What Most Canadians Get Wrong About Taxes ft. Luigi De Rose

Tax season feels simple until deadlines, deductions, and CRA rules start colliding with real life, side hustles, investments, and family planning.

From RRSP timing to audits, tax residency, and estate planning, this episode unpacks the mistakes and missed opportunities costing Canadians money.

In this episode, we break down:

• The key 2025 Canadian tax deadlines for individuals, self-employed taxpayers, and corporations
• Common tax deductions and credits people forget, including medical expenses, tuition, RRSPs, FHSA, and the disability tax credit
• RRSP vs TFSA strategy, tax-free growth, and why timing your contributions earlier can matter
• Why almost everyone should file a tax return, even low-income earners, students, and part-time workers
• CRA audits, record-keeping rules, and the expense categories most likely to get reviewed
• Tax residency in Canada, worldwide income, and what matters when living or earning abroad
• Estate freezes, wills, corporate structuring, and tax planning for business owners and families
• Canadian tax system complexity, productivity, and ideas for simplifying personal taxes

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• Hosts: Paul Micucci
• Guests: Luigi De Rose

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Luigi De Rose, Tax Partner at PwC, joins True Patriot Love for a practical conversation on Canadian income tax, business tax planning, capital gains, estate strategy, and how to avoid costly filing mistakes.

⏱️ Timestamps:

• 00:00 Intro
• 03:00 Key 2025 tax filing deadlines in Canada
• 08:25 Most-missed tax credits and deductions
• 12:14 RRSP timing and long-term tax-free growth
• 16:30 Who should still file a return even with low income
• 18:54 TFSA vs RRSP: which one makes more sense?
• 20:28 How long to keep tax records and receipts
• 22:31 Tax-free income, principal residences, and capital gains
• 26:50 CRA audits, red flags, and record requests
• 30:06 Tax residency and paying tax on worldwide income
• 34:47 Estate freezes, wills, and planning ahead
• 42:03 Why incorporate and when corporate investing helps
• 46:26 Can Canada simplify its tax system?
• 50:44 Final takeaways and tax planning advice

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Pillars: Economy

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