Sharing is caring LOL I almost choked on my coffee .. thanks humble trader YT wouldn't be the same without you !!
@humbledtrader169-Gmail-.-
Жыл бұрын
⬆️Directly get in touch with me!!❤
@traderUSA
Жыл бұрын
It is better to have 2 companies: an offshore trading company in Bahamas or Dubai, where most of the assets are held. You do not pay taxes on business profits... and with an LLC you collect your salary. The second company in Canada only absorbs operational expenses by showing the lowest possible profits to pay the lowest possible taxes, thereby benefiting from deductions. Greetings from Peru. (Translation assisted by chatgtp.)
@pkc68
6 ай бұрын
How can anyone not love love Humbled Trader you ROCK!
@MikailEstrada
Жыл бұрын
I appreciate all this info Shay! Fellow Canadian day trader here and this helps me a lot. Tax season is such a bummer 😰
@HomaGhale
11 ай бұрын
if you trade in uniswap or other dexs, would you still be taxed?
@andu2274
Жыл бұрын
Thank you for all the information! It is very much needed for traders based in Vancouver 🙏🌹
@SnackSavvy
7 ай бұрын
Amazing video! Clear as day. Thank you!!
@pinoylandscaper2023
7 ай бұрын
Thank for the info I just started trading last year and this video helped me in taxes.
@OkImJustCommenting
2 жыл бұрын
That "Mike Bagholder" thing is simply amazing lol!!! Thank you for all you do for the trading community, but especially for Canadian Traders! We appreciate you!!
@chrismovac5274
9 ай бұрын
Great video, enjoyed the injected humor. Nice job passing on info that most find boring.
@kanyin442
8 ай бұрын
This is really good information provided in a simple way ❤
@eddierueca8567
2 жыл бұрын
Yes!! been waiting for this
@stillnessjourney5870
9 ай бұрын
Awesome as always!
@tt1t88
Жыл бұрын
New to your channel. Subscribe immediately. Very useful content and love your sense of humour. Will keep on watching your other videos. Thanks for your time and efforts creating these useful videos. Cheers!
@PicciGabber
2 жыл бұрын
In Dubai (UAE) I pay 0% income tax and 0% company tax :D
@fwfeo
2 жыл бұрын
That hand on the chest gesture you did for "appreciation" is almost identical to how Iranians show heartfelt appreciation! 🙂
@marcoechegarayrosa9604
Жыл бұрын
thanks for your advise and i really appreciate it is in spanich too thanks
@simoc24
Жыл бұрын
You are holding up “6” like a Chinese 👍 love it 😊 thanks for the video. I learned a lot. I only made 5 figures in trading, no LLC for me 😅
@faisal-ca
2 жыл бұрын
When I talked to CRA , they said if you are not sure if you are day trader or investor, file as an investor (capital gain) and we will inform you if its otherwise.
@832elf
5 ай бұрын
How would you file taxes as a sole prop though? What forms would you use? How do you declare yourself a sole prop? Do you also file your personal income taxes separately then? Therefore filing twice?
@mindfuljazzy1135
2 жыл бұрын
You're the best!
@ericson4534
Жыл бұрын
Thank you! 🎉
@guitarman3968
7 ай бұрын
For the owner/shareholder, there isn’t a huge difference overall in net cash after tax. Of course, an employee who has no skin in the game, might prefer dividend income.
@832elf
5 ай бұрын
You keep talking about daytrading can you please make a video on swinging traders who do options and futures, does it still apply the same way as daytraders. Thanks keep up the great work.
@gregh2003
2 жыл бұрын
This video is so informative. Canadian tax laws don't even apply to me, an Australian. Yet this video gives me a peace of mind that trader taxes are not as intimidating as they seem. THANK YOU SO MUCH for the valuable content.
@AC-MAIN
2 жыл бұрын
Wow. great vid!
@leonardopaternina5146
2 жыл бұрын
One of your best videos ever. I love your transparency and valuable content.
@Taylor88ful
8 ай бұрын
Thanks for the info! You’re my new favourite person! Lol Question, being a sole, proprietorship or corporation, have you also had your business open up a RRSP and TFSA and run your trading through those account to minimize taxes as well? Would appreciate a video all about that, if you haven’t already made one :) Thanks
@timiadetona
3 ай бұрын
You can not do that
@EricSetoInvesting
2 жыл бұрын
Good job - Glad to see a day trader is taking advantage of the SBD
@elizabethbottroff1218
2 жыл бұрын
It doesn't help me with the IRS in the USA. But this is a great video with a lot of information given in an entertaining way. I hope that many of your Canadian viewers heed your warnings.
@gagarwal
2 жыл бұрын
Govts should also share losses if they want a chunk from profits.... taxing is bizzare phenomenon
@diegodgx
2 жыл бұрын
This video is great, very well explained and I liked the examples. Helped solve some of my questions, also from Vancouver :). Cheers!!
@acadian101
4 ай бұрын
when you pay only 11% in taxes , that means most of the profits stay in the business account , you will then get taxed on it when transferring it into your personal account
@DR4MAcydal
2 жыл бұрын
Great video. I wished I knew this when I first started. Bravo shay.
@jason-ub8qz
Жыл бұрын
You can keep but you will pay any time you withdraw something that would be double tax
@michaelshih8163
2 жыл бұрын
You didn't know that profit that your personal corporation makes is not your money. You can take it out only if the corp. pay you a dividend. And Dividends are taxed at the personal tax rates.
@DavidVlogz
2 жыл бұрын
Great video especially for beginners
@832elf
5 ай бұрын
Thanks for the video. Does that mean you file one return for your full-time job and file a second return as a sole prop for your trading? What if you do not day trade but swing trade options and futures? Do you still file as a sole prop
@Camille_Boomer77000
2 жыл бұрын
Thanks a million for making this video. Once again this is VERY helpfulness. Cheers also from Vancouver 🇨🇦
@thisisnotpublic6569
2 ай бұрын
Incorporating isn’t as great as painted on this video. In the best scenarios you would have saved like 5% overall in taxes, so it’s not a huuuge difference like said here. Commonly you will have to pay yourself a salary (due to banks in Canada, otherwise you would have a hard time getting credit cards and such) and then on top of that you would be paying yourself ineligible dividends, so quickly some of the benefits talked about here will fade away. There isn’t a way to run away from taxes in Canada, the whole taxation system is just insane. I just wished more would be offered to the population based on such huge price we have to pay for (I ended up moving my business to another country)
@trickshady2
2 жыл бұрын
Please make a video for the US taxes!!!
@hydrotzu6522
2 жыл бұрын
I love your sense of humor 😂
@Pr3tti
2 жыл бұрын
You're sooo pretty jiee!!
@therealjohnnyb2151
Жыл бұрын
Could your corporation buy the home as a rental property and you, as a human, rent it from the company?
@newjob8047
2 жыл бұрын
Hey Shay, it's a good timely continent. I think also need to addres the 90% who tried to trade and lost, how they can claim their loss in their tax return .
@Osteomorphis
2 жыл бұрын
Are you in the U.S.? It's on the Schedule D worksheet like with gains. Some of the loss will be deducted from your other gross income. For instance, if you make $70k on your full time job, you'd be taxed for the $70k. But if you lost $5k last year as a day trader, you will pay $65k worth of taxes. Fill out the Capital Loss Carryover worksheet in the Schedule D instructions.
@newjob8047
2 жыл бұрын
@@Osteomorphis Thanks Matt. I just raised general question that can possibly help others as I'm seeing not addressed most of the time.
@TheMontegonian
16 күн бұрын
What’s the purpose of incorporating when any money that you “save” is just being parked? Unable to be used unless you want it taxed.
@RantingOgre
2 жыл бұрын
As a Canadian, if you are in the position to form a corporation, why would you form the corporation in Canada? Why not a more tax friendly country such as Bermuda?
@paniaz2024
2 жыл бұрын
Omg you are reading my mind. I am thinking this frequently these days but couldn’t find a good video to do the tax planning. And you finally post this!
@4evervacation
2 жыл бұрын
love your humor!!! :):)
@derekjp6043
2 жыл бұрын
Still here to support with a comment!! Wishing a little that I had a little more time for trading, I will one day!
@yujial.3557
2 жыл бұрын
One thing I don't understand: why not use your original country as a shield to save the gains to avoid st🇨🇦ip tax in Canada
@raka2227
2 жыл бұрын
Just love your vids!!!! You your content very informative with a pinch of humor…. Keep it up.
@JavierMartinez-um1te
Жыл бұрын
Awesome video ! Do you need a gst#? Or just file taxes as self employed.
@HumbledTraderOfficial
Жыл бұрын
Just self employed 👍
@casanova1012
2 жыл бұрын
Great stuff
@igor-Light111
2 жыл бұрын
Useful information, thank you humble trader I think we met in the past when serman organized party for traders anyway good luck in your business!!!
@crazytiger358
2 жыл бұрын
Your information good thanks you I am Indian trader
@ibraheemali9541
2 жыл бұрын
0:59 another way for tax deductions is warren buffet way.....go long.....buy good potential companies at cheap price , hold and reinvest dividends......for ever.....its investing.....not trading though
@paulmacarthur6703
2 жыл бұрын
yeah but when u transfer the money to you, you still need to pay the tax within the tax bracket
@katmarcoux5332
2 жыл бұрын
Well explained! TY :)
@lgnaclo
2 жыл бұрын
Thank you HT.
@vavalakes4210
2 жыл бұрын
AWESOME!!!
@benh5774
2 жыл бұрын
great video, can you just use the profits from your corporation to buy a "corporate house" that you live in?
@mikeb6354
2 жыл бұрын
that was fantastic
@Steve-ny7ez
2 жыл бұрын
Thank you, this was great information.
@irsqpets
2 жыл бұрын
Wish you did this in the USA
@arnaldoestevestj
2 жыл бұрын
Thank you for the video🔥🔥
@Exzal123
Жыл бұрын
In Québec for to have access to the program you speak of, we need to have 5500 hours done by the employees... Well that sucks ahahahah, we're so afraid of money here.
@humbledtrader169-Gmail-.-
Жыл бұрын
⬆️Directly get in touch with me!!❤
@ScenicSitesandBites
2 жыл бұрын
Thanks for sharing this. As a new trader in Canada I really appreciate the tips before tax time.
@TravelWithMax4K
Жыл бұрын
@@Colegotpaid yes me using Questrade and need SIN
@Sr_aw
Жыл бұрын
Any insights regarding taxes of ftmo withdrawal?
@dannytetreault
3 ай бұрын
Dear HT. Do you live in Canada? I live in B.C. on Vancouver Island 🏝️. My dream is to become an options trader.
@ibraheemali9541
2 жыл бұрын
7:00 what is the definition of a "small business"??? restrictions based on # of employees? or a particular income per year or both?
@brandonrav3536
25 күн бұрын
Both
@jamesgaudet
2 жыл бұрын
Title seems misleading. Taxes will still need to be paid again "on the way out". 11% corporate tax "on the way in". It just depends on when and how you want to take the money out of the company which will decide how much you pay in personal income tax.
@Pexx666
2 жыл бұрын
Not misleading at all, content is exactly 100% what the title states.
@joegallego7490
9 ай бұрын
thank you
@omarnycity1
2 жыл бұрын
😍 amazing 😍
@moxiangmingxin
Жыл бұрын
Hello, do I need to register with CRA or any government agents for creating a Sole proprietorship trading business? Thanks
@TraderNatca
9 ай бұрын
Hi! Have same question here. Did you find an answer to your question..? I just started making income from trading, cant fugure out if I need to register sole proprietorship.. registration costs 60cad only, but this means receiving some other SIN code (BIN).
@benmorin1949
2 жыл бұрын
Thanks Shay, for all your videos, its needed, yes, I`ll said it, its needed cause we do learn, we all need and want learn everyday, so ya................keep it coming and thanks Shay .
@SM-yg2mo
2 жыл бұрын
Love your video's..... you make the fun
@harryrei5951
9 ай бұрын
what trading platform would you recommend? Canadians seem having less options
@SiuuuKlips
2 жыл бұрын
Hello, have you ever made any video about LEVEL II?
@SiuuuKlips
2 жыл бұрын
@@HumbledTraderOfficial I have found it and watched the video. It was well developed. Thank you for the knowledge.
@ReneBold
Жыл бұрын
Forgot a very important number! $7000 !!! That's how much you could save on CPP contribution when incorporated. If you are really serious about trading and making 6 figures you can probably cut yourself loose from the CPP! Investing those $7000 a year will bring you more than what you would receive when you retire.
@jason-ub8qz
Жыл бұрын
Are you joking why would anyone one incorporate and pay double tax. You have to pay corporate tax and income tax
@allenharttrading5573
2 жыл бұрын
I'm in the US and our tax structures are similar .. I'm sure many will find this very helpful ...!!... incorporating also help protect you should you get sued
@MKI4EVA
2 жыл бұрын
Good info thank you 🙏🏻
@beauchampfrancois151
2 жыл бұрын
Always loved your videos... this one is the most useful so far, lol. Thank you for educating me.
@netanelOnline
2 жыл бұрын
Mike Bagholder is a lucky guy
@simplyselling
2 жыл бұрын
That was a great video. I'm planning on trading this year and often wondered what the best option would be. My goal is to trade for a prop firm and my own personal account. Thanks for sharing. Ontario🙂
@uabir8338
2 жыл бұрын
Amazing video and it was very funny. On a serious note, if you are making that much money, you need to GTFO of Canada and into the States where you pay much less taxes. I started day trading last week and this was helpful. (not gonna make 6 figures any time soon, but when I do, hello U to the S to the A!!!)
@edwardliemingwong7683
2 жыл бұрын
Thanks for posting this. I found it very helpful!
@mariankotormus2230
2 жыл бұрын
Thank you Humbled Trader, that was really helpful!
@marksonmars
2 жыл бұрын
What happens if we didn’t pay taxes ?
@dkpalta6064
Жыл бұрын
can you suggest any CPA for day trading in Vancouver??
@brianwerner6643
2 жыл бұрын
Awesome video and great info. Thank you Humbled Trader. U rock!
@vid8899
2 жыл бұрын
How much tax we pay on the trading loss?
@blessfriend1481
2 жыл бұрын
Dear God, I have done everything i could in life.. And i experience good things for a while and bad things for too long.. I am tired.. I just wanna lay dwn ang forget everything because i am tired..
@sscaustic
Жыл бұрын
better off to pay yourself via dividend , instead of income through the company.
@vighneshthakur7346
2 жыл бұрын
Thanks for the informative video, would be great to know how to benefit in tax for my trading losses.
@taowang2326
2 жыл бұрын
I want to know too, do you have the answer now? Ty
@44toronto68
2 жыл бұрын
What about GST.. I heard it is 13% in Canada
@spainlife4259
8 ай бұрын
In spain tax very high
@jimmese252
2 жыл бұрын
If majority of your income comes from the same company, you are automatically considered self proprietorship is this true?
@digital_flo
Жыл бұрын
Great content from a Canadian perspective! Is there an additional benefit incorporating as a CCPC vs public incorporation?
@DrewAk49
Жыл бұрын
Love you 😂
@chineduogbonna6947
2 жыл бұрын
Good presentation and thanks for sim plying day trading taxes. Please clarify if overnight holding costs are tax deductible under capital gains structure? Are loan interests tax deductible either business income or capital gains?
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