How Taxes Work in Canada 🍁 - Learn to Lower Your Tax Bill

Joe discusses the details of personal taxes in Canada. You’ll learn how your money is taxed and about the tax deductions that allow you to reduce that tax. You'll also learn how to estimate your tax balance in less than 2 minutes. In the video, we answer the questions: ► What are the types of personal income? ► How do tax brackets work? ► What are tax deductions and tax credits? ► How can I calculate my tax refund? PART 2 | CORPORATE TAXES Check out part two of our series on Canadian taxes here: ►    • How Corporate Taxes Work in Canada 🍁 | Lea...   ****************************** ✅ Sign up for our newsletter here: https://www.avalonaccounting.ca/weekl... ****************************** 🎥 CONTENTS OF THIS VIDEO 00:00 - Intro 00:52 - Taxes in Canada - A Tale in Two Parts 01:17 - Types of Personal Income Tax 02:11 - How Tax Brackets Work 03:37 - Types of Income 03:51 - Employment Income 06:07 - Investment Income 09:53 - Business Income 10:46 - Total Income (Line 15000) 11:23 - Tax Deductions vs Tax Credits 12:48 - Tax Deductions 13:09 - RRSP Contributions 13:42 - Child Care Expenses 14:45 - Moving Expenses 15:26 - Net Income (Line 23600) 15:47 - Taxable Income (Line 26000) 16:19 - Tax Credits 16:41 - Basic Personal Amount 17:14 - Home Buyers’ Amount 18:36 - Tax Calculation 19:38 - Estimate Your Taxes ****************************** 🔗 MENTIONED IN THIS VIDEO ► RRSP vs TFSA    • RRSP vs TFSA🤷‍♂️- Tips to Lower Your Taxes...   ► Actual Dividends vs. Taxable Dividends https://www.avalonaccounting.ca/blog/... ► What Expenses Can I Deduct in My Business? https://www.avalonaccounting.ca/blog/... ► Most Commonly Missed Small Business Tax Deductions https://www.avalonaccounting.ca/blog/... ► RRSPs Explained    • RRSPs Explained - What You Should Know Abo...   ► CPP (Canada Pension Plan) https://www.canada.ca/en/revenue-agen... ► Wealthsimple Tax Calculator https://www.wealthsimple.com/en-ca/to... ****************************** 🅰️ AVALON ACCOUNTING Avalon is a virtual accounting firm located in Canada. We aim to be THE online accounting department for small businesses in Canada. We provide online bookkeeping, accounting services and expert financial advice for small businesses. We are on a mission to educate small business owners through our YouTube channel, blog and free resources. Check out our links below to dive in. ****************************** 🧑‍🏫 ONLINE COURSES ► Take your business to the next level with our online courses. https://www.avalonaccounting.ca/courses 🥇 ESSENTIAL FINANCIAL CONCEPTS FOR SMALL BUSINESSES (🆓FREE COURSE) ► Keys to building a business that provides owners with time, money and purpose. https://www.avalonaccounting.ca/cours... 🖥️ LEARN MODERN BOOKKEEPING ► Learn to do your own bookkeeping with modern tools and our proven practices. https://www.avalonaccounting.ca/cours... 📈 BOOKKEEPING AND TAX FOR FREELANCERS ► This course teaches sole proprietors how to simplify bookkeeping and taxes. https://www.avalonaccounting.ca/cours... ****************************** ❓ FAQs ► What Can I Write-off? http://bit.ly/EXPENSESCAN ► Should I incorporate my business in Canada? http://bit.ly/INCORPCAN ► What is a shareholder loan? http://bit.ly/SHLOANCAN ► When and How Should I Hire an Employee? http://bit.ly/hirelikeapro ► Should I offer profit sharing? http://bit.ly/PROFITSHARECAN ****************************** 💳 FLOAT VISA - $500 CASH BACK Float Financial provides a company credit card built for modern businesses. Check out our review for details ► https://www.avalonaccounting.ca/blog/... Use our referral link to receive $500 cash back ► https://tinyurl.com/floatvisa We may receive compensation when our link is used to sign up for a Float Visa. ****************************** 💼 20% OFF INCORPORATION WITH OWNR If you are looking to incorporate (in Canada) and want to save some cash, check out Ownr with our affiliate link for 20% off incorporation costs: ► https://www.ownr.co/partners/avalon-a... We may receive compensation when our link is used to sign up with OWNR ****************************** 🧑🏻‍🏫 FREE BUSINESS GUIDES: ► Starting Your Business Guide: https://joecollins.typeform.com/to/bc... ► Business Owner’s Productivity Guide: https://joecollins.typeform.com/to/zJ... ► Financial Foundations Guide: https://joecollins.typeform.com/to/jF... ► $1 Million Dollar Service Based Business Guide: https://joecollins.typeform.com/to/e2...