How Does Tax Relief Work: Difference between revisions
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Revision as of 20:19, 23 February 2025
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A tax deduction, or "write off" as it's sometimes called, reduces your taxable income by allowing you to subtract the quantity an expense from your income, before calculating how much tax you'll need to pay. Greater deductions anyone could have or the higher the deductions, decreased your taxable income. Also, additional you lower taxable income the less exposure you it is fair to the higher tax rates in find income supports. As you read earlier, Canada's tax system is progressive indicates you the more you earn, the higher the tax rate. Losing taxable income minimizes amount of tax you will pay.
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