I love seeing young people making their mark in Canada. Very professional.

  • @amomchilov
    @amomchilov4 ай бұрын

    Another notable change is that the faster "flat rate method" for calculating "T777S Statement of Employment Expenses for Working at Home Due to COVID-19" was temporary, and only applies to 2022 but got discontinued for 2023

  • @barbarahenn-pander5872
    @barbarahenn-pander58724 ай бұрын

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

  • @georgebeckons539
    @georgebeckons5394 ай бұрын

    I'm young and no parents to teach me taxes so this kind of stuff is super helpful!

  • @Thewestslope
    @Thewestslope4 ай бұрын

    Nice concise summary!

  • @dofungames2833
    @dofungames28334 ай бұрын

    Thank you for this insightful content

  • @Cmbuie123
    @Cmbuie1235 ай бұрын

    Clear, concise, well done !!! C. Buie

  • @shaunp4802
    @shaunp48025 ай бұрын

    I had to subscribe.... lol. This was damn good:)!

  • @stardustmkm7377
    @stardustmkm73774 ай бұрын

    Thank you for the helpful video 😊

  • @lolypopy26
    @lolypopy263 ай бұрын

    Amazing ! Thank you

  • @janaiyer4280
    @janaiyer42805 ай бұрын

    Thank you very much for the info Gabrielle!

  • @Safi363
    @Safi3634 ай бұрын

    Great work!

  • @vctrchu
    @vctrchu5 ай бұрын

    Short and concise. Great Video again. Thank you Gabrielle!

  • @GabrielleTalksMoney

    @GabrielleTalksMoney

    5 ай бұрын

    Thank you!

  • @user-wg2vw3mz1v

    @user-wg2vw3mz1v

    5 ай бұрын

    ​@@GabrielleTalksMoney Yup, excellent value-for-time ratio.

  • @DMccloudy
    @DMccloudy4 ай бұрын

    Very educational and helpful :)

  • @TubeDeviant
    @TubeDeviant3 ай бұрын

    Thank you for the informative videos..!!

  • @ayejaye
    @ayejaye4 ай бұрын

    Thank you!

  • @georgealbertacanadaeh1038
    @georgealbertacanadaeh10382 ай бұрын

    Great Job!

  • @andreeat4002
    @andreeat40024 ай бұрын

    Thank you for the video. Very useful information. You are very articulate.

  • @ananditagangwar9988
    @ananditagangwar99885 ай бұрын

    FANTASTIC VIDEO AND INFORMATION! THANK YOU

  • @so1zy
    @so1zy4 ай бұрын

    Thank you this was very informative

  • @trendingnews9671
    @trendingnews96712 ай бұрын

    Thanks for the information

  • @Tita.tita173
    @Tita.tita1734 ай бұрын

    Great video thank you 😊

  • @latoniamoodley7562
    @latoniamoodley75624 ай бұрын

    I learnt a lot, thank you for the information

  • @brittsrogers
    @brittsrogers4 ай бұрын

    Great content!

  • @helsabradford5737
    @helsabradford57374 ай бұрын

    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!!

  • @danielk1898
    @danielk18985 ай бұрын

    Do you have videos on family trust?

  • @berbice25
    @berbice254 ай бұрын

    Thank you for the tax tips.

  • @amosburke511
    @amosburke5114 ай бұрын

    Considering that a lot of people are working later in life, what are the chances that the Federal Government will change the rules insofar as when one has to convert their RRSP to an RRIF..from 71 to 75 perhaps?

  • @joeycmore
    @joeycmore4 ай бұрын

    Thanks for clarifying. Is it possible to explain the new trust rules for '24?

  • @user-iz2qq9kg9w
    @user-iz2qq9kg9w3 ай бұрын

    Nice to have canadian content. Thank you! New sub 🎉🎉

  • @roozkhosh5749
    @roozkhosh57494 ай бұрын

    Your content is super useful, to the point and beneficial for all Canadians. Thank you for your time & effort that you put into making these much needed videos. If you could speak a little more calmly & clearly it would be much appreciated. I found my brain was racing to catch up with the speed of your speech and processing the info efficiently. Please don't stop though. Your content is much needed & appreciated by Canadians.

  • @codyblee
    @codyblee4 ай бұрын

    This should be a mandatory watch in Canada

  • @bryontosoff
    @bryontosoff4 ай бұрын

    Very informative and helpful

  • @geofiggy
    @geofiggy4 ай бұрын

    Thanks Gabrielle. 🤟🏼🖖🏼

  • @Lysgreenthumb
    @Lysgreenthumb4 ай бұрын

    Thank you 😊

  • @livingbygrace8112
    @livingbygrace81124 ай бұрын

    Can you break down the income brackets for each province?

  • @CarbonatedTurtle
    @CarbonatedTurtle4 ай бұрын

    Thanks for the detailed information. The FHSA is a complete joke though since $40k doesn't even put a dent in a down payment in this country anymore. There are two types of people in this country. People who already own their homes and people who have so much money that they don't need to bother with an FHSA to buy their first home.

  • @YoonSKim-jq8gx
    @YoonSKim-jq8gx4 ай бұрын

    definitely, you are korean, thank you for your all effort

  • @dealman3312
    @dealman33125 ай бұрын

    Well presented video Start your own enterprise and move out of the E quadrant

  • @spyderativ2438
    @spyderativ24385 ай бұрын

    Do you provide service to individuals as well ?

  • @Vgojanovich
    @VgojanovichАй бұрын

    Thank you so much for this receive. I have made them twice and each time perfect. 🇨🇦

  • @cinderchey
    @cinderchey5 ай бұрын

    Please include rdsp

  • @brandyb9009
    @brandyb90094 ай бұрын

    Thsnk you!! Do gave recommendations for coaches and consultants outside of BC and Ontario who need tax help?

  • @kaurmal8791
    @kaurmal87915 ай бұрын

    Can you do a video on estate planning?

  • @annalee2441
    @annalee24412 ай бұрын

    Thank you for the tax info

  • @damienlex6146
    @damienlex61464 ай бұрын

    Great content as always. I’ve learnt so much from your videos. Do you do phone consultations ?

  • @JMaki-mr2mh
    @JMaki-mr2mh4 ай бұрын

    You are right. Those with airbnb's are shocked by the changes. Sometimes the over contribution penalties also surprise people, when they start contributing more as they get older.

  • @gerry4162
    @gerry41624 ай бұрын

    Great video! Thank you! I have been missing tax information, specifically Canadian. Most info these days on finance seems to be USA targeted I find. Specially with finance books. If you have any books you can recommend on Canadian Finance I would love to know!

  • @sylphsylph2118
    @sylphsylph21184 ай бұрын

    to be fair outside doctor and government official its rare to do over 100k...and even those are often at 80 to 95k

  • @michaelsong7522
    @michaelsong75225 ай бұрын

    Gabrielle, you are so lovely ! 💕

  • @Roham
    @Roham4 ай бұрын

    Subscribed !

  • @jas_bataille
    @jas_bataille3 ай бұрын

    This is really good info. The max limit of 40K in the FHSA however, is completely absurd, as many down payments on houses are over 40K...

  • @CanadianGunsNgear
    @CanadianGunsNgear4 ай бұрын

    Ridiculous how much tax we pay, cpp amount is also crazy

  • @harissonbond7499
    @harissonbond74995 ай бұрын

    Go over 2024 tax benefits I'd love to hear if there was any changes made or not

  • @HeyItsNorby
    @HeyItsNorby4 ай бұрын

    Can I use fhsa only for my first house or any other houses I can purchase in the late future?

  • @Tee-Star
    @Tee-Star2 ай бұрын

    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.

  • @HowToHaven
    @HowToHaven4 ай бұрын

    Hi, im such a newbie to all of this so would love if someone could it explain it to me. What would be the benefit of a person making an average wage(lets say $30-50k per year) contributing to their TFSA as opposed to just putting that money in to your normal chequing account in your bank?

  • @user-gd6rp5cqp
    @user-gd6rp5cqp5 ай бұрын

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