Canadian Tax Enthusiast tiktok most popular videos

TikTok E-commerce Data Analytics, Choose Tikmeta

Get Started

Introduction: This is a tiktok video published by Canadian Tax Enthusiast. The video has now received more than 521 likes, 27 comments and 144 shares. It is deeply loved by fans. The following is the specific data and similar videos. Address, you can complete the operation on this page by clicking play or bookmarking the video.

How to reduce tax on investment income from 50% down to 20%: When a Canadian-Controlled Private Corporation (CCPC) earns investment income, such as interest, it is subject to an approximate 50% tax rate on this income. This tax is divided into two distinct portions: a permanent tax, which is 20%, and a refundable tax, which is 30%. The permanent tax portion is paid directly to the CRA and is non-recoverable. On the other hand, the refundable tax can be recouped when the CCPC issues a taxable dividend. Under the strategy I proposed, we disbursed dividends amounting to $120,000, which enabled us to reclaim $30,666 in taxes. Consequently, the effective tax on the investment income was reduced to just $20,000. #Canadiantax #tax #taxtok #canada #taxstrategy #taxplanning #taxadvice #cpa #big4 #pwc #deloitte #kpmg #ey #mnp #tfsa #rrsp #fhsa #business #entrepreneur #smallbusiness

Duration: 65 sPosted : Fri, 26 Jan 2024 05:42:04

24h Most Popular Videos

Mac and Cheese at Thanksgiving is an absolute must and I won’t hear anything else 😤 Ingredients: 1/3 cup Butter 1/3 cup flour ~ 3-4 cups whole milk (adjust for your desired thickness) 1 1/2 tbsp garlic powder 1 1/2 tbsp onion powder 1 1/2 tbsp smoked paprika 3/4 tbsp cayenne pepper Salt and pepper to taste 1 tbsp Dijon mustard 2 slices American Cheese 2 cups Mild-Medium Cheddar 1 cup Gruyère Cheese 1 cup Gouda 2 cups Mozzarella Cheese 2 pounds your pasta of choice Chives to garnish #macandcheese #thanksgiving #cheese #sides #food #foodie #chef #recipe #fyp Likes：837.9K

Canadian Tax Enthusiast

@canadiantaxenthusiast

--FollowersVideos

Views

24.3K

Daily-

Likes

521

Daily-

Comments

Daily-

144

Daily-

2.85%

Daily-

Latest Videos

Correction: There is no negative change to the lifetime capital gains exemption. 2024 budget has been released and there is a lot to unpack. As expected, Canadians will have to pay more taxes and this change will have the most impact. #budget2024 #Canadiantax #tax #taxtok #canada #taxstrategy #taxplanning #taxadvice #cpa #big4 #pwc #deloitte #kpmg #ey #mnp #tfsa #rrsp #fhsa #business #smallbusiness

20.9K

466

Canadian Tax Enthusiast

7 months ago

Bonus tip: A similar concept applies to Canadian-Controlled Private Corporations (CCPCs). However, the non-taxable portion of a capital gain increases the Capital Dividend Account balance. The corporation can then pay a capital dividend up to the balance in the Capital Dividend Account, and that dividend is not subject to personal tax. #Canadiantax #tax #taxtok #canada #taxstrategy #taxplanning #taxadvice #cpa #big4 #pwc #deloitte #kpmg #ey #mnp #tfsa #rrsp #fhsa #business #entrepreneur #smallbusiness

35.5K

699

Canadian Tax Enthusiast

7 months ago

Bonus Tips: To maximize the benefit of the RRSP, you can contribute during the periods when you're in a higher tax bracket and make withdrawals when you are in a lower tax bracket. Even if your investment income is zero, you will still benefit from the difference in marginal tax rates. Also, the RRSP offers a range of benefits, including the First Home Buyers Plan (HBP). This program allows you to withdraw up to $35,000 tax-free to purchase a first home. The amount withdrawn under the HBP must be repaid to the RRSP within a 15-year period, effectively allowing individuals to loan money to themselves interest-free to finance a first home purchase. #Canadiantax #tax #taxtok #canada #taxstrategy #taxplanning #taxadvice #cpa #big4 #pwc #deloitte #kpmg #ey #mnp #tfsa #rrsp #fhsa #business #entrepreneur #smallbusiness

95.7K

2.0K

Canadian Tax Enthusiast

8 months ago

Bonus Fact: Important: If each partner holds exactly 50% of the operating corporation, neither has control, allowing the operating entity to has its own $500,000 small business deduction. In this scenario, all three corporations — each partner's holding corporation and the operating corporation — can claim their own $500,000 small business deduction, totaling $1,500,000 combined. #Canadiantax #tax #taxtok #canada #taxstrategy #taxplanning #taxadvice #cpa #big4 #pwc #deloitte #kpmg #ey #mnp #tfsa #rrsp #fhsa #business #entrepreneur #smallbusiness

70.1K

1.7K

Canadian Tax Enthusiast

8 months ago

How to maximize this credit: If you have a spouse or a common-law partner, all medical expenses should be reported on the tax return of the person with the lower net income. This is because you must subtract the lesser of $2,635 or 3% of the net income, so it’s more beneficial if that net income is lower. For example, if one person has a net income of $100,000 and another has $50,000, you will only need to subtract $1,500 from medical expenses, instead of $2,635. Do not report medical expenses individually, as this would result in subtracting that amount (either $2,635 or 3% of net income) twice. #Canadiantax #tax #taxtok #canada #taxstrategy #taxplanning #taxadvice #cpa #big4 #pwc #deloitte #kpmg #ey #mnp #tfsa #rrsp #fhsa #business #entrepreneur #smallbusiness

194.8K

3.4K

138

Canadian Tax Enthusiast

8 months ago