HOW TAXES WORK IN CANADA | REDUCE YOUR TAX BILL | Canadian Tax Guide Chapter 1

How do Taxes Work in Canada? What are Tax Brackets? How can I reduce my Tax Bill with Deductions and Credits? I’ll be breaking down all of the basics of Canadian taxes for regular income, business income and investment income and I’ll go over some of the best tax saving strategies out there.

QUESTRADE REFERRAL 🇨🇦
Use my referral link to get $50 of COMMISSION-FREE Trade Rebates for the first 30 days!👇
https://www.questrade.com/affiliate-o...

You can also manually enter my offer code: CANADIANTSHIRT

TURBOTAX REFERRAL: 🇨🇦
Use my referral link to Get 15% OFF ANY TurboTax Product! 👇
https://www.tkqlhce.com/click-9191966...
Remember the Tax Filing Deadline is April 30!

LOYALTY MEMBERSHIP ✨
Click the JOIN button or the link below to gain access to my exclusive content! 👇
   / canadianinatshirt  
Thank you guys for supporting my channel, you’re the best! 🙏

BLOSSOM SOCIAL 🌸🇨🇦
Follow me on Blossom to see my Portfolio & Trades for FREE 👇
https://getblossom.onelink.me/SOfu/ad...

Watch my BLOSSOM ANNOUNCEMENT video for details 👇
   • MAJOR ANNOUNCEMENT!! // Blossom Social Inv...  

Best SAVINGS ACCOUNT in 2025 - EQ BANK 🏦
Your emergency fund should be in a High Interest Savings Account and the best one in Canada right now is EQ Bank which offers up to 4% interest with no monthly fees and no minimum balance!
Use my referral link below to sign up 👇
https://click.linksynergy.com/fs-bin/...

WEALTHSIMPLE TRADE REFERRAL 💰
Join Wealthsimple and get a bonus of $5 to $3,000 when you sign up with my link 👇
https://wealthsimple.com/invite/P0A-UQ

SKIP AHEAD: ⏩
-Intro: 0:00
-Tax Basics: 0:21
-Tax Brackets: 0:44
-Marginal Tax Rate: 1:28
-Tax Calculation Example: 2:34
-Online Tax Calculator: 6:06
-Business Income: 8:02
-Investment Income: 8:20
-Tax Credits: 9:22
-Tax Deductions: 10:51
-RRSP - 11:54
-Business Expenses: 12:59

TAX CALCULATOR: 💸
https://www.eytaxcalculators.com/en/2...

WATCH NEXT: ▶️
-TFSA Explained Investing Tax Free -    • TFSA Explained | Investing Tax Free | Cana...  
-RRSP Explained: Deductions & Contributions -    • RRSP Explained Part 1 | Tax Deductions & C...  
-What is Stock Market Investing -    • WHAT IS STOCK MARKET INVESTING | STOCKS EX...  
-What is an ETF? Diversify Your Portfolio -    • ETF Explained // How to DIVERSIFY your Por...  
-Top 3 Dividend Stocks in Canada -    • TOP 3 BEST DIVIDEND STOCKS IN CANADA | TFS...  
-How to Buy Stocks on Questrade -    • How to Buy Stocks? QUESTRADE Tutorial | On...  
-Best Canadian ETFs for Dividends -    • BEST CANADIAN ETFs FOR DIVIDENDS | TFSA Pa...  
-How to Buy US Stocks on Questrade -    • How to  Buy US Stocks in Canada | QUESTRAD...  
-4 Steps to Become Wealthy -    • 4 Steps to Become Wealthy | Long Term Stra...  

I hope this video helps guide you through the world of Taxes!

Be sure to subscribe to my channel for more videos on investing, personal finance and money saving strategies. I’ll be posting a video every week =)

FOLLOW ME HERE:
Facebook:   / canadiantshirt  
Instagram:   / canadiantshirt  
Twitter:   / canadianshirt  

FINANCIAL EDUCATION BOOKS: 📚
-Wealthy Barber Returns - https://amzn.to/2MJ9cIe
-How to Adult Money Canada Version - https://amzn.to/2F717ZT
-Beat the Bank: Canadian Guide - https://amzn.to/37uqe54
-Investing in Dividends - https://amzn.to/37mUnn3
-101 Tax Secrets for Canadians - https://amzn.to/2RrIuGS
-Millionaire Next Door - https://amzn.to/35ap253
-Intelligent Investor - https://amzn.to/3qoI5nV
-Making Money in Canadian Real Estate - https://amzn.to/2SKijw6

CAMERA GEAR 📸
-4K Camera - https://amzn.to/3aSHWEg
-HD Camera - https://amzn.to/3puBZkT
-Tripod - https://amzn.to/2Qf2Lid
-LED Ring Light - https://amzn.to/2MKLDyC
-New Microphone - https://amzn.to/3aRdXMN
-Cheaper Microphone - https://amzn.to/3aRkwih

DISCLAIMER: I am NOT your financial advisor! My videos and the topics discussed are my opinions and are presented for entertainment purposes only. This information should not be construed as legal or financial advice. It is always up to YOU to do your own due diligence. It’s YOUR money so make YOUR own decisions!
I will NEVER ask you to send me money nor will I ever provide my phone number or personal email address. If you see this, that is a fake account and please report any suspicious activity or scam accounts claiming to be me.

DISCLAIMER: Links included in this description may contain affiliate links.
I will only ever suggest services or products that I use myself and I personally believe in.
If you sign up using my affiliate link, I will receive a small referral bonus at no extra cost to you!
Thank you for supporting The Canadian in a T-Shirt! =)

#CanadianTaxes #CanadianFinance #CanadianTaxGuide #TaxFreeCanada #TaxFreeInvesting #CanadianInvesting #CRA