Being strategic about how much you contribute to retirement savings accounts and charities, for example, could be the difference between owing the government...
Taxes 2024: Being strategic about how much you contribute to retirement savings accounts and charities, for example, could be the difference between owing the government money or getting a refund. Getting the most out of a tax return can sometimes feel like an early spring bonus.
“One of them that sometimes gets overlooked is the Canadian employment amount, where you can get credit for uniforms, work supplies, up to $1,368 per year,”"If you subscribe to a Canadian news source, you can write off the cost of your subscription and then, of course, charitable donations for people with high income offer excellent tax benefits.”
“If we want to maximize our credits, we should be making the contributions strategically. Our spouses should be making the contribution, so we bring home more money as a family.” Additionally, the disability tax credit is available for people with severe and prolonged impairment, but Hiscock says many Canadians don’t realize that their condition qualifies.
"These are conversations to have with your tax expert to see how you can take advantage of, maybe you have a side hustle,” she said. “The important thing when you have a side hustle is to be super organized, because the government doesn't care that you have a side hustle or even that you have a business number, they want to know that you have a very good paper trail of the income.”
Canada Latest News, Canada Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Taxes 2024: Here are some changes you need to know for tax seasonWith tax season upon us, there are several tweaks to the filing process this year that Canadians need to be cognizant of before it’s time to submit that...
Read more »
Capitalight’s $2,400 gold target for 2024 not ‘overly bullish’ as financial risk, geopolitical uncertainty loomThe Kitco News Team brings you the latest news, videos, analysis and opinions regarding Precious Metals, Crypto, Mining, World Markets and Global Economy.
Read more »
New York Fashion Week 2024: What It's Like When You're Not FamousCanada's 1 Fashion and Beauty Magazine
Read more »
The Biggest Fall Winter 2024 Fashion Trends, According To The RunwaysCanada's 1 Fashion and Beauty Magazine
Read more »
Fashion Month Fall 2024 Beauty TrendsCanada's 1 Fashion and Beauty Magazine
Read more »
Free Live Stream: 2024 PFL Europe 1Watch Thursday's 2024 PFL Europe 1 main card live and free on Sherdog.com at approximately 2:30 p.m. ET.
Read more »