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Proven Tips on How to Pay Less Taxes in Canada

Taxes are in fact an inevitable aspect of life of a business owner. The most agonizing feel you get in your business is the overwhelming tax liability. With a smart planning and research, you can reduce the taxes you owe to a great extent. Here are some proven tips that help you limit your tax exposure and save your hard-earned money in Canada. Keep reading!

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Proven Tips on How to Pay Less Taxes in Canada

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  1. Proven Tips on How to Pay Less Taxes in Canada Taxes are in fact an inevitable aspect of life of a business owner. The most agonizing feel you get in your business is the overwhelming tax liability. With a smart planning and research, you can reduce the taxes you owe to a great extent. Here are some proven tips that help you limit your tax exposure and save your hard-earned money in Canada. Keep reading! Make Use of RRSP (Registered Retirement Savings Plan) RRSP contributions are tax deductible. Making a maximum possible contribution every year to RRSP will ultimately reduce your overall taxes. This strategy not only saves your revenue but also guards you through the peaceful retirement life. Make sure not to over contribute above RRSP limit as it will cost you 1% monthly penalty. Invest in TFSA (Tax Free Savings Account) Yet another evident approach is investing in tax free savings. Putting money in TFSA is indeed more beneficial than that in RRSP. They remain tax free even when you withdraw the funds. To learn more about TSFA, call our Castlemore tax experts now and get a worthy consultation on investing a tax-free savings account. Keep Track Your Receipts To maximize your claim, avoid missing proofs of expenses such as receipts, bills and other needed documents. You can’t claim your expenses without proper receipts. Document the documents digitally and in hard copies. You can also add in medical expenses for you and your family members. Castlemore will always be there for you in bookkeeping and accounting services Brampton. File Before Deadline Last minute rush to file taxes will always cost you more that makes you liable to hefty penalties. The severity grows exponentially with the size of your business and the length of delay.

  2. Write-Off Losses Have you ever ended up with non-paying customers in your business? It may not be a great, but on the flip side you can include the write-off amount in your tax deductions. Castlemore assists through the whole of your accounting needs to better keep track of your deductions with our reliable income tax service Brampton. Bottom Line This article guides you with general strategies and tips to deal with the taxes. There are still numerous legal ways to rescue a large sum of your income. It is advisable to consult a tax pro who looks into your finances and comes up with a customized solution. You can count on Castlemore Accounting Service who analyzes your current tax situations effectively and brings forward a whole length solution. Contact: Thami Rajalingam Castlemore Accounting Services 251 Consumers Road Parkway Place, Suite 1200, Toronto, ON, M2J 4R3, CAN +1(416) 814-7427 info@castlemoreaccounting.ca https://www.castlemoreaccounting.ca

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