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Latest revision as of 16:23, 29 July 2025
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A tax deduction, or "write off" as it's sometimes called, reduces your taxable income by you to subtract the amount of an expense from your income, before calculating just how much tax leads to pay. Today, the contemporary deductions anyone could have or the larger the deductions, minimized your taxable income. Also, exterior lights you lower taxable income the less exposure you will want to the higher tax rates in the more income wall mounts. As you read earlier, Canada's tax system is progressive consequently the more you earn, the higher the tax rate. Lowering your taxable income minimizes amount of tax payable.
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