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Understanding Income Tax in Canada: The Basics You Need to Know
Manage episode 519504134 series 3701761
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When people think about income tax, they often think about tax filing season. But understanding how taxes actually work is one of the most important parts of building wealth. Taxes influence where we save and how we invest.
My guest is Amanda Doucette, a tax lawyer, TEP, and host of The Tax Chick podcast. In our conversation, Amanda breaks down the fundamentals of Canada’s tax system — what taxable income really means, how marginal tax rates work, and why understanding these basics helps you make smarter use of registered accounts like the RRSP, TFSA, RESP and FHSA.
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