How can I lower my taxes? I feel like I pay a LOT (30%+) but don’t get many benefits in return.
Single with no kids

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Posting as :
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vote conservative

likeupliftingfunny

So they can cut publicly funded services, which you then will have to pay for through the "free market".

Oh and your taxes won't be any lower.

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Emergency services, roads, infrastructure, modest military, a society that provides decent safety meets to citizens, education, libraries, free pools in Toronto, construction standards, etc.

You get a ton for your tax dollars.

likeuplifting

Rrsp, tfsa (to avoid cap gains), other benefits if you’re spending on education, medical, etc… donations to charity

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Isn’t that a question your EY colleagues should know by heart? :D

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Make it into the 1%

funny

If you are. T4’d employee, you don’t have a lot of options aside from what A1 already described. If you were a contractor/self employed, that’s a whole different story.

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Normal TSFA, RRSP. For tax year 2020 you were able to get get WFH deductions even if you get a T4. Form T2200, the detailed filling gets you more money than the simplified path.
BTW, wait until you have wife and kids and you don't get any support because you make a good salary working 70 hours a week. I love those CRA emails saying, we are happy to inform you that get nothing, lol!
Talk to your accountant to see if it's worth incorporating and investing through the company in
stock/real state, you'll pay taxes, but it is different. If your accountant hasn't tell you this, you might not be there, yet.
Adittional note, my mom lives with us, but because I am married, she is not a deductible. If I was single she could be a deductible. It doesn't make sense!

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Then I hope your accountant has explained that passive income is taxed at 50.1% in Ontario for CCPCs and that's only a 3% benefit from the top marginal personal tax rate.

That's why it's not worth incorporating investments unless you already have a CCPC with corporate surplus generated from an active business.

Taking cash payments or getting paid through PayPal or WeChat should also work

lol wtf is this post - our society and tax system doesn’t work like this

M1 exactly! The tax brackets are definitely not adjusted for inflation. making 100k in the early 2000s is really not the same as making 100k in 2021

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