Tax Rates Reflect Quality Lifestyle: Difference between revisions
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Revision as of 17:00, 21 September 2024
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A tax deduction, or "write off" as it's sometimes called, reduces your taxable income by letting you to subtract the amount of an expense from your income, before calculating exactly how much tax you'll need to pay. Higher deductions you've got or the greater the deductions, decreased your taxable income. Also, greater you trim your taxable income the less exposure you will likely need to the higher tax rates in the more income supports. As you read earlier, Canada's tax system is progressive thus the more you earn, the higher the tax rate. Cutting your taxable income decreases the amount of tax payable.
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