Difference between revisions of "History On The Federal Tax"

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A tax deduction, or "write off" as it's sometimes called, reduces your taxable income by permitting you to subtract shedding weight an expense from your income, before calculating exactly how much tax leads to pay. Greater deductions you've got or the greater the deductions, the base your taxable income. Also, additional you eliminate taxable income the less exposure you will likely need to the higher tax rates in improved income brackets. As you read earlier, Canada's tax system is progressive consequently the more you earn, the higher the tax rate. Cutting your taxable income lowers the amount of tax you will pay.

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