What are the biggest tax changes in Canada in 2023, and how will they affect you?

There are several tax changes coming up in the tax world this year, and in this video, I break down the top 10 tax changes that every Canadian should be aware of in 2023.

From changes to personal income tax rates to updates on TFSA and RRSP contributions, the new Tax-free First Home Savings account, FHSA, and much more, I share ALL the information you need to stay on top of your tax game this year.

I not only give you the facts but also dish out tips and tricks to make the most of your deductions and keep your tax bill as low as possible.

Whether you're a real estate investor, a business owner, self-employed, an employee, a retiree, or just trying to get by, this video has something for everyone.


Key Moments In This Episode
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00:00- Intro
1:06 - Marginal Tax Rate
3:52 - Canada Pension Plan
6:01 - RRSP Contribution limit
6:53 - TFSA contribution limit
7:58 - Tax-free First Home Savings account (FHSA)
9:46 - Refundable multi-generational home renovation tax credit
10:48 - Automobile deduction
12:40 - Residential property flipping
14:35 - Taxing Assignment Sales
15:08 - Underused housing Tax act
16:52 - Toronto and Ottawa’s new vacant home tax

If you have any questions or thoughts after watching this video, leave a comment below, and I’ll respond as soon as possible.

Don’t forget to subscribe to my channel for more videos on Canadian real estate and tax-saving strategies, so you don’t miss a thing!

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Please make sure to speak to a professional that knows your personal situation before making a decision.

If you need to talk to someone on my team, email us at [email protected].

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DISCLAIMER:

Real estate Tax planning is a personalized decision and will depend on your situation, priorities, and risk tolerance. Consult with your legal and tax advisors to ensure you get the best personalized advice.
The information contained in this video is for general information purposes only.
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