the best way is getting a job that pays cash.

@alvinkoh419

Жыл бұрын

Yes & No. Either u r in the system or u r out. With no income to show on tax return, u r limited. U cannot buy properties without a mortgage. No landlord wants u cos u have no credit rating. U cannot use credit to invest or buy a car. U r will forever be at the bottom of the food chain.

Hey Thomas, another great video. Cheers Rob

@ThomasCChan

Жыл бұрын

Hey Rob ☺️

Hey, hope you guys like this remastered version! Get This free handout - "How to prepare for Retirement During this Global Recession" finance.thomascchan.com/retire1

Please continue it Thomas . Thank you

@ThomasCChan

Жыл бұрын

For sure! Next one is coming up this Sunday!

Thanks for sharing these tips.

@ThomasCChan

3 ай бұрын

Thank you!

Great info. Thank you.

@ThomasCChan

Жыл бұрын

Thanks Enid!

Keep this coming sir!

@ThomasCChan

Жыл бұрын

😊👍

Awesome video, So much information I’ll Have to re watch. Subscribed.

@ThomasCChan

2 ай бұрын

Thank you

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

@Alexedmartin

8 ай бұрын

Indeed, successful investing often requires a solid foundation of knowledge. In my journey, I've found that having a trusted financial consultant is key, especially when it comes to selecting the right assets. I've been working with Regina Louise Collaro, an investment advisor associated with a licensed wealth management firm, and my financial experience has significantly improved. Her reputation in the industry is quite remarkable, and her guidance has led to financial stability and regular passive income. I highly recommend considering an experienced investment advisor for your financial goals.

@Alexedmartin.

8 ай бұрын

Regina Louise Collaro is based in the United States and can work with anybody wherever they stay. If you would like more information on reaching her, you can conduct a search online.

@ugojazzy7812

8 ай бұрын

personally, I'm blessed and realizing I'm not the only one working with Regina Louise Collaro. I will consider myself lucky. I've been able to feed and make a living through her advice and great work. For such a person as Regina, I owe her gratitude, support and endless prayers as it is not easy to gain access to such a competent and reliable adviser. Who isn't just wise but has all it takes to handle an investment and is good at what she does.

@emeldcentor1474

8 ай бұрын

I have had the intentions of starting investing. But I always thought it was late and I think I need to stop procrastinating. I will definitely 🔍 Regina Louise Collaro and see what she can advise .Thanks a lot . This was of so much help to me.

@BROutdoorz

4 ай бұрын

A house is a liability.. I’ll never waste my money on a house..

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

@ThomasCChan

Жыл бұрын

Welcome Terry!

Thank for the informative video 😊

@ThomasCChan

Жыл бұрын

Thank you!

Thanks!

@ThomasCChan

Жыл бұрын

Oh hey Merv! Thanks so much!

Very helpful Thomas 😊

@ThomasCChan

Жыл бұрын

Glad it helps!

Great explanation Thomas! ❤

@ThomasCChan

2 ай бұрын

Thank you!

This is crazy information.. You are awesome !

@ThomasCChan

Жыл бұрын

Hi Srikar. Thanks! Stay tuned for my next video! ☺️

@SrikarAnanthula

Жыл бұрын

@@ThomasCChan absolutely! You have great talent.

Thanks for all your informative videos!

@ThomasCChan

Жыл бұрын

Wow! Thanks so much for the big support!

@pbufh

Жыл бұрын

Damn u rich

Excelent video

Thanks

@ThomasCChan

Жыл бұрын

You are welcome!

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

@ThomasCChan

Жыл бұрын

Hi Suhail, glad you like this! 😃 Please share it to more friends!

I loved this. Thank you!!

@ThomasCChan

Жыл бұрын

Glad you like it! Please check out my other videos too!

Excellent insight and tips

@ThomasCChan

9 ай бұрын

Thank you!

Thank you Thomas for all the great information!! I appreciate all you do for all of us, so you very much!

@ThomasCChan

Жыл бұрын

Hi Maureen! Glad you like it!! 😃

Smith maneuver for the win

Very informative video, especially for someone who would like to legally reduce tax payable.

@ThomasCChan

Жыл бұрын

Hey Raymond! Thank you!

Hello, Can you please tell me if I would have to pay cadanian income taxe on my income in India if I am working in Canada for a Canadian company.

Thomas said, "Even with ever increasing taxes, Canada is still in huge deficit". Seems 'someone' needs to learn more from you than any of us here, Thomas.

Hey Thomas, such a great and informational video!!! Thanks for bringing to surface these ways to save $$$. Really good to know you can add the "interest of borrowing" when investing. Have a great day!

@ThomasCChan

Жыл бұрын

Awesome! Glad you like it!

Hey ... You don't have an affiliate link for the book ? Would like to buy it and wanted to go through your link #support😊

@ThomasCChan

Жыл бұрын

Hi Ciprian! Thanks so much for the kind offer.! Yeah I rarely do affiliate, so it doesn't lose its intention.

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

@ThomasCChan

Жыл бұрын

It might work!

This is very much basic information. It should be taught to kids as soon as they want a drivers license. Hopefully young people can understand and learn from videos like these. Well done 👍

@ThomasCChan

5 ай бұрын

For sure! Thank yoi

@mikemoctari9933

4 ай бұрын

I asked my dog to watch this video,he stated that this video is closer to be called useless than basic

@APICSKH

4 ай бұрын

@@mikemoctari9933 Do not underestimate the wisdom and honesty of dogs. They are better than humans.

@mikemoctari9933

4 ай бұрын

@APICSKH i identify as a dog till May

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%??

Hi Thomas please do make some video on RESP for children.

@ThomasCChan

5 ай бұрын

For sure I have 2 to 3 videos about resp in the Playlist! But yes I will make more!

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.

I left and now no more taxes after 50 years

@torpidfella293

16 күн бұрын

left to where?

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 ?

So for 8:36 I can’t get my head around it say you made $1400 and decide to donate $700 you got tax deductible of $300 and say your tax rate is 50% than (-700*0.5*0.5)+300 remaining 125 deductible will not be given by cash so your total income is 700 But if you just pay tax on full 1400 then you get to take home 1400*.5*.5=1050 So why would anyone do that?

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

@ThomasCChan

4 ай бұрын

😁

RRSP but what about when you have to cash or close at I believe 71 and then you pay how much tax then !

@ThomasCChan

Жыл бұрын

Hi Ed. Age 71 is not the end. It just goes to rrif. Where you just need to take around 5% minimum

The first 3 mins of this video are just straight facts

Hi, i like you explain the tax strategies which are very helpful and informative. ❤

@ThomasCChan

Жыл бұрын

Excellent! Happy to hear that! Please share to.your friends too 😀

Hi Thomas , I find your videos very informative and hope to work with you in the future. I have two questions. If I am only renting, and buy a rental property, can I assign the rental property as my principal residence to avoid capital gain tax even though I wouldn’t live there? Secondly, would there be any tax implication to invest in ON if I live in BC? Thank you very much in advance!

@ThomasCChan

Жыл бұрын

Hi John. Thanks and sounds good 1. You can't rent out the property and call principal residence. As you needs to reside. Cra can easily proof if you use record living in there. Yes as in they will be using On tax bracket instead of bc

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.

@ThomasCChan

Жыл бұрын

That's correct 😉🎉

@DanielKierstead-lf7bx

5 ай бұрын

2:45

@DanielKierstead-lf7bx

5 ай бұрын

Get er done

Hi Thomas...great content. ..thank you. ..can you give information on how to withdraw your RRSPS without paying or lowering the withholding tax especially when you retire early. ..thank you

@ThomasCChan

Жыл бұрын

Hi Auriel, Let's have a chat to see if it's applies to your situation. www.thomascchan.com/thomas

@aurielsmith8753

Жыл бұрын

Ok I will check out the link below

@WATCHLLS

Жыл бұрын

Hey Ariel, if you or a family member is eligible for the disability tax credit you can withdraw money from an RRSP and receive the taxes back via the DTC. Also if you have a low income year move RRSP funds to your TFSA as the first $15000 of income is tax free (basic exemption) Some folks who have a large RRSP will even retire at 60 and remove funds from there RRSP from age 60 to 65 at a very low or tax free income level.

What investment should I do to avoid my income raising to much

@ThomasCChan

Жыл бұрын

That's a good problem! And try to use different tax advantage accounts.

@br4180

Жыл бұрын

@@ThomasCChan like what.

@ThomasCChan

Жыл бұрын

@br4180 depending if you are employee self employee or business owner For employees Rrsp can helps reduce the income along with other tax deduction strategies

@br4180

Жыл бұрын

@@ThomasCChan retired

When filing taxes, it’s always asked if you have property outside canada. How are properties / piece of land outside canada treated by cra? Hope you can make a video. Thanks

@ThomasCChan

Жыл бұрын

For sure! Happy to!

@manuelabeltran

4 ай бұрын

​@@ThomasCChandid you make the video about owning property outside of canada? And what about having an airbnb outside of canada?

@ThomasCChan

4 ай бұрын

@@manuelabeltran hi not as of this moment! But I can put it in my list!

@manuelabeltran

4 ай бұрын

​@@ThomasCChanyes, please, will be very much appreciated!

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

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

I want to collect welfare and not pay taxes. Please help me.

Tip #1 if you don’t avoid death then you get to pay no taxes! 😂

@ThomasCChan

11 ай бұрын

😆

Move

I have a manufacturing faclity...I'm paid by dividend.....I pay ZERO income tax......since 2013.....and collect all benefit

@ThomasCChan

Жыл бұрын

Cool! Business and dividend is one of the effective way!

@ronbonora7872

Жыл бұрын

yeah sure, if something happens to your business and you owe, say payroll taxes, any dividend stripping would be taxes directly on you the director mate.....it is all never roses....LOL

@ronbonora7872

Жыл бұрын

it is called director's liability!

@WATCHLLS

Жыл бұрын

Not sure if you realize it, but only paying yourself in dividends will effect the amount of CPP benefit’s at age 65. As your CPP benefit’s are based on employment income.

@christianduval9067

Жыл бұрын

@@WATCHLLS The CPP calculate your benefit base on the best 10 years of working....... You can also ask the CPP to send you a report of your contribution with the amount you will received at your retirement.

I figured it out. I left.

@DJDOUBLE077

4 ай бұрын

🤣...I'm about to leave as well. There are far better countries to live in while making progress at the same time.

As someone who recently became a Canadian I don't wanna pay alot of taxes but I do wanna help stimulate this economy and give more people jobs and stuff like that etc!

@ThomasCChan

4 ай бұрын

For sure! We want to pay what we should but at the same time get to know what tactics to pay the unnecessary

@BohemianLifer

4 ай бұрын

It seems like you are paying to fund failing foreign wars now, not much use since our citizen safety and border security is not being adhered to; which is the only reason to pay taxes.

Quote: This is a tax on tax and more taxes on taxes.

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

4 ай бұрын

For sure. With today's social media Influence. Younger tend to look for a boom in short time frame. But in my 2 cents. We first need to have the foundation first.

a subject pays taxes lol😅😊

Yo dawg, I heard you like paying taxes, so I put a tax on the carbon tax to go with the other 3 taxes I tax you! -Liberals

If u are a vampire or zombie, this does not apply

@ghosthunter7258

9 ай бұрын

Wtf do you mean by zombie or vampire??? Wtf

By the way it's FEWER taxes and LESS tax. Just saying.

@ThomasCChan

8 ай бұрын

Thank you!

RRSP really ? Not in my experience. Why would the taxman not want us to know. ? We pay his salary. He should be transparent. Get a new taxman.

@Psychiatrick

4 ай бұрын

The BIGGEST secret is .... there is no valid Income Tax Law ... failure to comply with s. 54 of the constitution Act 1867 ....

🐱👍

@ThomasCChan

10 ай бұрын

😀

HINDI VIDEO

You could leave Canada lol would defo reduce your tax bill

Please speak English.

😂😂😂😂😂😂

4 There are four secrets Not 15 Click bait

@WATCHLLS

Жыл бұрын

Thomas has a wealth of great content in his video’s. No click bait from Thomas.

Kind of disingenuous/clickbait to say that "the taxman" doesn't want you to know about RRSPs

Thank you for wasting my time.

?? why would i want to pay less?? services like hospitals and other healthcare professionals need our taxes so they can get paied and live a happy life.. why are you only thinking about yourself and not others? esecially with covid in 2019 these people deserve to get the money they work for

@jamespaquette1362

3 ай бұрын

Donate your money then. The system abuses the money it gets from us. Why enable the abusers?

Others are ok but Charity tricks is very unacceptable we Canadians are having food 2 times instead of 3 times… and now a days many people came to our home in the name of charity… giving 100 to save 15 is foolish….

@aw2589

Жыл бұрын

That makes no sense to me. An individual shouldn't contribute to charities as a tax write off ...because others are struggling?

Thanks!

@ThomasCChan

Жыл бұрын

Hey Leonel. Thanks so much!