Kam G. @kamgcpa1

Real estate is so f*%cked I know people whose parents will gift them $100K for a downpayment and it's still not worth buying due to monthly carrying costs.

@TheTaxHeroes And the crazy doesn’t stop there. The business can’t deduct interest paid to CRA as an expense. BUT if CRA pays you interest, you’re required to pay tax on it as income. So if you have a business, it’s best to get a bank loan or use a line of credit to pay CRA right away.

@TheTaxHeroes You're one of the few accounts that can actually save people money

Imagine buying a mansion in Ontario and losing a million dollars in 9 months. "Yours to Discover"

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Price to 2025 earnings ratios, top Canadian banks: $RY: 11.1x $NA.to: 10.6x $BMO: 10.2x $TD: 9.7x $BNS: 9.6x $CM: 9.3x $EQB.to: 6.6x TD for virtually the same valuation as BNS? Interesting... 👀👀

@TheTaxHeroes A rule you need to know when startinf out is the government is your business partner and gets paid first

New ‘successful’ business owner horror story: 1. They start a business one year. 2. Business does well that year. 3. They spend all the money they made from the business in that year. 4. Come tax time in the following year, they have to pay last year’s income taxes, GST/HST,…

@TheTaxHeroes Exact same situation happened to my wife a couple of years ago. Entered her T2202 and her refund went down. I was like.... that can't be right lol After some digging found the issue you described above. The more you know lol

@TheTaxHeroes since 2019, schools have sent the T2202 directly to the CRA. In prior years, schools just gave T2202a to students. Feds made change in 2018 budget specially to crack down on students improperly receiving Canada Worker Benefit (CWB). canada.ca/en/revenue-age…

@TheTaxHeroes Thank you for this

Someone messaged me and said when he included his tuition fees on his tax return, it was actually reducing his tax refund. But tuition fees are supposed to save you tax? This must mean there’s a mistake in the software, right? Likely not. I assumed that the reason his refund…

Did you know the CRA has a podcast? It’s actually really good if you want to know more about how filing your taxes works in Canada. It’s called “Taxology” podcasts.apple.com/ca/podcast/tax…

I made a Venn diagram of TFSA, RRSP, and FHSA accounts, because why not? 🤷‍♂️😂 Did I miss anything?

If you have a bare trust, you need to file a T3 return this year. Simply put, a bare trust is when the legal owner and true owner of something are different. Speaking with someone at EY, he brought it to my attention that you may have always had to file a T5 slip! The T5…

@JarrettHolmesFP @PiusOmene Appreciate that! Agreed 100%

@TheTaxHeroes @PiusOmene Solid breakdown and simple to understand. Aside from increasing income or decreasing expenses, tax planning is the most impactful way for the majority of people to move the needle in their finances.

@TheTaxHeroes Great thread! Taxes made simple

@TheTaxHeroes I always wondered what the difference between a tax deduction and a tax credit was. Was never smart enough to understand the govt run websites. But this sir, tis brilliant.

4) Increase your tax credits - Make eligible donations - if you have a disability, apply for the disability tax credit - claim medical expenses - There are a bunch of tax credits, take a look through them to make sure you’re taking advantage of all of them.

3) Lower your tax rate Different incomes have different tax rates. Dividends & capital gains are taxed at lower rates than employment income. There is a lot less flexibility here. You should also strive to max out RRSP/TFSA/FHSA before earning capital gain/dividends personally