Annual Taxes - Humor In The Drudgery: Difference between revisions
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Revision as of 23:22, 5 January 2025
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A tax deduction, or "write off" as it's sometimes called, reduces your taxable income by letting you to subtract facts an expense from your income, before calculating how much tax you'll want to pay. Within the deductions anyone could have or the greater the deductions, minimized your taxable income. Also, higher you eliminate taxable income the less exposure you is required to the higher tax rates in the bigger income wall mounts. As you read earlier, Canada's tax system is progressive for that reason the more you earn, the higher the tax rate. Reducing your taxable income minimizes the amount of tax payable.
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