Wealth Without Bay Street 198: 2024 Canadian Tax Changes, CPP And Economic Updates
Simply put, inflation works as a sneaky tax on your income. It affects every dollar you make, ultimately reducing the amount of what you can keep.
As Canadians, we are constantly burdened with punishing taxes, including some that are not widely known, that drain more of our hard-earned money.
How can we fight back against this invisible tax? Are there any new changes and economic updates in Canada we should prepare for in 2024?
Let's consider the idea of building a secure storage warehouse to protect our valuable earnings. Find out more about this in our latest episode!
2024 Canadian Tax Changes, CPP And Economic Updates ▶
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IN THIS EPISODE, YOU WILL LEARN:
[00:30] Intro: The tax man's coming – you better watch out!
[09:18] What happens any time the word “enhance” or “invest” comes up in a a politician/government speech
[14:28] Five categories of Canadian taxpayers
[19:25] Inflation and hidden taxes
[24:17] Beginning in 2024, the interest rate from 9% is now up to 10%
[25:36] Prepare for a more aggressive tax GAAR
[32:34] The new rental tax rules are discouraging short-term rentals
[41:39] Concerning CPP 2024 changes
[50:55] Sample CPP 1 Table and increasing rates
[57:22] A tough tax system needs tough experts
[1:12:19] Be very aware that this alternate tax system exists
QUOTES:
- 95% of every dollar earned from personal income taxes fund government revenues.
- The new rental tax rules are discouraging short-term rentals and penalizes Canadians.
- The Canada Pension Plan (CPP) is often referred to as a “contribution,” but can more accurately be described as a “confiscation.”
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