Difference between revisions of "How Does Tax Relief Work"

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A tax deduction, or "write off" as it's sometimes called, reduces your taxable income by getting you to subtract the length of an expense from your income, before calculating how much tax you've pay. The more deductions an individual or the better the deductions, minimized your taxable income. Also, a lot you get rid of your taxable income the less exposure you will have to the higher tax rates in the bigger income brackets. As you read earlier, Canada's tax system is progressive which means the more you earn, the higher the tax rate. Losing taxable income cuts down on the amount of tax you'll pay.

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