Taxes might seem like a dull subject, but did you know that if you earn $70,000 in Canada, you're shelling out almost $17,000 in taxes? That's nearly a quarter of your hard-earned money! Understanding the tax system is crucial for newcomers and citizens alike. This video dives into essential tax changes introduced by the Canadian government that can help you retain more of your hard-earned money. From new contribution limits for TFSA and RRSP to insights on CPP enhancements and updated tax brackets, we break down these concepts to make them accessible. Don't miss out on this vital information designed to empower your financial journey! Hit that subscribe button for more exciting discussions!#Tax#TaxTips #NewcomerCanada#
00:00 - Introduction
01:08 - New Tax Changes by Government of Canada
03:03 - Short-Term Rental Restrictions
04:45 - Reduction in Bills for Physiotherapists and Counseling Therapists
05:43 - New Contribution Limits: Tax-Free Savings Account (TFSA)
07:00 - Registered Retirement Savings Plan (RRSP)
08:31 - First Home Savings Account (FHSA)
10:29 - Overview of FHSAs
11:10 - Comparison with Home Buyers Plan
11:48 - Utilizing FHSAs and HPP
13:04 - Understanding Tax Brackets
14:08 - Updates on Tax Brackets
14:47 - Overview of CPP
16:13 - Changes in CPP Contributions
17:04 - Additional CPP Contribution
18:04 - Conclusion and Channel Support
19:11 - Farewell
Негізгі бет How New Tax Rules Affect Your Savings in Canada
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