2023 Tax Changes in Canada 🍁 | RRSP, TFSA, Income Tax, CPP, OAS - Canadian Tax Guide

Important Tax Changes in Canada for 2023 - RRSP, TFSA, Tax Brackets, OAS, CPP, First Time Home Buyers and More. there are a number of changes that Canadian taxpayers need to be aware of when filing income tax returns in 2023 and beyond. Find Out What the CRA Owes You: https://bit.ly/3ECAUlM Join my Newsletter: https://danishghazicpa.substack.com Enjoyed the video and want to see more? Buy me a coffee ☕👇 https://www.buymeacoffee.com/danishghazi Join this channel to get access to perks:    / @danishghazicpa   💰 FREE MONEY - STOCKS & CRYPTO: ► $50 SIGNUP BONUS - WEALTHSIMPLE: https://wealthsimple.sjv.io/0JXbBJ ► $50 SIGNUP BONUS - Questrade: https://www.questrade.com/?refid=DANI... ► FREE $30 To Buy Crypto in Canada: https://bit.ly/3hNnRTh ► Best Brokerage for US Stocks in Canada (Interactive Brokers): https://bit.ly/3THdKPL 😎 INVESTOR SUPPORT: ► Basic Portfolio & Dividend Tracker Spreadsheet: https://bit.ly/3pqImqz ► Advanced Portfolio & Dividend Tracker Spreadsheet: https://bit.ly/3KfqF7m ► My Real Time Portfolio: https://bit.ly/3otgiDY ► Side Hustle Income / Expense Tracking: https://bit.ly/3KLTjge ► Analyze Stocks with Simply Wall St: https://simplywall.st/?via=danish ► Find Out What the CRA Owes You: https://bit.ly/3ECAUlM ✅ MORE FREE MONEY / AMAZING DEALS: ► Free 1st Month High Speed Internet by Oxio: https://bit.ly/3OYfRMN ► Free Credit Score in under 3 minutes: https://imp.i203032.net/Ry32Kv ► Switch to Freedom Mobile and get $25 Service Credit: https://referme.to/danishg-20 ► PolicyMe Free Insurance Quote (No Obligation): https://policyme.pxf.io/P0GMrq ► $20 to try KOHO – a new way to Save and Spend without fees: https://kohofinancial.pxf.io/x96zRk ► Zero Fees on International Money Transfer (Up to $800): https://wise.com/invite/u/danishg13 ► $30 Credit from DoorDash: https://drd.sh/xmSwdKmqIflfzCwc ► Earn Cash Back on Online Shopping: https://bit.ly/3aLmGQy ► Earn Money by Completing Short Surveys on your phone: https://bit.ly/3zPimwm 📚 BEST PERSONAL FINANCE BOOKS: ► Building Wealth and Being Happy: https://amzn.to/3hJKgkh ► Unshakeable: Your Financial Freedom Playbook https://amzn.to/3oVwc89 ► The Richest Man in Babylon https://amzn.to/3qxNWa0 🛒 MY GEAR: ► My Go-to For Contact Lens / Glasses: https://c-eyewear.pxf.io/15Qxkz ► Anker Wireless Earbuds: https://amzn.to/3vebFQC ► Logitech Wireless Mouse: https://amzn.to/38xV9Qz ► Samsung Galaxy Watch4: https://amzn.to/37zeUK2 ► Anker Wireless Charger for iPhone or Android: https://amzn.to/3g0LEhG ****** WATCH NEXT: ▶ HOW TO FILE TAX RETURN ONLINE (CANADA) - STEP BY STEP GUIDE    • HOW TO FILE TAX RETURN ONLINE (CANADA) - S...   ▶ Self Employed Tax Return Canada – T2125 Step by Step Guide | How to File Income Taxes in Canada    • Self Employed Tax Return Canada – T2125 St...   ****** 0:00 New Tax Brackets 1:34 Basic Personal Amount 2:04 First Time Home Buyers Tax Credit 3:18 Old Age Security Changes 4:05 Canada Pension Plan Changes 5:17 New 2023 TFSA Rules 7:56 New 2023 RRSP Rules 9:25 Covid-19 Benefits Repayment 10:26 Tax Filing Tips for 2023 To help Canadians keep up with inflation, which has been at historic highs for over a year, the federal government has adjusted tax brackets for the 2023 tax year. Each bracket saw a slight increase from 2022 thresholds, which may mean paying a lower rate on more of your income. The Basic Personal Amount, or BPA, is a non-refundable tax credit that can be claimed by anyone who files income taxes in Canada. The First-Time Home Buyers’ Tax Credit, also known as the HBTC, is a federal government initiative to make homeownership more affordable for some Canadians. Old Age Security, or OAS, is a government program that has been created to provide retired Canadians with a source of income to help throughout their retirement. Rules governing the Canada Pension Plan are changing in 2023. An RRSP is a retirement savings plan that you establish, that we register, and to which you or your spouse or common-law partner contribute. Deductible RRSP contributions can be used to reduce your tax. A Tax-Free Savings Account (TFSA) is a registered tax-advantaged savings account that can help you earn money, tax-free What you need to know for repayment of covid-19 benefits. If you received COVID-19 benefits from the CRA but you were not eligible, you must repay the amounts to the CRA Disclaimer: This channel is for education purposes only and opinions expressed in this video are based on personal research and should be treated as such. These are not instructions, suggestions, nor directions as to how to handle your money. The facts and figures presented in this video are up-to-date based on the recording. These may have changed based on when you watch the video, please, always do your own due diligence! The description of this video includes Affiliate links (I get paid at no cost to you for trying out a particular service.) #taxcredits #canadiantax #maximizeyourmoney