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A tax deduction, or "write off" as it's sometimes called, reduces your taxable income through getting you to subtract numerous an expense from your income, before calculating just how much tax you must pay. Modern deductions possess to or the higher the deductions, the lower your taxable income. Also, extra you trim your taxable income the less exposure you it is fair to the higher tax rates in bigger income wall mounts. As you read earlier, Canada's tax system is progressive thus the more you earn, the higher the tax rate. Cutting your taxable income minimizes amount of tax you'll pay.

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