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 allowing you to subtract the quantity an expense from your income, before calculating how much tax a person pay. Modern deductions you need to or the larger the deductions, the bottom your taxable income. Also, greater you reduce taxable income the less exposure you the higher tax rates in acquire income mounting brackets. As you read earlier, Canada's tax system is progressive for that reason the more you earn, the higher the tax rate. Lowering your taxable income reduces the amount of tax you will pay.

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