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Hey Gabrielle, thanks for the informative video ! I'm going to be majoring in accounting and had a question. When I work in public accounting fur 2-3 years and get my CPA, would I be able to work seasonally for 4 months as a contractor then take time off ? I've read that some accountants work for the Big 4 or other firms using contractors during the busy season. How common is this and is it always busy every year where one can find a 4-5 month contract ? Thanks.

Something you left out is cost of turning in a lease. I have leased several cars and when it is time to turn them in they go over the car and neither of the cars we turned in had any damage but both times it was around $1000 to $1500 at end of lease.

So basically I can only afford a car that is under 15k with already 100k-200k in mileage and is over 10 years old. I am so sad.

Do you do this at the beginning or the end of each month?

You put in opportunity cost for ALL the money for a cash sale, but it should only be for the delta with what you’re spending in the other methods. You’re also not explaining the other financial risks such as having to get out of the Lease early or having to pay for excess mileage or damage at the end of the lease. If you talk about opportunities, you also need to talk about financial risks or your model is flawed. I recommend not trying to complicate it with one sided opportunity costs just for the cash sale.

So in short, I cannot afford a Tesla

There are thousands of videos now telling people how to be financially smarter, but people will keep financing as much car as possible so they look good pulling into the shopping center

국적이 어디인가요? 한국? 중국? 일본?

Hi Gabrielle, thank you for your videos. I did try to connect with you on LinkedIn. My name is Priya and I run Bluewater Immigration. I help international businesses expand their operations to Canada. I would love to connect with you to see if we could perhaps collaborate?

you are amazing (love you)

The current thought now is that owning a brand new car may not be of any value in 5 years because the government will force you into an electric car and your fuel car that will be worth nothing.

Bro I just wanted to know in general lease or finance not a damn economics class 😂

thank you, really useful info!

You lost me at Jeep Wrangler. Why would a high-cost, unreliable car be the basis of comparison? Lame.

Good job on explaining the opp costs! I agree definitely that is an important factor when paying up front. And the more expensive the vehicle the bigger the difference, as you've demonstrated.

Saving 50% of income enables retirement in 17 years, while a 30% increase to 80% slashes the timeline to just 5 years, showcasing the non-linear nature of financial independence.

@GabrielleTalksMoney what do you think of holding VOO in RRSP and VDYI in TFSA?

What if your content/business is based on travel? and the entire thing is turned into content? like flying meals and hotels?

You made a few errors here that reduce the cost of leasing. First - you would NOT pay the same tax when you lease versus buy or finance - you'd only pay tax on the lease payments. In the case of buying or financing, you'd pay on the entire value of the car. If one has the cash to buy but instead chooses to lease, then you need to also add in the opportunity cost for the person who leases for the difference between buying and financing. Third the interest rate you have quoted for borrowing versus leasing - well, I think the spread is far too much. You are more likely to have a scenario of 5.9% for buying and 7.9% for leasing. I am not sure where you are from, but in Ontario we have a combined federal and provincial sales tax of 13%. If one is BUYING a car for 50.000 dollars, then YOU'D PAY 6500 in taxes. If one is leasing a car for 4 years at 650/month, then your taxes over 4 years is 650x48x13 divided by 100 = 4056 dollars - and this is not even separating out the interest versus the principle - so it would actually be slightly less. Now - say the average for the "opportunity cost" is 2000 - it would actually be a little more. So a GIC at 4%, over 4 years would generate 320 dollars -- slightly more if you left it year to year -- so we subtract that from the taxes owing, we get $3676.00. Lastly, this calculation is not adjusting for the much too low financing cost you quoted - not at all realistic. If one adjusted for that, the difference would even less.

I think TFSA's are the way to go. RRSP's are attractive for short term but in the long term when you have to start drawing on it you pay tax on it at your personal tax rate. It takes capital gains and dividend income and converts them to regular income.

Hi I’m currently in the recruitment process for big 4 tax and I’ve been watching a bunch of your videos for advice. With all honesty, what are the hours truly like in tax? Is it as bad as everyone says?

Do you think it's better to buy bonds directly or buy bond ETFs (both in the contest of buying in your TFSA)?

Thanks 🙏- you are a god send

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Damn, I make 150k a year, and that doesn’t qualify me for an average new car…

Can we get a copy of the excel template that you used?

Thanks for the information

How can yoy calulate the interest amount please?

I get this is probably a sponsored video, but crypto's only use case is supporting criminal activity. For all other purposes, the existing financial infrastructure is faster, cheaper, and safer for users. If crypto were to become more integrated into the global economy then it would need to become more regulated, which defeats its entire purpose since the only thing it does better than traditional finance is crime. Also proof of work crypto is terrible for the environment. The reason it's fluctuated so much in price is that it's basically a huge ponzi scheme - see Tether. If you want a legitimate source of extra risk in your portfolio consider a leveraged ETF like TQQQ.

Thanks for your information I have a question, my husband has a job and opened an FHSA for 8k, does it make sense if I open FHSA too? We have a plan to buy a first house next year.

The Volume of these are pretty low!

love this video!!

Hi its been 50 days i have filed my returns for the first time. Its was online and i have confirmation number as well. Still no records update at CRA. Whom shud i connect any idea

I'm 54 and my wife and I are VERY worried about our future, gas and food prices rising daily. We have had our savings dwindle with the cost of living into the stratosphere, and we are finding it impossible to replace them. We can get by, but can't seem to get ahead. My condolences to anyone retiring in this crisis, 30 years nonstop just for a crooked system to take all you worked for.

Communist = Canada we live equally. Poor = Poor Rich = Rich Proven nonsense that does not work!

🙏

Can I buy a Lambo. Approx 250k cost. Will cra believe me when i say i use it to meet clients and i need this specific car..

i was never good with mafs in skool.

great advice thanks

What happens when you get into an accident and your resale value goes down 50% … always lease, as my calculation show that the number of idiots on the road is exponentially increasing 😊

It was mentioned that qualifying withdrawals from FHSA must be a primary residence for 1 year, does it mean that you can use some space for rental income in this house after 1 year? Thanks.

TFSA is greatest underrated saving tool in Canada 🇨🇦!

Queen

Thank you for the tax info

What about the option where you would keep the car till it’s dead? Would it be smarter to buy it outright or finance?

no one can find interest at 1.99

Hi, I have a question regarding public and industry. Would it be possible to pm you?

Great video. Outside of the financial calculation/analysis, the peace of mind and stability can also be leveraged into the calculation as part of the "opportunity cost". For some people, it is more important than the financial side of things.

Taxing humans is Unconstitutional so illegal!!

If you purchase for business you only write off depreciation, whereas, if you lease, all payments are deductible for a business.